Minority Shareholder Monitoring and German Corporate Governance

Empirical Evidence and Value Effects

Author: Christian Thamm

Publisher: Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften

ISBN: 9783631640869

Category: Business & Economics

Page: 106

View: 7967

This book comprises three studies on minority shareholder monitoring in Germany. Mandatory disclosure requirements have increased transparency. An analysis of the information that is publicly available is presented, regardless of the size of the target corporation. The second essay in the form of an event study pays special attention to the German supervisory board and its appointment for a fixed term. Capital markets perceive an activist effort as being more credible under certain circumstances. The study as a whole is empirical evidence for increased minority shareholder activity in Germany. The evidence presented supports the strong shareholder rights perspective. It conflicts with the weak shareholder rights view brought forward in the international literature.

The Economics of Corporate Governance and Mergers

Author: K. Gugler

Publisher: Edward Elgar Publishing

ISBN: 1848443927

Category: Business & Economics

Page: 384

View: 5231

This book provides an insightful view of major issues in the economics of corporate governance (CG) and mergers. It presents a systematic update on the developments in the two fields during the last decade, as well as highlighting the neglected topics in CG research, such as the role of boards, CG and public interest and the relation of CG to mergers. Two important conclusions can be drawn from this book: the first is that corporate governance systems that better align shareholders and managers interests lead to better corporate performance; second, there is an important relationship between CG structures and the quality of firm decision-making, one of the most important being the decision to merge or take over another firm. Focusing on some of the often-neglected aspects of corporate governance such as non-profit organizations and public interest, as well as mergers and acquisitions from a CG perspective, this book will be a valuable resource for both academics and postgraduate students of finance, business and economics.

Handbuch Mergers & Acquisitions Management

Author: Bernd W. Wirtz

Publisher: Springer-Verlag

ISBN: 9783409143172

Category: Business & Economics

Page: 1379

View: 2777

In diesem umfassenden und fundierten Handbuch geben renommierte nationale und internationale Autoren aus Wissenschaft und Praxis einen Überblick über die relevanten Managementansätze und Erfolgsfaktoren sowie Chancen und Risiken: Grundlagen des M&A-Managements, Akquisitionsmanagement, Post Merger Integrationsmanagement, Demerger Management. Zahlreiche Beispiele und Fallstudien - unter anderem aus den Bereichen Luftfahrt, Automobil, Energieversorgung und Touristik - verdeutlichen praxisorientierte Lösungsansätze.

Handbook of Research Methods and Applications in Empirical Finance

Author: Adrian R. Bell,Chris Brooks,Marcel Prokopczuk

Publisher: Edward Elgar Publishing

ISBN: 0857936093

Category: Business & Economics

Page: 504

View: 7793

This impressive Handbook presents the quantitative techniques that are commonly employed in empirical finance research together with real-world, state-of-the-art research examples. Written by international experts in their field, the unique approach describes a question or issue in finance and then demonstrates the methodologies that may be used to solve it. All of the techniques described are used to address real problems rather than being presented for their own sake, and the areas of application have been carefully selected so that a broad range of methodological approaches can be covered. The Handbook is aimed primarily at doctoral researchers and academics who are engaged in conducting original empirical research in finance. In addition, the book will be useful to researchers in the financial markets and also advanced Masters-level students who are writing dissertations.

Corporate Governance and Corporate Finance

A European Perspective

Author: Ruud A.I. van Frederikslust,James S. Ang,P.S. Sudarsanam

Publisher: Routledge

ISBN: 1134136056

Category: Business & Economics

Page: 784

View: 7457

Ruud. A. I. van Frederikslust, Associate Professor of Finance, Rotterdam School of Management, Erasmus University Rotterdam James S. Ang, Bank of America Eminent Scholar, Professor of Finance, College of Business, The Florida State University Sudi Sudarsanam, Professor of Finance & Corporate Control, School of Management, Cranfield University Ruud. A. I. van Frederikslust, Associate Professor of Finance, Rotterdam School of Management, Erasmus University Rotterdam. He joined Rotterdam School of Management as Associate Professor of Finance 1984 from the Inter-University Graduate School of Management, The Netherlands, where he was Associate Professor of Finance. He is author of the work Predictability of Corporate Failure (Kluwer Academic Publishers). And editor in chief of the volume of collection: Mergers & Acquisitions (in Dutch) and of the volume Corporate Restructuring and Recovery (in Dutch) (Reed Elsevier LexisNexis). He has participated in the organizations of leading conferences in Europe and the USA and presented there also numerous research papers at the conferences. He has published in leading journals like the Multinational Finance Journal and the Journal of Financial Transformation. He was a member of the Board of the European Finance Association. James S. Ang, Bank of America Eminent Scholar, Professor of Finance, College of Business, Florida State University. He joined the College of Business, of Florida State University as a Professor of Finance in 1998 from Barnett Bank Chair Professor of Finance, Florida State University. His main areas of research interest are amongst others, in corporate restructuring, corporate governance and control. He has published extensively in leading academic journals like Journal of Corporate Finance, Journal of Financial Economics, Journal of Finance, The Bell Journal of Economics, Journal of Financial and Quantitative Analysis, Journal of Money, Credit and Banking, and The Review of Economics and Statistics. And he is a member (current and past) of the Editorial Board of several of these Journals. He is amongst others a member of the Board of Trustees of the Financial Management Association and formerly he was a member of the Board of Directors of the European Financial Management Association. Sudi Sudarsanam, Professor of Finance & Corporate Control, School of Management, Cranfield University. He joined Cranfield as Professor of Finance and Corporate Control on the 1 January 2000 from City University Business School where he was Professor of Finance and Accounting. His original commercial background was in banking and international trade finance. Sudi’s main areas of research interest are in corporate restructuring, mergers and acquisitions and corporate strategy, adopting a multidisciplinary approach. He is one of the leading authorities on mergers and acquisitions in Europe and author of The Essence of Mergers and Acquisitions (Prentice Hall), translated into five European and Asian languages. His recent book, Creating value from mergers and acquisitions: the challenges, an international and integrated perspective (FT Prentice Hall, 2003, pp613) has been widely acclaimed by both academics and practitioners and is considered a standard work on M & A. He has been a visiting professor at US and European business schools. He has been an expert commentator on mergers and acquisitions on radio and television and in the print media. Sudi has also published articles in top US and European journals on corporate restructuring, corporate governance and valuation of intellectual assets.

OECD-Grundsätze der Corporate Governance 2004

Author: OECD

Publisher: OECD Publishing

ISBN: 9264064931


Page: 87

View: 5993

Die OECD-Grundsätze der Corporate Governance wurden 1999 vom Rat der OECD auf Ministerebene gebilligt und sind seitdem zu einer internationalen Richtschnur für politische Entscheidungsträger, Investoren, Unternehmen und sonstige interessierte ...

Corporate Governance Regimes

Convergence and Diversity

Author: Joseph McCahery

Publisher: Oxford University Press on Demand

ISBN: 9780199247875

Category: Business & Economics

Page: 696

View: 2601

Corporate Governance Regimes addresses corporate law's leading question: whether one or another corporate law regime possesses relative competitive advantage. To this end, the editors have brought together an international team of scholars in economics and law to critically assess the new theories of ownership and control which seek to explain the important efficiency advantages of dispersed ownership and the inevitable limitations of control-oriented systems of governance. Contributors describe and analyse the relative strength of the forces that shape the evolution of corporate law rules and practice. They also raise the issue of whether nations undertaking reforms should develop corporate governance policies that borrow from other systems' best practices, or pursue a course of internally designed corporate governance reforms. And, building on new theories of law and finance, they examine the incentives for introducing meaningful corporate governance reforms that disruptor destabilize Europe's blockholding regimes. The collection is divided into seven parts. Part One provides not only a means for assessing the key features of market- and control-based systems of governance but a standpoint for determining whether national governance systems are likely to converge on a single, optimal system of governance. Part Two introduces the reader to the building blocks of European corporate governance and the securities law harmonization program. Part Three examines the complex ownership and control structures that are found in Western Europe, investigating the consequences of large shareholdings for minority investors. Part Four offers law and finance analyses of the relationship between legal and financial systems and corporate performance. Part Five looks at the economic perspective on the operation of the market for corporate control and the key legal rules and institutions of the bankruptcy and insolvency regimes in the USA and Britain. Part Six is devoted to exploring the economic effect of institutional shareholder participation in corporate governance in the USA, Britain, and continental Europe. The final section, Part Seven, evaluates empirically the executive compensation arrangements in the USA, Britain, and continental Europe. The contributions supply a pool of current research on the motivational effect of performance-related remuneration and the substantial increase in top executive remuneration in the USA.

Corporate Governance

Accountability, Enterprise and International Comparisons

Author: Kevin Keasey,Steve Thompson,Michael Wright

Publisher: John Wiley & Sons

ISBN: 0470870311

Category: Business & Economics

Page: 482

View: 7422

The decade since the publication of the Cadbury Report in1992 has seen growing interest in corporate governance. This growth has recently become an explosion with major corporate scandals such as WorldCom and Enron in the US, the international diffusion of corporate governance codes and wider interest in researching corporate governance in different institutional contexts and through different subject lenses. In view of these developments, this book will be a rigorous update and development of the editor’s earlier work, Corporate Governance: Economic, Management and Financial Issues. Each chapter, written by an expert in the subject offers a high level review of the topic, embracing material from financial accounting, strategy and economic perspectives.

Corporate Governance and Expected Stock Returns

Empirical Evidence from Germany

Author: Andreas Schillhofer

Publisher: Springer-Verlag

ISBN: 3322815609

Category: Business & Economics

Page: 190

View: 8574

Based on his Corporate Governance Rating (CGR) for German firms, Andreas Schillhofer documents a positive relationship between the CGR and firm value. In addition, there is strong evidence that expected returns are negatively correlated with the CGR if dividend yields and price-earnings ratios are used as proxies for the cost of capital.

Governance and Ownership

Author: Robert Watson

Publisher: Edward Elgar Pub


Category: Business & Economics

Page: 553

View: 3099

This collection consists of 20 papers, organised into four sections, that have each made a valuable contribution to our understanding of the motivations and actions of different types of corporate owners and the impact that ownership appears to have upon key areas of corporate governance and corporate decision making and performance. the wide variety of specific research issues addressed, the research methods used and the institutional contexts examined by these 20 papers reflects the great diversity, multidisciplinary nature and dynamism of the research currently being undertaken into these topics. This insightful and innovative collection will be of great interest to students of corporate governance, researchers and practitioners alike.

Die ökonomischen Institutionen des Kapitalismus

Unternehmen, Märkte, Kooperationen

Author: Oliver E. Williamson

Publisher: Mohr Siebrek Ek

ISBN: 9783163454330

Category: Political Science

Page: 382

View: 3698

English summary: It is Oliver E. Williamson's theory that people behave rationally to a limited extent only and tend to act in their own interests. He shows how post-contractual problems can arise within the framework of relationship-specific dealings, which are subject to a great deal of environmental uncertainty and require specific investments. In order to cope with these problems, capitalist economic systems provide numerous institutions and coordination mechanisms whose efficiency is examined.Williamson studies economic transactions from an economic, legal and organizational perspective. He differentiates between the individual frequency. In doing so, he assigns the most efficient, i.e. the most cost-effective form of coordination to each type of transaction. The structuring, the monitoring of corporations and issues in antitrust law) as well as highly significant empirical evidence attest to its practical importance. German description: Oliver E. Williamson geht von der Annahme aus, dass Menschen sich nur in begrenztem Masse rational verhalten und dazu neigen, im Eigeninteresse zu handeln. Er zeigt, wie es im Rahmen von Leistungsbeziehungen, die einer hohen Umweltunsicherheit unterliegen und spezifische Investitionen erfordern, zu nachvertraglichen Problemen kommt. Kapitalistische Wirtschaftssysteme stellen fur die Bewaltigung dieser Probleme zahlreiche Institutionen bzw. Koordinationsmechanismen zur Verfugung, die auf ihre Effizienz untersucht werden.Wirtschaftliche Leistungsbeziehungen (Transaktionen) werden aus okonomischer, rechtlicher und organisatorischer Sicht untersucht. Die einzelnen Transaktionen werden nach den Kriterien Spezifitat, Unsicherheit, Komplexitat und Haufigkeit unterschieden. Jedem Transaktionstyp wird dabei die effizienteste, d.h. kostengunstigste Koordinationsform zugeordnet. Den hohen praktischen Stellenwert dieser Vorgehensweise beweisen die zahlreichen Anwendungsmoglichkeiten (Vertikale Integration, Unternehmensstrukturierung, Kontrolle in Aktiengesellschaften und kartellrechtliche Fragestellungen) sowie hochsignifikante empirische Befunde.Die deutsche Ubersetzung der erfolgreichen amerikanischen Originalausgabe wendet sich sowohl an Wissenschaftler als auch an Praktiker, die an einer Integration von okonomischen, rechtlichen und organisatorischen Fragestellungen interessiert sind.

The Influence of Blockholders on Agency Costs and Firm Value

An Empirical Examination of Blockholder Characteristics and Interrelationships for German Listed Firms

Author: Markus P. Urban

Publisher: Springer

ISBN: 3658114029

Category: Business & Economics

Page: 462

View: 6292

Markus P. Urban investigates the influence of large shareholders (the so-called blockholders) on agency costs and firm value, thereby accounting for blockholder characteristics and blockholder interrelationships. The work provides a profound theoretical and empirical analysis on the nature and effect of shareholder engagement with due regard to the specifics of the German institutional environment. Its empirical results illustrate that the effect of shareholder engagement depends on the characteristics of the specific blockholder as well as on interrelationships with additional blockholders.

The Oxford Companion to Economics in India

Author: Kaushik Basu

Publisher: Oxford University Press, USA


Category: Business & Economics

Page: 614

View: 8950

As we get into the twenty-first century, the concept of the Indian economy has come to encompass a mind-boggling array of topics, phenomena, and complexities. And, with that, the so-called expert on the Indian economy is becoming a vanishing tribe. Someone may have expertise on Indian agriculture but not know anything on the countrys financial markets; another may possess knowledge of the nations many standard-of-living indicators but be innocent of the world of fiscal policy. The aim ofthis ambitious book is to make amends for this. It provides a comprehensive and far-reaching compendium of essays on a vast range of themes pertaining to the Indian economy. It should serve as an essential reference not just for students of India and economists working on the Indian economy, but for bureaucrats and policymakers, and corporate investors and entrepreneurs interested in contemporary India. Among the over 190 authors are some of the most eminent economists of the world, corporate leaders and CEOs and important politicians. As a consequence this book is not just a reference volume but a record of the thinking of our times. The new edition has several revised entries on sectors of the Indian economy that have been undergoing rapid transformation during the very short time the first edition was under way. For example, IT and ITes, where the domestic market is luring more IT players and MNCs; Savings and Investments; aviation, a sector which is on a high growth trajectory, etc. Also, in keeping with the new and emerging sectors that are evolving in a dynamic economy and showing sharp development, there are new entries on SEZs; land rights; self-help groups, demographic dividend etc to keep readers updated. A new introduction and a new cover blurb highlight these issues along with reviews from economists as well as comments from mainstream media.