The Eroding Trust in Capitalism and its Consequences for Law: On both sides of the Atlantic, legislators consider a cap on manager income. As a redistributive intervention, the cap would be misplaced. It affects such a small number of persons that the effect on the Gini coefficient would be...

In the literature the issue of the protection of stakeholder interests (of employees in particular) is usually considered in a static context: how should the institutions of corporate governance be shaped having regard to already existing firms, conforming, in particular, to some subjective...

Comparing domestic- and foreign-owned firms in Germany, this paper finds that foreign-owned firms are more likely to focus on short-term profit. This influence is particularly strong if the local managers of the German subsidiary are not sent from the foreign parent company. Moreover, the...

Comparing domestic- and foreign-owned firms in Germany, this paper finds that foreign-owned firms are more likely to focus on short-term profit. This influence is particularly strong if the local managers of the German subsidiary are not sent from the foreign parent company. Moreover, the...

Comparing domestic- and foreign-owned firms in Germany, this paper finds that foreign-owned firms are more likely to focus on short-term profit. This influence is particularly strong if the local managers of the German subsidiary are not sent from the foreign parent company. Moreover, the...

This paper examines recent trends in venture capital fundraising and investments. We find that the emergence of ‘new' types of investors, such as crowdfunding platforms, super-angels and corporations, during this period may explain the changes in the venture capital model. Importantly, the new...

This paper investigates the potential implications of say on pay on management remuneration in Germany. We try to shed light on some key aspects by presenting quantitative data that allows us to gauge the pertinent effects of the German natural experiment that originates with the 2009 amendments...

This paper examines the determinants of executive turnover on two-tiered boards, emphasizing the monitoring role of supervisory board members with simultaneous outside directorships. Based on a unique sample of executives from large German firms, we find that outside supervisory board members...