for stock corporations. Recent empirical evidence, moreover, suggests that bank shareholders pushed for greater risk …-taking and not managers. This contrast with public view that the bank managers are pushed by aggressive remunerations schemes to …

crumbling. Change in the direction of shareholder value is therefore limited. The take-over of Mannesmann by Vodafone after a 3 …

Corporate governance in Germany is often described as a bank-oriented, block-holder or stakeholder model where markets … for corporate control have not played a significant role. This case study of the hostile takeover of Mannesmann AG by … changes include the strategic reorientation of German banks from the house bank to investment banking, the growing consensus …

The adoption of takeover protections, from the empirical side, has been focused to find supporting evidence to the … decisions for additional takeover defenses are taken. Alternatively, external control gives more negotiation power, allowing for … higher takeover prices, which is expected to increase shareholders' wealth. These two hypotheses have been widely tested in …