Der Börsengang und die interne Organisation des Unternehmens
Daniel Bias, Benjamin Lochner, Stefan Obernberger, Merih Sevilir
Wirtschaft im Wandel,
Nr. 1,
2024
Abstract
In diesem Beitrag wird untersucht, wie Unternehmen ihre Organisation anpassen, wenn sie erstmalig an die Börse gehen (initial public offering, IPO). Im Zuge des Börsengangs wandeln sich Unternehmen in eine hierarchischere Organisation um und verstärken die Aufsicht durch das Management. Organisatorische Funktionen in den Bereichen Rechnungswesen, Finanzen, Informationstechnologie und Personalwesen gewinnen an Bedeutung. Sie tauschen einen großen Teil ihrer Belegschaft und fast ihr gesamtes Management aus, um ihr Humankapital an die neue Organisation anzupassen. Die neue Organisation erleichtert interne Versetzungen und Beförderungen. Insgesamt ist das Unternehmen durch den Börsengang einem Wandel unterworfen, der die Abhängigkeit des Unternehmens von einzelnen Beschäftigten verringert und den Produktionsprozess effizient organisiert.
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Poison Bonds
Rex Wang Renjie, Shuo Xia
IWH Discussion Papers,
Nr. 3,
2024
Abstract
This paper documents the rise of “poison bonds”, which are corporate bonds that allow bondholders to demand immediate repayment in a change-of-control event. The share of poison bonds among new issues has grown substantially in recent years, from below 20% in the 90s to over 60% since mid-2000s. This increase is predominantly driven by investment-grade issues. We provide causal evidence that the pressure to eliminate poison pills has led firms to issue poison bonds as an alternative. Our analysis suggests that this practice entrenches incumbent managers and destroys shareholder value. Holding a portfolio of firms that remove poison pills but promptly issue poison bonds results in negative abnormal returns of −7.3% per year. Our findings have important implications for the agency theory of debt: (i) more debt may not discipline the management; and (ii) even without financial distress, managerial entrenchment can lead to agency conflicts between shareholders and creditors.
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People
People Job Market Candidates Doctoral Students PhD Representatives Alumni Supervisors Lecturers Coordinators Job Market Candidates Tommaso Bighelli Job market paper: "The…
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Lecturers
Lecturers at CGDE Institutions Jordan Adamson Assistant Professor at Institute for Empirical Economic Research, Leipzig University. Website Course: Econometrics (winter term…
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Poison Bonds
Shuo Xia, Rex Wang Renjie
SSRN Discussion Paper,
2023
Abstract
This paper documents the rise of "poison bonds", which are corporate bonds that allow bondholders to demand immediate repayment in a change-of-control event. The share of poison bonds among new issues has grown substantially in recent years, from below 20% in the 90s to over 60% after 2005. This increase is predominantly driven by investment-grade issues. We provide causal evidence that the pressure to eliminate poison pills has led firms to issue poison bonds as an alternative. Further analyses suggest that this practice entrenches incumbent managers, coincidentally benefits bondholders, but destroys shareholder value. Holding a portfolio of firms that remove poison pills but promptly issue poison bonds results in negative abnormal returns of -7.3% per year. Our findings have important implications for understanding the agency benefits and costs of debt: (1) more debt does not necessarily discipline the management; and (2) even without financial distress, managerial entrenchment can lead to conflicts between shareholders and creditors.
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Management-Buy-Outs
Management-Buy-Outs in Ostdeutschland Die Studie über Management-Buy-Outs (MBOs) untersucht einen wichtigen Teil des ostdeutschen Unternehmensbestands: Unternehmen, die im Zuge…
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