This article analyses the recent Leica judgement of the Higher Regional Court Frankfurt/Mainand its consequences. In this judgement, the court has established an infringement of specialformal requirements with respect to Leica´s invitation to the Annual General Meeting which,if correct, would...

This report analyses the possibility to outflank disclosure obligations under the German SecuritiesTrading Act as well as the German Takeover Act by using derivative instruments in thecontext of the attack of Schaeffler KG on Continental AG.Irrespective of a limited knowledge of the complete...

The legal environment for Securities Prospectuses in Germany has changed dramatically withthe implementation of the German Securities Prospectus Act (Wertpapierprospektgesetz- WpPG) and the Commission Regulation (EC) No. 809/2004 of 29 April 2004 (ProspectusRegulation) regulating their content...

Monetary policies of the ECB and US Fed can be characterised by “Taylor rules”, that is bothcentral banks seem to be setting rates by taking into account the “output gap” and inflation.We also set up and tested Taylor rules which incorporate money growth and the euro-dollarexchange rate,...

The aim of this note is to provide an overview of various measures of “excess liquidity”,which can be defined as the deviation of the actual stock of money from an estimated equilibriumlevel. Given their dynamic nature, the excess liquidity measures under review are - in thelight of long and...

One major outcome of the review of the ECB’s “two pillar monetary policy strategy”, whichwas published on 8 May 2003, has been the de facto downgrading of the hitherto prominentrole assigned to the stock of money. According to the authors’ judgement, however, there is astrong theoretical...

The dramatic drop in prices on the German stock exchange in the period from2000 to 2003 was one cause for the rising number of delistings in Germany. Thisdevelopment triggered the study on the aptitude of listed companies to remainlisted although the authors were well aware that a negative...

This paper tackles the issue of the incompleteness of information available to thecentral bank when taking its monetary policy decisions. It is focused on euro areadata and based on the simplistic assumption of the central bank following a simplemonetary policy rule à-la-Taylor. Along the lines...

The rate of growth in bank loans to private households and firms in Germany hasdeclined substantially since early 2000 and currently stands at virtually zero. In thisarticle, we analyse whether cyclical factors (“demand-side driven”) or banks’ unwillingnessand/or inability to lend...