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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
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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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Strategic Due Diligence : Integration of KPMG Practices in the UK and Germany
Farhadi, Noah M. - 2021
KPMG is one of the leading audit and accounting firms globally - the Big Four. Due to the recent regulations and the increasing globalization, the Big Four are required to differentiate. The literature review shows that the largest accounting firms are reasonably similar in terms of operations,...
Persistent link: https://www.econbiz.de/10013251793
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Berücksichtigung von Börsenkursen bei der Ermittlung von Barabfindungen im Rahmen von aktienrechtlichen Strukturmaßnahmen
Henselmann, Klaus; Schrenker, Claudia; Winkler, Nadine - 2010
Due to judicial decisions the stock market prices are deemed to be the lower value limit in determining the compensations within structural measures according to German stock corporation law (e.g. squeeze-out of minority stockholders). By applying other valuation methods, in particular the...
Persistent link: https://www.econbiz.de/10008664648
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Taxes and the valuation of dividends: a study of dividend announcements in Germany
Haesner, Christian; Schanz, Deborah - 2011
This paper investigates the impact of the 2001 tax reform in Germany on dividend announcement returns. With this major tax reform, the full imputation system was replaced by the half-income system, which had a significant impact on the relative taxation of dividends and capital gains for most...
Persistent link: https://www.econbiz.de/10008986949
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Dividend announcements reconsidered : dividend changes versus dividend surprises
Andres, Christian; Betzer, André; Bongard, Inga van den; … - 2012
This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the difference between the actual dividend and the analyst...
Persistent link: https://www.econbiz.de/10009547228
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Dividend announcements reconsidered dividend changes versus dividend surprises
Andres, Christian; Betzer, André; Bongard, Inga van den; … - 2011
This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the difference between the actual dividend and the analyst...
Persistent link: https://www.econbiz.de/10009405133
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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
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Taxes and the Valuation of Dividends : A Study of Dividend Announcements in Germany
Haesner, Christian - 2011
This paper investigates the impact of the 2001 tax reform in Germany on dividend announcement returns. With this major tax reform, the full imputation system was replaced by the half-income system, which had a significant impact on the relative taxation of dividends and capital gains for most...
Persistent link: https://www.econbiz.de/10013126940
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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