The Wirecard scandal is a wake-up call alerting German politics to the importance of securities market integrity. The role of market supervision is to ensure the smooth functioning of capital markets and their integrity, creating trust among and acceptance by investors locally and globally. The...

The paper discusses the policy implications of the Wirecard scandal. The study finds that all lines of defense against corporate fraud, including internal control systems, external audits, the oversight bodies for financial reporting and auditing and the market supervisor, contributed to the...

In this paper we put forward a legal argument in favour of granting more independence to BaFin, the German securities market supervisor. Following the Wirecard scandal, our reform proposal aims at strengthening the impartiality and credibility of the German supervisor and, as a consequence, at...

Zusammenfassung Aktivistische Leerverkäufer standen in jüngerer Zeit häufig im Zentrum medialer Aufmerksamkeit. Ihre „Attacken“ auf börsennotierte Unternehmen bewegen sich in einem Spannungsverhältnis zwischen erwünschter Steigerung der Markteffizienz und verbotener Marktmanipulation....

The German corporate governance code includes a recommendation as to diversity on corporate boards. Two draft bills on gender quotas are currently under way in legislative proceedings. However, the ruling coalition rejects those, advocating a flexible quota. The present study provides an...