Germany and the United States are generally seen as the two competing systems of corporate governance. In search for a comparative welfare analysis of the financial systems, we are interested in (i) the aggregate value-added of corporate investments in the two countries and in (ii) the...

The role of the hostile activist shareholder has been taken up by a set of hedge funds. Hedge fund activism is characterized by mergers and corporate restructuring, replacement of management and board members, proxy voting, and lobbying of management. These investors target and research...

The intensity of debates on corporate governance has increased significantly in the past decades. Problems deriving from the classical agency conflict in publicly held corporations, amongst which, most notably, the risk of low shareholder protection have been persistent. It is amidst these...