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Control transfers in corporate Germany : their frequency, causes and consequences
Köke, F. Jens - 2001
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/10011445220
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Determinants of acquisition and failure : stylized facts and lessons for empirical studies
Köke, F. 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/10011446202
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Index Fund and ETF Ownership and the German Market for Corporate Control
Dobmeier, Ludwig - 2019
If a bidder launches a takeover offer for a listed company being part of a stock market index, then index funds and …. This paper analyzes the impact of index fund and ETF ownership on the success of takeover offers in Germany. Based on a … sample of 323 takeover offers of publicly listed German companies between 2006 and 2018, we document a significant negative …
Persistent link: https://www.econbiz.de/10012864050
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Corporate Governance und Unternehmenserfolg : eine empirische Analyse des Zusammenhangs zwischen den Führungs-, Kontroll- und Anreizstrukturen und der Geschäftsentwicklung deutsche...
Steinbrecher, Johannes - 2016
Das internationale Bankensystem stand in den vergangenen Jahren im Fokus des öffentlichen Interesses. Bei der Diskussion möglicher Optionen zur Verbesserung der Finanzsystemstabilität rückt zunehmend die Corporate Governance in Banken in den Fokus. Der vorliegende Forschungsbericht widmet...
Persistent link: https://www.econbiz.de/10011742813
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Influence of internal factors on the use of equity- and mezzanine-based financing in family firms
Achleitner, Ann-Kristin; Lutz, Eva; Schraml, Stephanie C. - 2009
The paper analyzes internal factors which influence the use of equity - and mezzanine-based financing instruments in … instruments and parallel existing goals can result in diverging financing preferences. Furthermore, we find that the impact of … corporate governance structures on financing decisions is mainly driven by the existence of an advisory board and the …
Persistent link: https://www.econbiz.de/10003919589
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Structure and determinants of financial covenants in leveraged buyouts - evidence from an economy with strong creditor rights
Achleitner, Ann-Kristin; Braun, Reiner; Tappeiner, Florian - 2009
. Additionally, our results suggest that financial covenants are designed in a hierarchical manner, with the Debt to EBITDA covenant … risk leads to more restrictive financial covenants. -- Financial covenants ; leveraged buyouts ; financing structure …
Persistent link: https://www.econbiz.de/10003919605
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Finance, control, and profitability : the influence of German banks
Chirinko, Robert S.; Elston, Julie Ann Michelle - 2003
Bank intermediated finance has been cited frequently as the preferred means for channeling funds from savers to firms. Germany is the prototypical economy where universal banks allegedly exert substantial influence over firms. Despite frequent assertions about the considerable power of German...
Persistent link: https://www.econbiz.de/10011511071
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How weak is the weakest-link principle? : on the measurement of firm owners' control rights
Weichenrieder, Alfons J.; Edwards, Jeremy S. S. - 2004
The paper argues that the weakest link principle, which has been widely used as a measure of ultimate owners' control rights, has a number of serious problems. A theoretically more satisfactory method of measuring control rights, based on voting power indices, is proposed, and the different...
Persistent link: https://www.econbiz.de/10011450369
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Aktienbasierte Langfristanreize im Rahmen der Vorstandsverguetung: Evidenz auf Basis Deutscher Prime Standard Unternehmen
Rapp, Marc Steffen; Schaller, Philipp; Wolff, Michael - 2009
While in the US stock-based incentives are commonly used since the 50s of the last century, in Germany they were invented only some ten years ago. Even in 1996 firms faced considerable regulatory difficulties when willing to grant such incentives. In the meantime the legal environment has...
Persistent link: https://www.econbiz.de/10010305700
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Governance und Vertragsstrukturen in der deutschen VC Industrie : eine empirische Einschätzung
Bienz, Carsten; Hirsch, Julia; Walz, Uwe - 2008
Diese Arbeit analysiert die wesentlichen Elemente der Vertragsstrukturen in der Venture Capital-Industrie. Aufbauend auf einem sehr umfangreichen und detaillierten Datensatz, der die Verträge zwischen Venture Capital-Investoren und deren Portfoliounternehmen abbildet, werden die Kontroll-,...
Persistent link: https://www.econbiz.de/10003864100