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Intra-Industry Effects of Shareholder Activism in Germany - Is There a Difference between Hedge Fund and Private Equity Investments?

Mietzner, Mark - 2011

We investigate the valuation effects of industry rivals on German firms targeted by hedge funds and private equity investors. We argue that both types of investors differ from other block holders due to their strong motivation and ability to actively engage and monitor. We find that the...

Persistent link: https://www.econbiz.de/10013122862

Star-Analysts’ Forecast Accuracy and the Role of Corporate Governance

Kerl, Alexander Gabriel - 2014

This paper examines whether star-analysts have better forecasting abilities than non-star-analysts. Our results reveal that star-analysts' earnings forecasts outperform their peers' forecasts. Because the level of corporate governance plays an important role for the general level of forecast...

Persistent link: https://www.econbiz.de/10013064810

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

Cash Holdings of German Open-End Equity Funds : Does Ownership Matter?

Dötz, Niko - 2013

In the light of the recent financial crisis, the discussion on the nature of runs and on the stabilizing role of liquidity holdings has intensified. This paper explores the cash management conducted by German open-end equity funds for the period between 2005 and 2010. Since ownership structures...

Persistent link: https://www.econbiz.de/10013072782

Listed Family Firms in Germany (German)

Achleitner, Ann‐Kristin - 2009

CDAX-listed non-financial firms in Germany can be classified as family firms. They also represent about one third of all …

Persistent link: https://www.econbiz.de/10013155464

Managerial Ownership and Firm Performance in German Small and Medium-Sized Enterprises

Spitz-Oener, Alexandra - 2008

This paper studies the effect of managerial ownership on performance and the determinants of managerial ownership for small and medium-sized private companies. We use a panel of around 1300 firms in the German business-related service sector for the years 1997-2000. Managerial ownership up to...

Persistent link: https://www.econbiz.de/10012728059

Evolution of Ownership and Control Around the World : The Changing Face of Capitalism

Franks, Julian R. - 2017

This chapter documents the evolution of ownership and control of firms around the world over a hundred year period from the beginning of the 20th century to today. It records the substantial changes that have taken place in the nature of stock markets and contrasts these with the persistent...

Persistent link: https://www.econbiz.de/10012954116

Evolution of Ownership and Control Around the World : The Changing Face of Capitalism

Franks, Julian R. - 2017

Persistent link: https://www.econbiz.de/10012958435

German Corporate Law in the 20th Century

Kuntz, Thilo - 2017

, smaller, reforms, German corporate law was part of broader political developments in Germany – the agony of the Weimar … longitudinal view of German corporate law. For the years 1945 to 1990, it is a history of corporate law in West Germany. Readers …

Persistent link: https://www.econbiz.de/10012961327

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 … recent empirical evidence that formal activism in Germany remains a relatively ineffective instrument for shareholder … information from various sources and represents as of today one of the most extensive research analysis for activism in Germany …

Persistent link: https://www.econbiz.de/10012905868