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On the Determinants of Firm Leverage : Evidence from a Structural Estimation
Menichini, Amilcar Armando - 2015
I provide further evidence on the determinants of corporate capital structure by estimating a dynamic trade-off model of the firm that includes investment, leverage, and payout decisions. The structural model generates a leverage ratio that oscillates around a long-run, time-invariant level and...
Persistent link: https://www.econbiz.de/10013038606
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Cross-ownership among firms: Some determinants of the separation of ownership from control
Ritzberger, Klaus; Shorish, Jamsheed - 2002
This paper demonstrates that the current literature on cross-ownership among firms underestimates the true degree of separation between cash flow rights and voting rights. We use accounting identities to define coefficients of control, such that any (direct or indirect) control of a firm may be...
Persistent link: https://www.econbiz.de/10010292758
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New evidence on ownership structures in Germany
Köke, Jens - 1999
Ownership structures are an important element of the theory explaining corporate governance. This study presents detailed descriptive evidence on the ownership structures of German manufacturing firms. It addresses several shortcomings of the previous German empirical literature: First, we study...
Persistent link: https://www.econbiz.de/10010297658
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Control transfers in corporate Germany: their frequency, causes and consequences
Köke, Jens - 2000
This study examines changes in block ownership for a large sample of listed and non-listed German firms. The frequency of block trading is similar to other countries, and the vast majority of block trades leads to changes in ultimate ownership (control transfers). Such changes are more likely...
Persistent link: https://www.econbiz.de/10010297730
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Corporate monitoring by blockholders in Europe: empirical evidence of managerial disciplining in Belgium, France, Germany, and the UK
Dherment-Ferere, Isabelle; Köke, Jens; Renneboog, Luc - 2001
This study examines managerial disciplining in poorly performing firms using large panels for Belgian, French, German and UK firms. We consider the monitoring role of large blockholders, the market for share blocks, creditors, and non-executive directors. Board restructuring is correlated to...
Persistent link: https://www.econbiz.de/10010297760
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Determinants of acquisition and failure: stylized facts and lessons for empirical studies
Köke, Jens - 2001
This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...
Persistent link: https://www.econbiz.de/10010297767
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Corporate governance, market discipline, and productivity growth
Köke, Jens - 2001
governance and market discipline on productivity growth. We find that firms under concentrated ownership tend to show … significantly higher productivity growth. Financial pressure from creditors influences productivity growth positively, particularly … complexity, or the size of the supervisory board is significantly related to productivity growth. …
Persistent link: https://www.econbiz.de/10010297792
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Dynamics in ownership and firm survival: evidence from corporate Germany
Heiss, Florian; Köke, Jens - 2001
This study investigates the determinants of changes in corporate ownership and firm failure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when performance is poor,...
Persistent link: https://www.econbiz.de/10010297800
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Managerial ownership and firm performance in German small and medium-sized enterprises
Mueller, Elisabeth; Spitz, Alexandra - 2001
We analyze the relationship between managerial ownership and company performance, testing the incentive and entrenchment hypothesis. Differently from previous literature, we focus on small and medium-sized private enterprises which constitute an important part of the German economy. We use a...
Persistent link: https://www.econbiz.de/10010297809
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Mutual versus stock insurers: Fair premium, capital, and solvency
Laux, Christian; Muermann, Alexander - 2006
Mutual insurance companies and stock insurance companies are different forms of organized risk sharing: policyholders and owners are two distinct groups in a stock insurer, while they are one and the same in a mutual. This distinction is relevant to raising capital, selling policies, and sharing...
Persistent link: https://www.econbiz.de/10010298340