We explain the empirical puzzle why mergers reduce profits and raise share prices. If being an “insider” is better than being an “outsider,” firms may merge to preempt their partner merging with a rival. The stock-value of the insiders is increased, since the risk of becoming an outsider...

We analyze the impact of corporate governance institutions, ownership structures and external capital market constraints on company returns on investment by using a sample of more than 19,000 companies from 61 countries across the world. We show that (1) of these three sets of institutions, the...

This paper analyzes the effects of mergers around the world over the past 15 years. We utilize a large panel of data on mergers to test several hypotheses about mergers. The effects of the mergers are examined by comparing the performance of the merging firms with control groups of nonmerging...

Angesichts der zunehmenden Bedeutung, welche der öffentlichen Meinung und der Bevölkerungsmeinung für die politischen Entscheidungsträger in liberalen Demokratien zukommt, überrascht es, dass die Frage, wie die öffentliche Meinung/Bevölkerungsmeinung die politischen Entscheidungsprozesse...

The paper examines the degree of conflict and consonance in the editorials of five German quality newspapers between 1994 and 1998. The degree of correspondence in the media system is discussed against the background of Germany´s pluralistic media structure on the one hand and concepts of...

Verfassungsrechtliche Grundprinzipien, die zentrale Bestandteile der Zivilgesellschaft darstellen, sind, trotz ideeller Gemeinsamkeiten, immer noch ein Konglomerat von Identifikationen mit unterschiedlichen nationalen Wertbeziehungen. Die jeweilige Ausprägung und unterschiedliche Auslegung der...

Nur wenige Texte haben unser Verständnis vom Wesen der Urbanität und den sozialen Folgen der Urbanisierung so nachhaltig beeinflußt wie der Essay über „Die Großstädte und das Geistesleben“, den Georg Simmel vor knapp 100 Jahren veröffentlicht hat. Thema des vorliegenden Beitrages ist...

The paper conceptualises processes of economic internationalisation as strong triggers for restructuration. The branch of business consultancies, a knowledge intensive service activity with recently expanding employment of women, is taken as an example to document and analyse rearrangements both...

Adolescent violence is a public health issue with global relevance and far-reaching health consequences. It impairs the well-being of those involved and makes demands on health services. The review gives insight into the determinants leading to the health effects of urban violence focusing on...

This essay examines the changing role of the ethical value of autonomy in law and policy relating to AIDS in a number of European jurisdictions. In the early years of the epidemic the autonomy of infected and at-risk persons, and of social groups was promoted as a means of reducing the spread of...