The IPO Business of German Discount Brokers: A new generation of Investment Banks ?
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Inhaltsangabe: Einleitung: Entwicklungen in jüngerer Vergangenheit zeigen, dass deutsche Discount Broker ihre Produktpalette gezielt erweitern und ihren Kunden verstärkt Zugang zu Neuemissionen (IPOs) bieten, nicht zuletzt um ihre starke Marktposition in Europa zu wahren. So übernehmen die Broker Aufgaben im Neuemissionsgeschäft, sei es als Verkaufsagent oder als Mitglied in Übernahmekonsortien (Underwriter). Discount Broker betreten damit Neuland in einem Wirtschaftszweig, der bisher fast ausschlie lich von Investmentbanken dominiert worden ist. Somit scheint sich eine neue Sorte von Investmentbanken zu entwickeln und die Vorherrschaft privilegierter Institutionen im Neuemissionsgeschäft aufzuweichen. Vor diesem Hintergrund möchte die vorliegende Arbeit auf das aufkommende Segment des Neuemissionsgeschäfts der führenden deutschen Discount Broker eingehen und objektiv beschreiben. Durchführung und Strategien im Neuemissionsgeschäft der Direct Broker werden im Detail betrachtet. Die Untersuchung beschränkt sich dabei auf die drei Marktführer im discount broking: ConSors Discount-Broker AG, Comdirect AG and Direkt Anlage Bank AG. Zwischen Anfang September und Ende November 2000 haben die drei Brokerhäuser ihren Einstieg ins Neuemissionsgeschäft offiziell angekündigt. ConSors entschied sich, eine eigene Investment Bank zu gründen (do-it-yourself approach") und Comdirect zieht Nutzen aus der Unterstützung durch die Mutter Commerzbank (piggy-back approach"), aber erhebt Anspruch auf Führungsmandate bei Neuemissionen infolge des Aufbaus eines eigenen Geschäftsbereichs Investmentbanking. DAB beschloss hingegen strategische Partnerschaften einzugehen (tie-up approach"), um die Chancen zu erhöhen, bei Neuemissionen berücksichtigt zu werden, ohne sich dabei jedoch selbst zur Investmentbank zu entwickeln. Die drei Discount Brokers treten üblicherweise als Verkaufsagenten auf, planen jedoch ehrgeizig in absehbarer Zeit Co-Underwriting- und Führungsmandate bei Neuemissione
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