. We find that: (1) PSP sponsors successfully identify firms that suffer from a misalignment of managers and shareholders …' interests; (2) CEOs' pay-for-performance sensitivity increases in the post-proposal period; and (3) shareholders benefit through … performance (NPSPs). Collectively, our results indicate that shareholders benefit from this pay-performance activism through PSPs …

-border mergers and acquisitions. We find significant results for enabling laws but less so for paternalistic ones …

This paper analyses lawsuits against shareholders' resolutions according to the German Stock Corporation Act (AktG) and … the German Reorganisation Act (UmwG). A merger passed at the General Annual Meeting will not move forward as long as any … lawsuit is pending with a court. In particular, mergers have to be implemented without any delay. The minority shareholders …

. To order the financial state of affairs after the merger, the current shareholders must revalue their stake in the merged …By means of a company merger formerly legally and economically independent companies are tied up to an economic entity … to define an ideal exchange ratio, the valuation problem of a merger was taken up again not earlier than in Hering (2004 …