Bedingte Aktiengeschäfte sind solche, die nur bei Eintritt einer Bedingung wirksam werden, z. B. bei einer Übernahme oder der Wahl eines bestimmten Vorstandsvorsitzenden. Damit lassen sich Alternativen bewerten und Entscheidungen besser treffen.

We examine how the legal protection of outside shareholders and the appropriative costs that they induce influence the incentives for private firms to go public. A higher degree of protection of shareholders can increase the appropriative costs associated with the conflict between managers and...

This paper examines the origins of investor protection under the common law by analysing the development of shareholder protection in Victorian Britain, the home of the common law. In this era, very little was codified, with corporate law simply suggesting a default template of rules....

We analyze a hand-collected dataset of 1669 executive compensation packages at 34 firms included in the main German stock market index (DAX) for the years 2006- 2014 in order to investigate the impact of the 2009 say on pay legislation. First, we observe that the compensation packages of...

Zur Ermittlung der Kompensationsleistung bei aktienrechtlichen Strukturmaßnahmen (z.B. Squeeze-out) ist der Unternehmens- bzw. Anteilswert zu ermitteln. Hierfür wird nahezu ausschließlich das Ertragswertverfahren angewandt. Als problematisch gilt hierbei unter anderem die Prognoseunsicherheit...

Bei einer Unternehmensbewertung nach IDW müssen grundsätzlich persönliche Einkommensteuern berücksichtigt werden. Nach dem früheren Anrechnungsverfahren (bis 2000) führten ausländische Einkünfte auf Ebene der Kapitalgesellschaft häufig zu steuerfreien Eigenkapitalzugängen. Bei...

This article addresses the proposition advanced by academic and press commentators that European corporation law promotes stockholder welfare better than its U.S. counterpart. Those who express that view often point to the stronger rights afforded to stockholders under the laws of the European...

The purpose of this paper is to analyse the role of auditors and the legal standards of auditing in the German system of corporate governance in the light of recent crises of large quoted companies. The arguments are developed from an economic-analysis-of-law perspective. Some of the conclusions...

We examine the conflict of interest that an investment bank faces when advising both the target and acquirer in a merger or acquisition (M&A) by investigating how common advisors affect deal outcomes. We compare M&As with common advisors to deals in which targets and acquirers use different...

This entry for the Encyclopedia of Financial Globalization provides an introduction to corporate governance as the institutional framework that regulates the division and exercise of power in the corporation. Following an overview of basic concepts like power, agency, and the nature of the firm,...