Dieser Tage machen die Nachrichten aus den USA, das Land, aus dem der Begriff Corporate Governance und seine Bedeutung in den internationalen Kapitalmarkt transportiert wurden, die Finanzwelt wieder einmal sprachlos.

Der vorliegende Beitrag untersucht, ob der Mehrheitsaktionär einer Gesellschaftim Vorfeld eines Zwangsausschlusses von Minderheitsaktionären (sog.Squeeze-Out) versucht, die Kapitalmarkterwartungen negativ zu beeinussen.Ein solches "manipulatives\ Verhalten wird häufig in der juristischen wie...

The innovations of this paper are fourfold: First we study return differentials more comprehensivelythan in the previous literature by comparing three asset classes : money market instruments, bonds andequities across countries. Second, we document the structure of international portfolio...

We examine whether UK firms engage in earnings management or forecast guidance over theperiod 1994−2002 in order to ensure that their reported earnings meet analyst earnings expectations.We explore two earnings management mechanisms: a) the use of positive abnormal working capitalaccruals and...

We explore the capital market consequences of achieving analyst earnings expectations,distinguishing between expectations achieved genuinely or through earnings guidance ormanagement. We examine an inclusive set of earnings management tools: real earningsmanagement, working capital accruals...

In den letzten zehn Jahren unterlag die Rechnungslegung in Europa einem regen Wandel.Unternehmen haben sich zur Finanzierung ihrer starken Wachstums- undGlobalisierungsstrategien internationalen Kapitalmärkten zugewendet, was ein Umdenken inder Bilanzierung erforderlich machte. Darauf reagierte...

The recent global financial crisis has led central banks to rely heavily on "unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and...

The paper examines the issue of corporate social responsibility (CSR)from the perspective of constitutional economics, focusing on the distinction betweena political community’s constitutional choice of the rules of the ‘‘marketgame,’’ and the market players’ sub-constitutional...

This paper uses German evidence to address two questions about corporate governance. Theeffects of ownership on corporate governance have received much recent attention, but verylittle of this has been devoted to the appropriate way to measure firm ownership. The resultsof this paper show that...