We contrast the features of the German corporate governance system with those of other systems and discuss the recent regulatory initiatives. For example, the rules on insider trading and anti-trust have been strengthened. The Restructuring Act has been revised to prevent minority shareholders from stalling corporate restructuring via legal actions. The Takeover Act now prescribes a tender offer as soon as an investor acquires at least 30% of a firm's equity. However, the Act also allows anti-takeover devices. Despite the recent, substantial changes, we conclude that the main characteristics of the German system are still in place.
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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number
123.
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