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Mergers and acquisitions in Germany : social-setting and regulatory framework

Schmid, Frank A. (contributor); Wahrenburg, Mark (contributor) - 2003 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001817426

Konijn, Sander J. J.; Kräussl, Roman; Lucas, André - Center for Financial Studies - 2010

a more concentrated ownership structure. To test for the direction of the effect, we use a large dataset of U.S. firms … markets information. We find that a large fraction of aggregated block ownership negatively affects Tobin's Q. The negative … impact is larger if blockowners are more dispersed, suggesting that a concentrated ownership structure is to be preferred on …

Persistent link: https://www.econbiz.de/10010986382

Governance und Vertragsstrukturen in der deutschen VC Industrie: Eine empirische Einschätzung

Bienz, Carsten; Hirsch, Julia; Walz, Uwe - Center for Financial Studies - 2008

Diese Arbeit analysiert die wesentlichen Elemente der Vertragsstrukturen in der Venture Capital-Industrie. Aufbauend auf einem sehr umfangreichen und detaillierten Datensatz, der die Verträge zwischen Venture Capital-Investoren und deren Portfoliounternehmen abbildet, werden die Kontroll-,...

Persistent link: https://www.econbiz.de/10010986442

The dynamics of venture capital contracts

Bienz, Carsten; Hirsch, Julia - Center for Financial Studies - 2005

We analyze the degree of contract completeness with respect to staging of venture capital investments using a hand-collected German data set of contract data from 464 rounds into 290 entrepreneurial firms. We distinguish three forms of staging (pure milestone financing, pure round financing and...

Persistent link: https://www.econbiz.de/10010986443

Universal Banks and Relationships with Firms

Elsas, Ralf; Krahnen, Jan Pieter - Center for Financial Studies - 2003

Some of the most widely expressed myths about the German financial system are concerned with the close ties and intensive interaction between banks and firms, often described as Hausbank relationships. Links between banks and firms include direct shareholdings, board representation, and proxy...

Persistent link: https://www.econbiz.de/10010986500

Dividend policy, corporate control and tax clienteles: The case of Germany

Andres, Christian; Betzer, André; Goergen, Marc - Center for Financial Studies - 2011

This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the concentration of control does not have an effect on the...

Persistent link: https://www.econbiz.de/10010958493

Why do contracts differ between VC types? Market segmentation versus corporate governance varieties

Hirsch, Julia; Walz, Uwe - Center for Financial Studies - 2006

The main objective of the present paper is to disentangle observed differences in the design of contracts across VC types into firm selection effects and corporate governance differences between VC types (different contracts). Based on a theoretical approach developed in the first part of the...

Persistent link: https://www.econbiz.de/10010958526

Legality and venture governance around the world

Cumming, Douglas; Schmidt, Daniel; Walz, Uwe - Center for Financial Studies - 2004

We analyze governance with a dataset on investments of venture capitalists in 3848 portfolio firms in 39 countries from North and South America, Europe and Asia spanning 1971-2003. We find that cross-country differences in Legality have a significant impact on the governance structure of...

Persistent link: https://www.econbiz.de/10010958559

Corporate Governance in Germany: An Economic Perspective

Schmidt, Reinhard H. - Center for Financial Studies - 2003

A financial system can only perform its function of channelling funds from savers to investors if it offers sufficient assurance to the providers of the funds that they will reap the rewards which have been promised to them. To the extent that this assurance is not provided by contracts alone,...

Persistent link: https://www.econbiz.de/10010958676

Venture capital exit rights

Bienz, Carsten; Walz, Uwe - Center for Financial Studies - 2008

Theorists argue that exit rights can mitigate hold-up problems in venture capital. Using a hand-collected data-set of venture capital contracts from Germany we show that exit rights are included more frequently in venture capital contracts when a hold-up problem associated with the venture...

Persistent link: https://www.econbiz.de/10010958744