Showing 1 - 10 of 14
This paper studies the short- and long-run announcement effects of declaring compliance with the German Corporate Governance Code (‘the Code’). We examine a unique, hand-collected data set of 317 German listed firms from 2002-2005. First, we present evidence from an analysis of firms’...
Persistent link: https://www.econbiz.de/10005162949
Persistent link: https://www.econbiz.de/10005057053
Despite the relevance of credit financing for the profit and risk situation of commercial banks only little empirical evidence on the initial credit decision and monitoring process exists due to the lack of appropriate data on bank debt financing. The present paper provides a systematic overview...
Persistent link: https://www.econbiz.de/10010958786
In this study we analyze the evolution of ownership, control, and performance in German founding-family-owned firms over the last century. We employ a hand-collected matched sample of German stock companies founded before World War I and still in existence in 2003. Comparing family-owned and...
Persistent link: https://www.econbiz.de/10005534208
Our study examines the existence and the nature of private benefits of control in Germany. We do this by analyzing initial public offerings of founding-family owned firms and tracking their fate up to ten years following the IPO. Our sample includes a uniquely rich data set of 105 IPOs of...
Persistent link: https://www.econbiz.de/10010986426
Germany and the United States are generally seen as the two competing systems of corporate governance. In search for a comparative welfare analysis of the financial systems, we are interested in (i) the aggregate value-added of corporate investments in the two countries and in (ii) the...
Persistent link: https://www.econbiz.de/10010956517
In this paper, we use a unique hand-collected dataset to analyze stock listing as an entrepreneurial decision. By comparing mainland Chinese entrepreneurial firms listed in Hong Kong with the same type of firms opting for a domestic listing on the Shenzhen second board market, we argue that the...
Persistent link: https://www.econbiz.de/10008507200
This paper examines the unification of non-voting preference shares into a one share-one vote structure using a sample of all German dual-class companies from 1987 until 2003. We test several hypotheses with regard to the reasons for the abolition of preference shares. First, as the separation...
Persistent link: https://www.econbiz.de/10005162964
Financial economists continue to point to Germany as a relatively successful model of a "bank-centered," as opposed to a market-based, economy. But few seem to recognize that, in the years leading up to World War I, German equity capital markets were among the most highly developed in the world....
Persistent link: https://www.econbiz.de/10005260960
Combining agency-theoretical with organisational population ecology approaches, this article analyses which factors drive the survival probabilities of organisations of the same type - listed stock corporations - facing the same institutional environment over a long period of time. It presents...
Persistent link: https://www.econbiz.de/10009222074