Motives for and Consequences of Minority Equity Purchases
Minority block purchases describe the acquisition of a non-controlling equity stake below 50 percent in a corporation. The individual motives behind these transactions can vary significantly across different types of investors and firms. Friedel Drees exa
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GABLER RESEARCH EBS Forschung Schriftenreihe der European Business School (EBS) International University · Schloss Reichartshausen Herausgegeben von Univ.-Prof. Ansgar Richter, PhD
Band 76
Die European Business School (EBS) – gegründet im Jahr 1971 – ist Deutschlands älteste private Wissenschaftliche Hochschule für Betriebswirtschaftslehre im Universitätsrang. Dieser Vorreiterrolle fühlen sich ihre Professoren und Doktoranden in Forschung und Lehre verpflichtet. Mit der Schriftenreihe präsentiert die European Business School (EBS) ausgewählte Ergebnisse ihrer betriebs- und volkswirtschaftlichen Forschung.
Friedel Drees
Motives for and Consequences of Minority Equity Purchases With a foreword by Prof. Dr. Dirk Schiereck
RESEARCH
Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.d-nb.de.
Dissertation European Business School, International University Schloss Reichartshausen, Oestrich-Winkel, 2009 D 1540
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Foreword Share price reactions to the announcement of (partial) corporate acquisitions have extensively been analysed in capital market research, in particular in the context of event studies. Minority equity purchases have also been examined before, but never as comprehensively or with a special focus on the underlying explanatory variables as in this doctoral thesis. Moreover, previous empirical research has largely focused on the U.S. capital market, which shows significant differences to most European countries with regard to the regulatory framework of minority shareholder protection. Consequently, the transatlantic evidence can only be transferred to the institutional and regulatory framework in Europe to a very limited extent. There are only very few extensive insights for the German capital market and comparative studies in a European context. It is all the more welcome that this doctoral thesis has not only focused on the U.S., but also on German and European markets. It thus allows differentiated insights into highly distinct system
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