This paper studies the short-run announcement effects of compliance with the German Corporate Governance Code (‘the Code’) on firm value. Event study results suggest that firm value is unaffected by the announcement, although such market reactions to the first time disclosure of the...

Empirical evidence is offered about the change in ownership structure following Initial Public Offerings (IPOs) and its impact on the long-term stock performance of family-owned firms in Germany. The data analyzed include 105 IPOs of founding family-owned firms floated between January 1970 and...