A change in the index selection rules of Deutsche Börse provides a unique opportunity to investigate the drivers behind the decision to a bolish dual-class shares. As of June 2002, selection is based on the market capitalization of the free-float of the more liquid share class rather than the...

Was ist eine Familienstiftung? -- Pro und Contra Familienstiftung -- Praxisbeispiel 1 - Interview mit Prof. Dr. h. c. mult. Würth -- Die Rechtsstellung des Stifters bzw. der Stifterfamilie im Vergleich zur „klassischen“ Gesellschafterstellung -- Führung und Kontrolle von...

This paper provides primary evidence of whether certification via reputable underwriters is beneficial to investors in the corporate bond market. We focus on the high-yield bond market, in which certification of issuer quality is most valuable to investors owing to low liquidity and issuing...

This study documents a positive, economically meaningful impact of executives' general managerial skills on shareholder value. Examining 171 sudden executive deaths over thirty years, we find that a one-standard-deviation increase in the general ability index corresponds to at least a 1.5...