haku: @indexterm rights issues / yhteensä: 58
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| Tekijä: | Rammert, S. |
| Otsikko: | Der vereinfachte Bezugsrechtsausschluss - eine ökonomische Analyse |
| Lehti: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1998 : VOL. 50:7/8, p. 703-724 |
| Asiasana: | RIGHTS ISSUES STOCKS FINANCING GERMANY |
| Kieli: | ger |
| Tiivistelmä: | In Germany the rights issue is traditionally the most common method for issuing stock. Since 1994 German joint stock corporations are allowed to issue stock through a cash offering if the issue price is not essentially below the stock price and the issue doesn't exceed ten percent of the existing nominal capital. The intention of the legalization of the cash offering is to improve the flexibility of corpo- rations' financing policy and to lower their capital costs. In this article the effects of a cash offering on share- holder's wealth are analysed in comparison to the traditional rights offering. The analysis is based on three criteria, protection against dilution of stocks, incentive effects on the management's investment and advantages of the cash offering have to be seen critically. |
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