The picture of the securities exchanges and financial sectors in CEE countries is still relatively unfavorable. The CEE securities exchanges – with the only exception of the Warsaw Stock Exchange – are, in comparison with their western counterparts, underdeveloped and less important for the...

The picture of the securities exchanges and financial sectors of Central and Eastern Europe (CEE) is still relatively unfavorable. In comparison with their Western counterparts, CEE securities exchanges, with the sole exception of the Warsaw Stock Exchange, are underdeveloped and less important...

The economic analysis of corporate governance is in vogue. In addition to a host of theoretical papers, an increasing number of empirical studies analyze how ownership structure, capital structure, board structure, and the market for corporate control influence firm performance. This is not an...

"This study investigates the determinants of changes in corporate ownership and firm failure for German firms. We find that many of the determinants of failure also affect ownership changes in this bank-based economy. They include poor performance, weak corporate governance, high leverage, and...

This study examines managerial disciplining in poorly performing firms using large panels for Belgian, French, German and UK firms. We consider the monitoring role of large blockholders, the market for share blocks, creditors, and non-executive directors. Board restructuring is correlated to...

Productivity growth has been slow in many continental European countries over the last few decades, especially in comparison with the United States. It has been argued that lack of product market competition and poor corporate governance are two of the main reasons for this phenomenon. However,...

This study investigates the determinants of changes in corporate ownership and firm failure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when performance is poor,...

This study examines changes in block ownership for a large sample of listed and non-listed German firms. The frequency of block trading is similar to other countries, and the vast majority of block trades leads to changes in ultimate ownership (control transfers). Such changes are more likely...

This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...

The economic analysis of corporate governance is en vogue. In addition to a host of theoretical papers, an increasing number of empirical studies analyze how ownership structure, capital structure, the structure of the board and the market for corporate control influence firm performance. This...