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Value Relevance of Mergers Blocked by Shareholder Lawsuits According to the German Stock Corporation Act : An Event Study
Labrenz, Helfried - 2014
This paper analyses lawsuits against shareholders' resolutions according to the German Stock Corporation Act (AktG) and … lawsuit is pending with a court. In particular, mergers have to be implemented without any delay. The minority shareholders … voting power of minority shareholders and create incentives to use the real option inefficiently. Therefore, the majority …
Persistent link: https://www.econbiz.de/10013058808
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The Impact of Ownership Concentration and Shareholder Identity on Dividend Payout Probabilities : New Evidence from the German Stock Market
Kuhlmann, Sebastian - 2017
-specific determinants of dividend payout probabilities. Only the largest shareholders with equity stakes that are either between 25% and 50 …% or above 50% rank among the most important variables. The impact is non-linear. When controlling for shareholders …
Persistent link: https://www.econbiz.de/10012947291
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Dividend policy, corporate control and tax clienteles : the case of Germany
Andres, Christian; Betzer, André; Goergen, Marc - 2011
This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the concentration of control does not have an effect on the...
Persistent link: https://www.econbiz.de/10009248245
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Dividend policy, corporate control and the tax status of the controlling shareholder
Andres, Christian; Betzer, André; Goergen, Marc - 2012
This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the concentration of control does not have an effect on the...
Persistent link: https://www.econbiz.de/10009616339
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Corporate Governance, Shareholder Structures and Value Creation
Harbula, Péter - 2011
This paper analyzes the interaction between shareholder structures and the quality of the corporate governance structure in France using the value creation criterion. Using shareholder structures allows to analyze the performance of French firms and to measure an underperformance of “hard...
Persistent link: https://www.econbiz.de/10013120688
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Corporate Governance, Shareholder Structures and Value Creation
Harbula, Péter - 2011
This paper analyzes the interaction between shareholder structures and the quality of the corporate governance structure in France using the value creation criterion. Using shareholder structures allows analyzing the performance of French firms and to measure an underperformance of “hard...
Persistent link: https://www.econbiz.de/10013120689
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Index Fund and ETF Ownership and the German Market for Corporate Control
Dobmeier, Ludwig - 2019
exchange traded funds (ETF) as shareholders of this company cannot easily tender their shares without losing track of the index …
Persistent link: https://www.econbiz.de/10012864050
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Hedge Funds versus Private Equity Funds as Shareholder Activists in Germany – Differences in Value Creation
Schweizer, Denis - 2013
We investigate the valuation effects of German firms targeted by hedge funds and by private equity investors. We argue that both types of investors differ from other blockholders by their strong motivation and ability to actively engage and reduce agency costs. Consequently, we find positive...
Persistent link: https://www.econbiz.de/10013071278
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German Corporate Law Reform's Impact on Publicly Listed Companies' Performance Through Changes in Ownership Concentration
Pakamore, Mantas - 2011
evidence shows that ownership has become more dispersed (the total number of shareholders is larger) and that it had a positive …
Persistent link: https://www.econbiz.de/10013133571
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Determinants of Capital Market Reactions to Seasoned Equity Offers by German Corporations
Gebhardt, Günther; Heiden, Stefan; Daske, Holger - 2001
Our study provides evidence on the share price reactions to the announcement of equity issues in Germany, where capital market is characterized by institutional features distinct from the U.S. market. German seasoned equity issues yield a positive market reaction which contrasts to the...
Persistent link: https://www.econbiz.de/10010316306