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Hostile Stakes and the Role of Banks in German Corporate Governance

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  • Jenkinson, Tim
  • Ljungqvist, Alexander P

Abstract

This paper uses clinical evidence to show how the German system of corporate control and governance is both more active and more hostile than has previously been suggested. It provides a complete breakdown of ownership and takeover defence patterns in German listed companies and finds highly fragmented (but not dispersed) ownership in non-majority controlled firms. We document how the accumulation of hostile stakes can be used to gain control of target companies given these ownership patterns. The paper also suggests an important role for banks in helping predators accumulate, and avoid the disclosure of, large stakes.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1695.

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Date of creation: Oct 1997
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Handle: RePEc:cpr:ceprdp:1695

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Related research

Keywords: Banks; Block Trades; Corporate Governance; Germany; Takeovers;

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Cited by:
  1. Jens Köke, 2002. "Dynamics in ownership and firm survival: Evidence from corporate Germany," MEA discussion paper series 02013, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  2. Julian Franks & Colin Mayer, 2001. "Ownership and Control of German Corporations," OFRC Working Papers Series 2001fe11, Oxford Financial Research Centre.
  3. Köke, Jens, 2000. "Control transfers in corporate Germany: their frequency, causes and consequences," ZEW Discussion Papers 00-67, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  4. Heiss, Florian & Köke, Jens, 2001. "Dynamics in ownership and firm survival: evidence from corporate Germany," ZEW Discussion Papers 01-63, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

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