This paper investigates the wealth effects of private equity (PE) investor purchases of shares in German quoted companies. It is the first study to analyze these effects for the German market which is particularly interesting due to its distinct characteristics with regard to the ownership...

This article looks into the development of cross-ownership of capital and of management networks in the capital market on the basis of the 150 biggest listed companies in the period 1998/2006. Owing to various institutional changes in the period under review (especially the adoption of the 2000...

This paper investigates the wealth effects of private equity (PE) investor purchases of shares in German quoted companies. It is the first study to analyze these effects for the German market which is particularly interesting due to its distinct characteristics with regard to the ownership...

This paper investigates the strategy of private equity investors to take public companiesprivate in blockholder-based economies. Drawing on a unique dataset, we providestrong evidence that private equity investors buy companies in order to mitigatepotential agency problems and hence to improve...

This paper investigates the wealth effects of private equity (PE) investor purchases of shares in German quoted companies. It is the first study to analyze these effects for the German market which is particularly interesting due to its distinct characteristics with regard to the ownership...

This paper investigates the wealth effects of private equity (PE) investor purchases of shares in German quoted companies. It is the first study to analyze these effects for the German market which is particularly interesting due to its distinct characteristics with regard to the ownership...

This paper studies the motives behind private equity acquisitions of publicly listed firms in continental Europe. As corporate control and ownership in continental Europe tend to be highly concentrated, we argue that it is important to take into account the incentives of the incumbent large...

We examine shareholder wealth effects in a heterogeneous sample of 115 European leveraged going private transactions from 1997 to 2005. Average abnormal returns as reaction to the LBO announcement amount to 24.20%. In cross-sectional regressions, we find that these value gains can largely be...

Some of the largest listed firms in Western and Northern Europe are partly owned by foundations. So far, little research exists about the shareholder value effects of foundation ownership. This study aims to close this gap using an event study method. We find that equity markets show a positive...

Das Ende der Deutschland AG Dieser Beitrag untersucht die Entwicklung der Kapital- und Personenverflechtungen des deutschen Kapitalmarktes anhand der 150 größten börsennotierten Unternehmen im Zeitraum 1998 bis 2006. Aufgrund verschiedener institutioneller Veränderungen im...