The present paper proposes to employ a major shift in the legal and institutional environment to identify contractual incentives from the correlation of executive pay and firm performance. We use the reform of the German stock companies act in 1884 as such a major shift and estimate the...

We analyze the relation of firm performance and managerial turnover in 19th century German banking by probit estimation. This period covers a major reform of corporate governance. Before the reform performance and turnover are unrelated, wheras after the reform more succesfull managers leave...

Die Publikation untersucht auf Grundlage bisher unberücksichtigter Quellenbestände erstmals eingehend Inhalt und Entstehungshintergründe des wirtschaftspolitischen Sofortprogramms des ersten Kabinetts Helmut Kohls. Dabei wird deutlich,welchen Einfluss die besondere Situation zwischen der...