Economic theory conjectures complementarities between the ranking of creditors in formal insolvency proceedings and the use of collateral in bank loan contracts as well as the exist-ence of relational compared to arm's length lending. In this paper we seek evidence for the-se hypotheses taking...

Corporate Governance has developed immensely in the last decades mainly due to the negative effects on shareholders's of management decisions leading to a continuous conflict to be solved by the policymakers and academics. After the publication of the Cadbury Report, we noticed an increase...

Die Beendigung der Gesellschafterstellung in der GmbH kann durch verschiedene Rechtsinstitute erfolgen. Eines der vorrangigen Instrumentarien bildet die Einziehung des Geschäftsanteils eines Gesellschafters gemäß § 34 GmbHG. Es handelt sich bei der Einziehung um die Vernichtung eines...

The global distressed debt market has been established for some years now, however within this investment universe German Distressed Debt is generally considered as underdeveloped. The aim of this paper is to highlight why Investments are transacted and the framework of processes involved within...

The report describes the current developments of the German market for Non Performing Loans/Distressed Debt as it is influenced by the financial crisis/credit crunch. Furthermore the sale of (small and medium sized) real estate portfolios since summer 2007 is analysed in more detail.

Several top deals already closed, a still highly fragmented industry and strong pressure for further consolidation following the financial crisis - renewable energy certainly has become a red-hot topic in M&A. Surveying 220 companies in the solar photovoltaic, utility and financial sector as...

Dieser Forschungsbericht untersucht die Auswirkungen der im Sommer 2015 eingeführten Befreiungsvorschriften des Kleinanlegerschutzgesetzes. Durch eine stärkere Regulierung soll das Kleinanlegerschutzgesetz für mehr Transparenz für Anlegerinnen und Anleger auf dem grauen Kapitalmarkt sorgen....