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By reducing the threat of a hostile takeover, business combination (BC) laws weaken corporate governance and increase the opportunity for managerial slack. Consistent with the notion that competition mitigates managerial slack, we find that while firms in non-competitive industries experience a...
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Germany was divided after World War II, many firms in the machine tool industry fled the Soviet occupied zone to prevent … expropriation. We show that the regional location decisions of these firms upon moving to western Germany were driven by non …
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This book provides an overview of the key challenges currently faced in Germany and OECD's main policy recommendations … book tailors the OECD’s policy advice to the specific and timely priorities of Germany, focusing on how its government can …
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competitive industries, the negative relation between past returns and current leverage will be attenuated. Theory suggests that …
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