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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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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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Stewardship and Shareholder Engagement in Germany
Ringe, Wolf-Georg - 2020
Corporate stewardship holds great promise for the improvement of shareholder engagement and the encouragement of more responsible and long-term oriented value creation. Many countries have now adopted a best practice code for the stewardship role of institutional investors and asset managers,...
Persistent link: https://www.econbiz.de/10012840083
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Shareholder Activism in Germany : Theoretical Considerations and Empirical Evidence
Schaefer, Henry - 2019
Germany is the largest economy in Europe and yet there has been very little research in the area of shareholder activism. Main objective of this research paper is to discuss shareholder activism for DAX 30 companies. We provide the most recent empirical evidence that formal activism in Germany...
Persistent link: https://www.econbiz.de/10012905868
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Shareholder Activism in Germany
Engert, Andreas - 2019
Shareholder activism by hedge funds has taken hold in Germany in spite of large ownership concentration. This essay uses the example of Stada Arzneimittel AG to highlight features of activism, German style. It goes on to discuss the legal issues raised by activist campaigns at the two stages of...
Persistent link: https://www.econbiz.de/10012865107
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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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Globalizing Trust? Transferring Anglo-American Minority Shareholder Protections to Civil Law Germany
Halberstam, Michael - 2008
shareholders in civil law systems explains crucial differences in corporate structure and finance. It questions the thesis that the …
Persistent link: https://www.econbiz.de/10014214432
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Corporate Governance and the Shareholders : The German Law on Virtual General Meetings 2022
Hopt, Klaus J. - 2022
The role of shareholders in corporate governance is traditionally that of principals under agency theory, the directors … shareholders are physically present. In July 2022 Germany adopted a new law on virtual general meetings which is based on practical … are codified in detail. The key issue is guaranteeing the rights of shareholders also in a virtual general meeting …
Persistent link: https://www.econbiz.de/10014236651
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Private benefits and minority shareholder expropriation : empirical evidence from IPOs of German family-owned firms
Ehrhardt, Olaf; Nowak, Eric - 2001
Persistent link: https://www.econbiz.de/10001660153