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The role of hostile stakes in German corporate governance

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Author Info
Jenkinson, Tim
Ljungqvist, Alexander

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Article provided by Elsevier in its journal Journal of Corporate Finance.

Volume (Year): 7 (2001)
Issue (Month): 4 (December)
Pages: 397-446
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Handle: RePEc:eee:corfin:v:7:y:2001:i:4:p:397-446

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. G. William Schwert, 2000. "Hostility in Takeovers: In the Eyes of the Beholder?," Journal of Finance, American Finance Association, vol. 55(6), pages 2599-2640, December. [Downloadable!] (restricted)
    Other versions:
  2. Barclay, Michael J & Holderness, Clifford G, 1992. "The Law and Large-Block Trades," Journal of Law & Economics, University of Chicago Press, vol. 35(2), pages 265-94, October.
  3. Morck, Randall & Shleifer, Andrei & Vishny, Robert W, 1989. "Alternative Mechanisms for Corporate Control," American Economic Review, American Economic Association, vol. 79(4), pages 842-52, September. [Downloadable!] (restricted)
    Other versions:
  4. Spencer, Carolyn & Akhigbe, Aigbe & Madura, Jeff, 1998. "Impact of partial control on policies enacted by partial targets," Journal of Banking & Finance, Elsevier, vol. 22(4), pages 425-445, May. [Downloadable!] (restricted)
  5. Allen B. Frankel & David E. Palmer, 1996. "The management of financial risks at German nonfinancial firms: the case of Metallgesellschaft," International Finance Discussion Papers 560, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  6. Bulow, Jeremy I & Huang, Ming & Klemperer, Paul, 1996. "Toeholds and Takeovers," CEPR Discussion Papers 1486, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  7. Jensen, Michael C, 1993. " The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Finance, American Finance Association, vol. 48(3), pages 831-80, July. [Downloadable!] (restricted)
    Other versions:
  8. Wenger, E & Kaserer, C, 1997. "The German System of Corporate Governance - A Model Which Should Not Be Imitated," Papers 14, American Institute for Contemporary German Studies-.
  9. Rajan, Raghuram G & Zingales, Luigi, 1995. " What Do We Know about Capital Structure? Some Evidence from International Data," Journal of Finance, American Finance Association, vol. 50(5), pages 1421-60, December. [Downloadable!] (restricted)
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  10. Holmstrom, Bengt & Tirole, Jean, 1993. "Market Liquidity and Performance Monitoring," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 678-709, August. [Downloadable!] (restricted)
  11. Roe, Mark J., 1990. "Political and legal restraints on ownership and control of public companies," Journal of Financial Economics, Elsevier, vol. 27(1), pages 7-41, September. [Downloadable!] (restricted)
  12. Denis, David J. & Serrano, Jan M., 1996. "Active investors and management turnover following unsuccessful control contests," Journal of Financial Economics, Elsevier, vol. 40(2), pages 239-266, February. [Downloadable!] (restricted)
  13. Barclay, Michael J. & Holderness, Clifford G., 1989. "Private benefits from control of public corporations," Journal of Financial Economics, Elsevier, vol. 25(2), pages 371-395, December. [Downloadable!] (restricted)
  14. Sanford J. Grossman & Oliver D. Hart, 1980. "Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 42-64, Spring. [Downloadable!] (restricted)
  15. Barclay, Michael J & Holderness, Clifford G, 1991. " Negotiated Block Trades and Corporate Control," Journal of Finance, American Finance Association, vol. 46(3), pages 861-78, July. [Downloadable!] (restricted)
  16. Holderness, Clifford G. & Sheehan, Dennis P., 1985. "Raiders or saviors? The evidence on six controversial investors," Journal of Financial Economics, Elsevier, vol. 14(4), pages 555-555, December. [Downloadable!] (restricted)
  17. Dewatripont, M., 1993. "The 'leading shareholder' strategy, takeover contests and stock price dynamics," European Economic Review, Elsevier, vol. 37(5), pages 983-1004, June. [Downloadable!] (restricted)
  18. Smith, Michael P, 1996. " Shareholder Activism by Institutional Investors: Evidence for CalPERS," Journal of Finance, American Finance Association, vol. 51(1), pages 227-52, March. [Downloadable!] (restricted)
  19. Steven N Kaplan, 1994. "Top Executives, Turnover and Firm Performance in Germany," CEPR Financial Markets Paper 0045, European Science Foundation Network in Financial Markets, c/o C.E.P.R, 53--56 Great Sutton Street, London EC1V 0DG.
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  20. Grundfest, Joseph A., 1990. "Subordination of American capital," Journal of Financial Economics, Elsevier, vol. 27(1), pages 89-114, September. [Downloadable!] (restricted)
  21. Choi, Dosoung, 1991. "Toehold Acquisitions, Shareholder Wealth, and the Market for Corporate Control," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 26(03), pages 391-407, September. [Downloadable!]
  22. Franklin Allen & Douglas Gale, 1994. "A Welfare Comparison of the German and U.S. Financial Systems," Center for Financial Institutions Working Papers 94-12, Wharton School Center for Financial Institutions, University of Pennsylvania.
  23. Mikkelson, Wayne H. & Ruback, Richard S., 1985. "An empirical analysis of the interfirm equity investment process," Journal of Financial Economics, Elsevier, vol. 14(4), pages 523-553, December. [Downloadable!] (restricted)
  24. Patrick Bolton & Ernst-Ludwig von Thadden, 1998. "Blocks, Liquidity, and Corporate Control," Journal of Finance, American Finance Association, vol. 53(1), pages 1-25, 02. [Downloadable!] (restricted)
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  25. Bergström, Clas & Högfeldt, Peter & Högholm, Kenneth, 1994. "Tests of a New Theory of Strategic Blocking by Large Shareholders and Arbitrageurs in Takeovers," Working Paper Series in Economics and Finance 31, Stockholm School of Economics.
  26. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-88, June. [Downloadable!] (restricted)
  27. Jennifer E. Bethel & Julia Porter Liebeskind & Tim Opler, 1998. "Block Share Purchases and Corporate Performance," Journal of Finance, American Finance Association, vol. 53(2), pages 605-634, 04. [Downloadable!] (restricted)
  28. Wruck, Karen Hopper, 1989. "Equity ownership concentration and firm value : Evidence from private equity financings," Journal of Financial Economics, Elsevier, vol. 23(1), pages 3-28, June. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. 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)
  2. Frank A. Schmid & Mark Wahrenburg, 2002. "Mergers and acquisitions in Germany," Working Papers 2002-027, Federal Reserve Bank of St. Louis. [Downloadable!]
  3. Köke, Jens, 2001. "Determinants of acquisition and failure : stylized facts and lessons for empirical studies," ZEW Discussion Papers 01-30, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  4. Robert S. Chirinko & Julie Ann Elston, 2004. "Finance, Control, And Profitability: The Influence Of German Banks," Papers on Entrepreneurship, Growth and Public Policy 2004-26, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group. [Downloadable!]
    Other versions:
  5. Ettore Andreani, 2003. "Corporate Control and the Financial System in Germany: Recent Changes in the Role of Banks," Thuenen-Series of Applied Economic Theory 37, University of Rostock, Institute of Economics, Germany. [Downloadable!]
  6. Julian Franks & Colin Mayer & Stefano Rossi, 2003. "Ownership: Evolution and Regulation," OFRC Working Papers Series 2003fe14, Oxford Financial Research Centre. [Downloadable!]
  7. Manjon, M.C., 2003. "The trade-off between risk and control in corporate ownership," Discussion Paper 81, Tilburg University, Center for Economic Research. [Downloadable!]
  8. 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!]
  9. Frank A. Schmid & Mark Wahrenburg, 2003. "Mergers and Acquisitions in Germany - Social Setting and Regulatory Framework," CFS Working Paper Series 2003/28, Center for Financial Studies. [Downloadable!]
  10. Renneboog, L.D.R. & Trojanowski, G., 2002. "The managerial labor market and the governance role of shareholder control structures in the UK," Discussion Paper 68, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  11. Manjon-Antolin, M.C., 2004. "Econometric modelling in blockholder systems of corporate governance," Discussion Paper 74, Tilburg University, Center for Economic Research. [Downloadable!]
  12. S. Daske & O. Ehrhardt, . "Kursunterschiede und Renditen deutscher Stamm-und Vorzugsaktien," Sonderforschungsbereich 373 2002-5, Humboldt Universitaet Berlin.
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