Literature Review Women on boards and in TMTS and firm performance102 EUR 80 90 In their initial assessments analysts consistently made positive recommendations CO NERGY received a strong buy from First Berlin a buy from Deutsche Bank or a hold from Citig roup shortly after upgraded to buy The CONERGY flotation in 2005 marked the begin ning of a series of further IPOs of companies in the renewable energy industry and in particular in the solar industry twelve solar companies entered the capital markets Until 2011 a total of twenty solar companies had their shares listed at the Frankfurt Stock Exchange The first stock listed solar compa ny had been Solon SE in 1999 followed by S A G Solarstrom AG and Solarworld in the same year The large companies were soon included in the TecDAX When founded in 2003 not a single so lar company had been present in the share index for the 30 largest German technology companies The Solarworld share was the first to be included in 2004 Mid 2006 the TecDAX already contained five solar companies with CONERGY Q Cells Solar world Ersol and Solon while the overall number of stock listed solar companies from all levels of the value chain had increased to 17 Already in 2006 solar shares had the strongest weighting within the index and accounted for a substantial share of overall market capitalization price gains were high FAZ The TecDAX was therefore also called the SolarDAX In 2007 solar shares accounted for about 30 percent of the TecDAX market capita lization and were stock market favorites Against the background of the hype about solar on capital markets and the impressive increase of the CONERGY share price in the first year after going public CONERGY was riding on a wave of success possibly further fostering overconfidence on Rueter s side At the same time Rueter faced a severe challenge revenues generated in the German market exceeded international sales by far Moreover the major share of German revenu es was attributable to the business area of solar technology the German PV market grew by 40 percent to 930 MWp newly installed capacity in 2005 Federal Solar Industry Association 2016 In order to reduce its dependency on one product market and one geographic market and potenti ally spurred on by a well filled cashbox Harford 1999 Malmendier Tate 2005 and 2008 Rueter further enhanced the diversification and interna tionalization strategy in 2005 The new offensive was labeled 50 50 08 and aimed at generating more than 50 percent of revenues abroad and more than 50 percent through regenerative pro ducts that complement solar technology by 2008 CONERGY continuously emphasized its aimed stra tegic positioning it is our goal to strengthen our position as the leading systems provider for re newable sources of energy on additional levels CONERGY AG 2006 p 72 Solar cooling and solar heating but also wind energy and bio energy were mentioned as such complementary products above and beyond photovoltaics Strategic goals as stated were to open up new sales and earnings potentials and to increase the company s flexibility in reaction to temporary fluctuations in demand by region and by product CONERGY AG 2006 p 72 4 5 5 High premia paid in acquisitions Research has shown that managerial overconfi dence will presumably lead to heightened acqui sitiveness with no increase in value for both tar get and bidder Roll 1986 Having abundant IPO proceeds at his disposal Rueter conducted several takeovers five of them in the field of solar power targets located in Switzerland France Australia CEO optimism and overconfidence

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