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New evidence on ownership structures in Germany

Köke, F. Jens - 1999

Ownership structures are an important element of the theory explaining corporate governance. This study presents …

Persistent link: https://www.econbiz.de/10011443468

Product market competition, corporate governance and firm performance : an empirical analysis for Germany

Januszewski, Silke I.; Köke, F. Jens; Winter, Joachim - 1999

comparison with the United States. It has been argued that lack of product market competition and poor corporate governance are … econometric analysis of firm performance in Germany. Based on a unique panel data set with detailed information on almost 400 … Germany's bank-based system of internal control, ownership concentration is harmful for productivity growth. …

Persistent link: https://www.econbiz.de/10011443499

Bank owners or bank managers : who is keen on risk? ; evidence from the financial crisis

Gropp, Reint; Köhler, Matthias - 2010

shareholders may not be socially optimal in banks. -- Banks ; risk taking ; corporate governance ; ownership structure ; financial …

Persistent link: https://www.econbiz.de/10003941710

Consumption-based asset pricing with a reference level : new evidence from the cross-section of stock returns

Grammig, Joachim (contributor); … - 2006

This paper presents an empirical evaluation of recently proposed asset pricing models which extend the standard preference specification by a reference level of consumption. The novelty is that we use a broad cross-section of test assets, which provides a level playing field for a comparison to...

Persistent link: https://www.econbiz.de/10003328088

Asset pricing with a reference level of consumption : new evidence from the cross-section of stock returns

Grammig, Joachim (contributor); … - 2007 - Rev. version

This paper presents an empirical evaluation of recently proposed asset pricing models which extend the standard preference specification by a reference level of consumption. We motivate an alternative model that accounts for the return on human capital as a determinant of the reference level....

Persistent link: https://www.econbiz.de/10003671149

Hedging langfristiger Lieferverpflichtungen mit kurzfristigen Futures : möglich oder unmöglich?

Bühler, Wolfgang; Korn, Olaf - 1998

Im Laufe des Jahres 1993 war die Metallgesellschaft Refining & Marketing (MGRM), eine US-amerikanische Tochtergesellschaft der Metallgesellschaft AG, in großem Umfang die Verpflichtung eingegangen, langfristig Öl zu Festpreisen zu liefern. Das dadurch entstehende Preisrisiko sollte über...

Persistent link: https://www.econbiz.de/10011441448

The determinants of merger waves : an international perspective

Gugler, Klaus (contributor); Mueller, Dennis C. (contributor) - 2008

One of the most conspicuous features of mergers is that they come in waves that are correlated with increases in share prices and price/earnings ratios. We use a natural way to discriminate between pure stock market influences on firm decisions and other influences by examining merger patterns...

Persistent link: https://www.econbiz.de/10003761009

You can't make an omelette without breaking eggs : the impact of venture capitalists on executive turnover

Heger, Diana (contributor); Tykvová, Tereza (contributor) - 2007

We present evidence on venture capitalists' (VCs) impact on turnover of executives for a sample of nearly 47,000 German high-tech start-ups between 1995 and 2004. We confirm that the presence of VCs increases the probability of a change in the initial executive team. Additionally, we take a...

Persistent link: https://www.econbiz.de/10003412056

Control transfers in corporate Germany : their frequency, causes and consequences

Köke, F. Jens - 2001

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/10011445220

Management control and innovative activity

Czarnitzki, Dirk; Kraft, Kornelius - 2000

This paper discusses theoretically the different incentives of managers versus firm owners to invest in innovative activities. There are opposing effects concerning R&D intensity in the manager-controlled firm. Our study on the determinants of R&D intensity presents empirical results concerning...

Persistent link: https://www.econbiz.de/10011445230

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