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...

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...