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The Impact of Intergovernmental Grants on Cost Efficiency: Theory and Evidence from German Municipalities
Kalb, Alexander - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2008
In this paper we use a simple bureaucracy model of fiscal illusion to analyze the impact of intergovernmental grants on the cost efficiency of local jurisdictions. We find that a higher degree of redistribution within a system of fiscal equalization or an increase in the amount of grants...
Persistent link: https://www.econbiz.de/10005097546
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Women on the board and executive duration: Evidence for European listed firms
Buchwald, Achim; Hottenrott, Hanna - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2015
The participation of women in top-level corporate boards (or rather the lack of it) is subject to intense public debate. Several countries are considering legally binding quotas to increase the share of women on boards. Indeed, research on board diversity suggests positive effects of gender...
Persistent link: https://www.econbiz.de/10011203170
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Ownership concentration, institutional development and firm performance in Central and Eastern Europe
Balsmeier, Benjamin; Czarnitzki, Dirk - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2010
This paper analyzes the relationship of ownership concentration and firm performance in the context of different institutional environments in 28 Central and Eastern European transition economies. Using the BEEPS data for the period from 2002 to 2009 we find an inverted u-shaped relation of...
Persistent link: https://www.econbiz.de/10008794610
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Benefits of Control, Capital Structure and Company Growth
Mueller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2005
This paper studies the influence of the private benefits of control on the capital structure and the growth of private companies. It is argued that companies in which existing owners would lose more control if they expanded, have smaller equity increases, are more highly levered and grow more...
Persistent link: https://www.econbiz.de/10005097834
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Dynamics in ownership and firm survival: evidence from corporate Germany
Heiss, Florian; Köke, Jens - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2001
This study investigates the determinants of changes in corporate ownership and firm failure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when performance is poor,...
Persistent link: https://www.econbiz.de/10005097846
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Control transfers in corporate Germany: their frequency, causes and consequences
Köke, Jens - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2000
This study examines changes in block ownership for a large sample of listed and non-listed German firms. The frequency of block trading is similar to other countries, and the vast majority of block trades leads to changes in ultimate ownership (control transfers). Such changes are more likely...
Persistent link: https://www.econbiz.de/10005098061
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Determinants of acquisition and failure: stylized facts and lessons for empirical studies
Köke, Jens - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2001
This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...
Persistent link: https://www.econbiz.de/10005098062
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Bank owners or bank managers: who is keen on risk? Evidence from the financial crisis
Gropp, Reint; Köhler, Matthias - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2010
In this paper, we analyse whether bank owners or bank managers were the driving force behind the risks incurred in the wake of the financial crisis of 2007/2008. We show that owner controlled banks had higher profits in the years before the crisis, and incurred larger losses and were more likely...
Persistent link: https://www.econbiz.de/10008518270
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Corporate governance and current regulation in the German banking sector: an overview and assessment
Köhler, Matthias - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2010
This paper gives an overview over corporate governance and banking regulation in Germany. Particular attention is put …
Persistent link: https://www.econbiz.de/10008494187
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Blockholdings and corporate governance in the EU banking sector
Köhler, Matthias - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009
Ownership structures widely differ across the EU. While large blockholdings dominate in the banking sector in … governance in the EU banking sector. This paper analyzes the efficiency of shareholder control and hostile takeovers as corporate … governance mechanisms in the EU banking sector against the background of the regulatory environment and differences in the …
Persistent link: https://www.econbiz.de/10008533672