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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 the German Reorganisation Act (UmwG). A merger passed at the General Annual Meeting will not move forward as long as any lawsuit is pending with a court. In particular, mergers...

Persistent link: https://www.econbiz.de/10013058808

Accounting for Distress in Bank Mergers

Koetter, Michael - 2016

Persistent link: https://www.econbiz.de/10012989321

Economic consequences of private equity investments on the German stock market

Achleitner, Ann-Kristin; Andres, Christian; Betzer, André - 2008

This paper investigates the wealth effects of private equity (PE) investor purchases of shares in German quoted companies. It is the first study to analyze these effects for the German market which is particularly interesting due to its distinct characteristics with regard to the ownership...

Persistent link: https://www.econbiz.de/10003749625

German Corporate Law Reform's Impact on Publicly Listed Companies' Performance Through Changes in Ownership Concentration

Pakamore, Mantas - 2011

This paper analyses the German corporate law reform's effect on the publicly listed companies' ownership and performance. First, theoretically plausible implications of the most important laws that were issued 1990-2009 are provided, then an empirical analysis using 1997-2008 panel data...

Persistent link: https://www.econbiz.de/10013133571

Intra-Industry Effects of Shareholder Activism in Germany - Is There a Difference between Hedge Fund and Private Equity Investments?

Mietzner, Mark - 2011

We investigate the valuation effects of industry rivals on German firms targeted by hedge funds and private equity investors. We argue that both types of investors differ from other block holders due to their strong motivation and ability to actively engage and monitor. We find that the...

Persistent link: https://www.econbiz.de/10013122862

The Corporate Governance Endgame – An Economic Analysis of Minority Squeeze-Out Regulation in Germany

Croci, Ettore - 2014

-out does not follow a previous takeover offer. Nearly all squeeze-outs are legally challenged by minority shareholders, either …

Persistent link: https://www.econbiz.de/10013065992

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

Stock Price Reaction to Supervisory Board Interventions : Empirical Evidence from Germany

Vetter, Karin - 2015

Within the discussion about an efficient corporate governance system, considerable attention has been paid to the supervisory board's responsibility to monitor top executives raising the question about the value relevance of supervisory board's actions (i.e., control). We conduct an event study...

Persistent link: https://www.econbiz.de/10013038344

Hedge Fund Activism and Information Disclosure : The Case of Germany

Weber, Peter - 2015

Based on the German regulatory framework, we provide a more detailed picture about the information disclosure process surrounding the announcement of major shareholdings of hedge funds in listed companies. We separate price and volume effects between three event dates: the transaction date when...

Persistent link: https://www.econbiz.de/10013039135

Tailwind and headwind bidding in German Takeover offers – the impact of target stock price movements and takeover regulation on takeover success

Schwetzler, Bernhard; Uhlenkamp, Lisa M. - 2022

movements, takeover regulation and offer premium and their combined impact on takeover success for a sample of 311 takeo-ver … runup for the takeover offers in our sample with an abnormal return of around 8%. Further, analysis of German takeover … offers is of particular interest as its takeover code contains a minimum bid requirement for control-taking offers …

Persistent link: https://www.econbiz.de/10013405796

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