This paper examines the changes in strategy and structure of the largest 250 non-financial firms in both Britain and Germany in the late 1990s. To this end, the results of a questionnaire survey are presented which were sent to the chief executives of those companies. What came through from the...

We argue on theoretical grounds that obligatory compliance with stricter financial reporting rules (e.g. the US Sabanes-Oxley Act) may entail important unintended consequences. Paradoxically, the amount of misreporting may increase because corporate boards spend more valuable resources...

In this paper, we show that ownership structures vary considerably across the largest European economies, and that ownership has a significant impact on firm performance. We demonstrate that ownership structures in Europe are not necessarily consistent with value maximisation principles....

This paper examines security price reactions of European demergers. For a period ranging from one and a half years prior to the demerger announcement through to three years after the execution date, the relative performance of the parent, spin-off and the combined effect is analysed relative to...

This paper examines the ongoing changes in strategy, structure, and performance of the largest 250 non-financial firms in both Britain and Germany. To this end, publicly available firm-level data is presented at first and supplemented by the results of a questionnaire survey that was sent to the...

We argue on theoretical grounds that obligatory compliance with stricter financial reporting rules (e.g. the US Sabanes-Oxley Act) may entail important unintended consequences. Paradoxically, the amount of misreporting may increase because corporate boards spend more valuable resources...

In this paper, we document how European companies can use financial tunnelling to the disadvantage of minority shareholders, despite improved legislation directed at eliminating such activities. In four case studies, two German and two Italian, we document how newly established corporate...