Dieser Band bietet eine umfassende vergleichende Analyse von gesellschaftsrechtlichen Grundlagenthemen in Deutschland, China, Japan und Südkorea. Es untersucht Fragen des Aktionärsaktivismus und der Offenlegung erheblicher Beteiligungen und analysiert wichtige Probleme des Übernahmerechts,...

We examine the relation between venture capital (VC) investments, M&A activity, and merger competition laws in 48 countries around the world. We find evidence of a strong positive association between VC investments and lagged M&A activity, consistent with the hypothesis that an active M&A market...

Germany and China are attractive investment locations. Despite some successful reciprocal take-overs, transactions often fail. There are a number of reasons for this, including different political and legal systems, cultural differences, and financial hurdles, which this volume makes accessible...

We examine the relation between venture capital (VC) investments and mergers and acquisitions (M&A) activity around the world. We find evidence of a strong positive association between VC investments and lagged M&A activity, consistent with the hypothesis that an active M&A market provides...

We examine the relation between venture capital (VC) investments and mergers and acquisitions (M&A) activity around the world. We find evidence of a strong positive association between VC investments and lagged M&A activity, consistent with the hypothesis that an active M&A market provides...

This paper studies the effects of anti-takeover provisions on takeovers and identifies the channels through which they create or destroy value for firms, as well as for the economy as a whole. We provide causal estimates – that also deal with the endogenous selection of targets – showing...

We examine the effect of second-generation state antitakeover laws (ATLs) on accounting conservatism. We adopt a novel methodology that corrects for selection bias resulting from firms' endogenous incorporation decision. Focusing on the period from when these ATLs became constitutional, we find...

Since the enactment of the Companies Act of 2005, the Japanese legal system has relied heavily on the appraisal remedy to relieve shareholders who believe consideration for a corporate acquisition is inadequate. Building upon this short-lived tradition, Hōsei Shingikai Kaishahōsei Bukai, the...

Takeovers are one-off events, altering control and strategy within an organisation. But the chances of becoming the target of a bid, even where remote, daily influence corporate decision-making. Takeover rules are therefore central to company law and the balance of power among managers,...

Economic aspects of mergers and acquisitions / Adam Szyszka -- Restrictions and admissible exceptions to the free movement of capital in the European Union in Court of Justice case law / Sylwia Majkowska-Szulc -- Horizontal direct effect of EU internal market freedoms' current status / Maciej...

"Bloodsport is the story of the creation of America's deal culture and the battle for control of America's corporations. Told through the fascinating, complex, and often-flawed characters who created a new era, it begins as the ‘60s are ending with the rise of the conglomerates, those vast...

Due to judicial decisions the stock market prices are deemed to be the lower value limit in determining the compensations within structural measures according to German stock corporation law (e.g. squeeze-out of minority stockholders). By applying other valuation methods, in particular the...

Der vorliegende Beitrag untersucht, ob der Mehrheitsaktionär einer Gesellschaft im Vorfeld eines Zwangsausschlusses von Minderheitsaktionären (sog. Squeeze-Out) versucht, die Kapitalmarkterwartungen negativ zu beeinflussen. Ein solches "manipulatives" Verhalten wird häufig in der juristischen...

De la préparation au financement de l’opération - Aspects économiques, juridiques et fiscaux0L’acquisition d’une société est une opération complexe nécessitant une excellente collaboration entre professionnels. Les incidences économiques, juridiques et fiscales sont intimement liées...

This article reviews Germany's corporate governance system and the effectiveness of recent reforms. Since the early 1990s far-reaching reforms have complemented the traditional stakeholder system with important elements of the shareholder system. Instead of taking a view on the superiority of...