Der Preis der Corporate Governance

CAMBRIDGE, MASS.: Nehmen Märkte die Vorkehrungen der Unternehmen für die Corporate Governance wahr und preisen sie korrekt ein? In einer neuen empirischen Studie zeigen Alma Cohen, Charles C.Y. Wang und ich, wie die Aktienmärkte gelernt haben, Maßnahmen zur Übernahmeabwehr einzupreisen. Diese Lernfähigkeit der Märkte hat wichtige Konsequenzen – sowohl für das Management von Aktiengesellschaften als auch für ihre Anleger.

Im Jahre 2001 ermittelten drei Finanzökonomen – Paul Gompers, Joy Ishii und Andrew Metrick – eine Governance-basierte Anlagestrategie, mit der sich während der 1990er Jahre überdurchschnittliche Renditen am Aktienmarkt hätten erzielen lassen. Sie basierte auf dem Vorhandensein von „Abwehrvorkehrungen“ wie z.B. Vorständen mit gestaffelter Amtsdauer oder „Giftpillen“, die das Management bei der Unternehmenslenkung von der Disziplinierung durch den Markt abschotteten.

Während der 1990er Jahre hätte man überdurchschnittlich verdient, wenn man Aktien von Unternehmen ohne bzw. mit wenigen Abwehrvorkehrungen gehalten und Aktien von Firmen mit vielen derartigen Vorkehrungen vermieden hätte. Diese Erkenntnis hat Unternehmen, Anleger und Corporate-Governance-Experten seit ihrer Veröffentlichung fasziniert und Aktionärsberater dazu geführt, Governance-basierte Anlageprodukte zu entwickeln.

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