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Bezugsrechte bei Kapitalerhhungen

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Springer Nature
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N/A
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0
GTIN
9783824490523
Condition
New
Product Description

Nach traditioneller Sichtweise schtzt ein Bezugsrecht Altaktionre unter anderem vor Vermgensnachteilen. In neuerer Zeit werden allerdings verstrkt mit Bezugsrechten verknpfte Nachteile diskutiert. Dies hat den deutschen Gesetzgeber veranlasst, Erleichterungen bei den Mglichkeiten eines Bezugsrechtsausschlusses vorzunehmen. Die Arbeit wurde mit dem Frderpreis 2001 der Heinz-Ansmann-Stiftung ausgezeichnet. Udo Terstege unterzieht behauptete Nachteile einer grundlegenden kritischen berprfung. Er untersucht insbesondere, inwieweit Transaktionszeiten und Anreizprobleme geeignet sind, Nachteile eines Bezugsrechts zu begrnden. Es wird deutlich, dass die Bezugsrechtsnachteile grtenteils auf unbewiesenen Behauptungen beruhen. Anhand einer modelltheoretischen Untersuchung zeigt der Autor auerdem, dass negative Bezugsrechtsdisparitten durch die Bercksichtigung von Transaktionskosten fundiert werden.

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