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Recent Developments In German Capital Markets And Corporate Governance

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Author Info
Eric Nowak
Abstract

Financial economists continue to point to Germany as a relatively successful model of a "bank-centered," as opposed to a market-based, economy. But few seem to recognize that, in the years leading up to World War I, German equity capital markets were among the most highly developed in the world. Although there are now only about 750 companies listed on German stock exchanges, in 1914 there were almost 1,200 (as compared to only about 600 stocks then listed on the New York Stock Exchange). 2001 Morgan Stanley.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1745-6622.2001.tb00436.x
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Publisher Info
Article provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.

Volume (Year): 14 (2001)
Issue (Month): 3 ()
Pages: 35-48
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Handle: RePEc:bla:jacrfn:v:14:y:2001:i:3:p:35-48

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  1. Fred Ramb & Markus Reitzig, 2005. "Who do you trust while Shares are on a Roler-Coaster Ride? Balance Sheet and Patent Data as Sources of Investor Information During Volatile Market Times," DRUID Working Papers 05-15, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies. [Downloadable!]
  2. Marc Goergen & Miguel Manjon & Luc Renneboog, 2008. "Is the German system of corporate governance converging towards the Anglo-American model?," Journal of Management and Governance, Springer, vol. 12(1), pages 37-71, March. [Downloadable!] (restricted)
  3. Reitzig, Markus & Ramb, Fred, 2004. "Who do you trust while bubbles grow and blow? : A comparative analysis of the explanatory power of accounting and patent information for the market values of German firms," Discussion Paper Series 1: Economic Studies 2004,17, Deutsche Bundesbank, Research Centre. [Downloadable!]
  4. Andreas Hackethal & Reinhard H. Schmidt & Marcel Tyrell, 2005. "Banks and German Corporate Governance: On the Way to a Capital Market-Based System?," Working Paper Series: Finance and Accounting 146, Department of Finance, Goethe University Frankfurt am Main. [Downloadable!]
  5. Christian Leuz & Jens Wüstemann, 2003. "The Role of Accounting in the German Financial System," CFS Working Paper Series 2003/16, Center for Financial Studies. [Downloadable!]
  6. S. Daske & O. Ehrhardt, . "Kursunterschiede und Renditen deutscher Stamm-und Vorzugsaktien," Sonderforschungsbereich 373 2002-5, Humboldt Universitaet Berlin.
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