In this paper, I tackle the question whether "one share - one vote" should become a European law rule. I examine, first of all the economic theory concerning one share - one vote and its optimality, and the law and economics literature on dual class recapitalizations and other deviations from...

The paper investigates the determinants of trade credit and its interactions with borrowing constraints and the input combination of the firm, within an incomplete contract setting in which firms use a two-input technology and collateralised credit contracts. Assuming that the supplier is better...

Most treatments of the Great Depression have focused on its onset and its aftermath. In contrast, we take a unified view of the interwar period. We look at the slide into and the emergence from the 1920-21 recession and the roaring 1920s boom, as well as the slide into the Great Depression after...

Ja, der Ablauf der Lock-up-Frist ist ein kursrelevantes Ereignis. Wir untersuchen Kursreaktionen auf das Ende der Lock-up-Frist bei 142 Unternehmen des Neuen Marktes. Da der Ablauf der Sperrfrist bereits zum Zeitpunkt des Börsengangs bekannt ist, erwarten wir bei einem...

This paper discusses whether, in which respects, and to what extent the corporate governancesystems of Germany, the United Kingdom and France have already converged in the course ofEuropean economic integration, or are likely to converge in the foreseeable future. Wepresent, and attempt to...

This paper presents some consequences of economic theory for the regulation of corporate accounting and disclosure under Geman accounting legislation (de lege lata) and in an international context. The following implications are discussed: (i) It is argued that the economic income conception...

In a series of recent papers, Mark Roe and Lucian Bebchuk have developed further the concept of path dependence, combined it with concepts of evolution and used it to challenge the wide-spread view that the corporate governance systems of the major advanced economies are likely to converge...

This paper deals with the impact of insider trading legislation on corporate governance.

Vor dem Hintergrund der für die Kreditinstitute voraussichtlich zum1.11.2007 anzuwendenden europäischen Richtlinie über Märkte in Finanzinstrumentensowie ihrer entsprechenden Durchführungsbestimmungen stelltsich die Frage, welche Anforderungen für die Anlageberatung der...

Dank einer beispiellos langen Friedensperiode haben die Industrialisierung,eine perfektionierte Logistik, das Informationszeitalter und nicht zuletzt diefreie Marktwirtschaft zu einem Zustand geführt, den man als einen „annäherndgesättigten Käufermarkt“ bezeichnen kann. Die Menschen...