The ownership structure is one of the central fields in corporate governance research. Ownership structure metrics provides several measures of shareholder influence. However, there is little empirical evidence to assess the absolute and relative performance of these measures. This gap in the...

Manuscript Type: Empirical.Research Question / Issue: This study contributes to the emerging research that analyzes the relation between performance and single components of broad corporate governance aggregates, such as governance codes and ratings. Available research is confined to the U.S.,...

The prevailing overall concepts in two major areas of corporate governance research are incompatible: Research on the country level (comparative corporate governance) stresses potential relationships among governance components, whereas the vast majority of company level research ignores the...

This article investigates the performance of various measures of shareholder influence. Performance is evaluated on the basis of the measures' ability to explain the representation of the two largest shareholders in the boards of German stock corporations. This yardstick for the shareholders'...

For the first time, Germany enacted legislation on takeovers. The purpose of this article is to present and to discuss the new federal act on secondary purchases and takeovers (quot;the Actquot;), effective as of January 1, 2002, under an economic perspective. The problem to be solved by...

This survey provides a broad investigation of a major part of the German corporate governance structure, though not in its entirety. It is selective in its choice of the U.S. perspective of corporate governance, causing it to concentrate on the core agency relation between management and...

Some of the most far-reaching changes in the financial markets currently occur in the structure of the market for markets for financial instruments itself. This article first highlights some of the most prominent recent evidence. In the subsequent analysis, demand side, supply side, and...

As provisions on bank capital requirements (e.g., Basel Capital accord) become more and more complicated, monitoring costs increase sharply for both banks and banking supervisory authorities. It is questionable, however, whether capital accords can assess the bank's exposure with sufficient...