are not only highly diverse across firms but also across the different shareholders of a single firm as most firms have … shareholders can be explained by firm characteristics - such as the level of uncertainty - as well as the type and importance of …

-wealth effects of target and bidder shareholders with hostile takeovers triggering substantially larger price reactions than friendly …

and UK companies six years subsequent to the flotation. The initial shareholders in the average German IPO lose majority …) still controlled by the shareholders who controlled the company prior to the flotation, (ii) acquired by a closely held …

We analyse why the control of listed German and UK companies is so different. As shareholders in Germany are less ….Large UK companies become widely held whereas in large German firms new shareholders control significantly larger stakes …. Wealth constraints become binding for UK shareholders whereas German shareholders can avoid this by using pyramids. We find …

and UK companies six years subsequent to the flotation. The initial shareholders in the average German IPO lose majority …) still controlled by the shareholders who controlled the company prior to the flotation, (ii) acquired by a closely held …

needs to be given to shareholders' concerns. On the other side, there is as yet very little research on the benefits and …