In this paper, we show that ownership structures vary considerably across the largest European economies, and that ownership has a significant impact on firm performance. We demonstrate that ownership structures in Europe are not necessarily consistent with value maximisation principles....

This book is based on a conference organised by the London School of Economics and New York University, held in London on November 4th and 5th, 2004.The conference brought together academics and practitioners from both sides of the Atlantic to review recent developments in corporate governance,...

Under German takeover law, in a voluntary bid the bidder must offer the target shareholders a price which is based on the average price of the target's shares over a given period.However, if in the run-up to the bid the bidder purchased the target shares at a higher price, the bid price must be...

In this paper we use clinical studies to document how dominant shareholders have circumvented mandatory bid rules to appropriate wealth from minority shareholders. Dominant shareholders are numerous in continental Europe. Creative compliance with mandatory bid rules reveals the failure of boards...

Based on a unique and consistent dataset of firm ownership in Europe, we set out to systematically catalogue and categorise owners of European equities by type (i.e. family, institutional etc.), and show the importance of ownership coalitions to achieving control. We also highlight the...

In this paper we use clinical studies to document how dominant shareholders have circumvented mandatory bid rules to appropriate wealth from minority shareholders. Dominant shareholders are numerous in continental Europe. Creative compliance with mandatory bid rules reveals the failure of boards...

The thwarted merger of General Electric and Honeywell stands out as, so far, the only merger between US companies to be derailed solely by the European anti-trust authorities, while being cleared by the US Department of Justice (DoJ) and 11 other jurisdictions. In this paper, the authors examine...

In this paper, we show that ownership structures vary considerably across Europe, and that the dominant form of ownership is not necessarily the most efficient one. These findings are in contradiction to similar research based on US samples. The results also demonstrate that firms without a...