full screen
Home > Equity Carve-outs in Germany
Equity Carve-outs in Germany

Equity Carve-outs in Germany


     0     
5
4
3
2
1



International Edition


About the Book

Since the 1980s a significant increase of equity carve-outs (ECOs), i. e. the going-public of a subsidiary of an exchange-listed parent firm, could be observed. Equity carve-outs have been subject to discussion in the context of divestitures and as a method of corporate restructuring of conglomerate firms. Equity carve-out transactions are exceptional as they combine a corporate restructuring and a simultaneous financing through an initial public offering. The studies on the announcement returns of equity carve-outs focus on the restructuring aspect of the ECO transaction, i. e. the separation of a subsidiary from its conglomerate parent and the subsequent disposal. This empirical study, however, focuses on the corporate finance aspect, i. e. the capital raising in the equity carve-out transaction through an initial public offering. Some of the largest initial public offerings in Germany including the IPOs of Infineon Technologies AG (Siemens AG) and Deutsche Postbank AG (Deutsche Post AG) have been structured as equity carve-outs. Key aspects of the research interest on initial public offerings include significant positive initial returns manifested in the underpricing phenomenon and the negative long-term performance of IPO stocks. The occurrence of positive initial returns and the subsequent negative long-term performance for initial public offerings of subsidiary firms results in an "ECO Puzzle", which will be examined for the largest sample of equity carve-outs in Germany to date.
About the Author: Stephan Gellrich obtained a BSc Banking and International Finance from Cass Business School, London. Subsequently, he graduated from the London School of Economics and Political Science with an MSc Accounting and Finance. Later he studied for his Ph.D. programme in Finance and Economics at Columbia Business School and the Albert-Ludwigs-Universität in Freiburg. He commenced his professional career by joining one of the leading US Investment Banks, where he worked predominantly in the Technology M&A team in San Francisco/Palo Alto, CA. Later he worked for a leading European Investment Bank in London focussing on the industrials, cleantech and technology sectors. He is now working as a Vice President for an M&A boutique in Germany.


Best Sellers



Product Details
  • ISBN-13: 9783844101362
  • Publisher: Josef Eul Verlag Gmbh
  • Publisher Imprint: Josef Eul Verlag Gmbh
  • Height: 210 mm
  • No of Pages: 272
  • Series Title: English
  • Weight: 381 gr
  • ISBN-10: 3844101365
  • Publisher Date: 02 Nov 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Spine Width: 14 mm
  • Width: 148 mm


Similar Products

Add Photo
Add Photo

Customer Reviews

REVIEWS      0     
Click Here To Be The First to Review this Product
Equity Carve-outs in Germany
Josef Eul Verlag Gmbh -
Equity Carve-outs in Germany
Writing guidlines
We want to publish your review, so please:
  • keep your review on the product. Review's that defame author's character will be rejected.
  • Keep your review focused on the product.
  • Avoid writing about customer service. contact us instead if you have issue requiring immediate attention.
  • Refrain from mentioning competitors or the specific price you paid for the product.
  • Do not include any personally identifiable information, such as full names.

Equity Carve-outs in Germany

Required fields are marked with *

Review Title*
Review
    Add Photo Add up to 6 photos
    Would you recommend this product to a friend?
    Tag this Book Read more
    Does your review contain spoilers?
    What type of reader best describes you?
    I agree to the terms & conditions
    You may receive emails regarding this submission. Any emails will include the ability to opt-out of future communications.

    CUSTOMER RATINGS AND REVIEWS AND QUESTIONS AND ANSWERS TERMS OF USE

    These Terms of Use govern your conduct associated with the Customer Ratings and Reviews and/or Questions and Answers service offered by Booksbay (the "CRR Service").


    By submitting any content to Booksbay, you guarantee that:
    • You are the sole author and owner of the intellectual property rights in the content;
    • All "moral rights" that you may have in such content have been voluntarily waived by you;
    • All content that you post is accurate;
    • You are at least 13 years old;
    • Use of the content you supply does not violate these Terms of Use and will not cause injury to any person or entity.
    You further agree that you may not submit any content:
    • That is known by you to be false, inaccurate or misleading;
    • That infringes any third party's copyright, patent, trademark, trade secret or other proprietary rights or rights of publicity or privacy;
    • That violates any law, statute, ordinance or regulation (including, but not limited to, those governing, consumer protection, unfair competition, anti-discrimination or false advertising);
    • That is, or may reasonably be considered to be, defamatory, libelous, hateful, racially or religiously biased or offensive, unlawfully threatening or unlawfully harassing to any individual, partnership or corporation;
    • For which you were compensated or granted any consideration by any unapproved third party;
    • That includes any information that references other websites, addresses, email addresses, contact information or phone numbers;
    • That contains any computer viruses, worms or other potentially damaging computer programs or files.
    You agree to indemnify and hold Booksbay (and its officers, directors, agents, subsidiaries, joint ventures, employees and third-party service providers, including but not limited to Bazaarvoice, Inc.), harmless from all claims, demands, and damages (actual and consequential) of every kind and nature, known and unknown including reasonable attorneys' fees, arising out of a breach of your representations and warranties set forth above, or your violation of any law or the rights of a third party.


    For any content that you submit, you grant Booksbay a perpetual, irrevocable, royalty-free, transferable right and license to use, copy, modify, delete in its entirety, adapt, publish, translate, create derivative works from and/or sell, transfer, and/or distribute such content and/or incorporate such content into any form, medium or technology throughout the world without compensation to you. Additionally,  Booksbay may transfer or share any personal information that you submit with its third-party service providers, including but not limited to Bazaarvoice, Inc. in accordance with  Privacy Policy


    All content that you submit may be used at Booksbay's sole discretion. Booksbay reserves the right to change, condense, withhold publication, remove or delete any content on Booksbay's website that Booksbay deems, in its sole discretion, to violate the content guidelines or any other provision of these Terms of Use.  Booksbay does not guarantee that you will have any recourse through Booksbay to edit or delete any content you have submitted. Ratings and written comments are generally posted within two to four business days. However, Booksbay reserves the right to remove or to refuse to post any submission to the extent authorized by law. You acknowledge that you, not Booksbay, are responsible for the contents of your submission. None of the content that you submit shall be subject to any obligation of confidence on the part of Booksbay, its agents, subsidiaries, affiliates, partners or third party service providers (including but not limited to Bazaarvoice, Inc.)and their respective directors, officers and employees.

    Accept

    New Arrivals



    Inspired by your browsing history


    Your review has been submitted!

    You've already reviewed this product!