Der Einfluß der Kreditwirtschaft auf die Steuerung der deutschen Wirtschaft ist seit Bestehen der Bundesrepublik eine der prägendsten Besonderheiten des deutschen Finanzplatzes. Diese exponierte Stellung veranlaßte Kritiker jedweder Couleur, sich dieses Umstandes anzunehmen. Noch vor wenigen...

This paper argues that liquidity, short-termism and low involvement in corporate governance are fundamental ingredients of shareholders' value maximisation strategies. Neither shareholders nor their representatives will voluntarily adopt restrictions which inhibit their ability to pursue these...

In the presence of business groups, the expropriation through related party transactions (RPTs) is common and costly to minority shareholders. Using the setting of India's RPT voting rule, I find that a majority-of-minority shareholder voting mechanism helps mitigate expropriation. Minority...

This chapter is a case study of the valuation of voting rights in France and Italy. New regulations, France’s “Florange Law” as well as Italian Legislative Decree 91/2014, have created additional voting rights attached to the existing shares of long-term shareholders. The chapter tests...