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Universal banking, allocation of control rights, and corporate finance in Germany Author info | Abstract | Publisher info | Download info | Related research | Statistics William R. Emmons
Frank A. Schmid
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Corporate governance practices differ greatly in the United States and Germany. This paper describes the main institutional features of the German corporate governance system, focusing on universal banks and codetermination. The paper also summarizes existing empirical evidence that has investigated how- and how well- this system works.
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Paper provided by Federal Reserve Bank of St. Louis in its series Working Papers with number
1998-001.
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Date of creation: 1998Date of revision:
Publication status: Published in Federal Reserve Bank of St. Louis Review, July/August 1998, 80(4), pp. 19-42Handle: RePEc:fip:fedlwp:1998-001Contact details of provider: Postal: P.O. Box 442, St. Louis, MO 63166 Fax: (314)444-8753 Web page: http://www.stlouisfed.org/ More information through EDIRC
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Keywords: Germany ; Banks and banking ; References listed on IDEAS 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.:
Grossman, Sanford J. & Hart, Oliver D., 1988.
"One share-one vote and the market for corporate control ,"
Journal of Financial Economics ,
Elsevier, vol. 20(1-2), pages 175-202, January.
[Downloadable!] (restricted)
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.
Other versions:
Steven N. Kaplan, 1993.
"Top Executives, Turnover and Firm Performance in Germany ,"
NBER Working Papers
4416, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Kaplan, Steven N, 1994.
"Top Executives, Turnover, and Firm Performance in Germany ,"
Journal of Law, Economics and Organization ,
Oxford University Press, vol. 10(1), pages 142-59, April.
Aghion, Philippe & Bolton, Patrick, 1992.
"An Incomplete Contracts Approach to Financial Contracting ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 59(3), pages 473-94, July.
[Downloadable!] (restricted)
Kaplan, Steven N & Zingales, Luigi, 1997.
"Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 112(1), pages 169-215, February.
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: Shleifer, Andrei & Vishny, Robert W, 1997.
" A Survey of Corporate Governance ,"
Journal of Finance ,
American Finance Association, vol. 52(2), pages 737-83, June.
[Downloadable!] (restricted)
Other versions: Sanford J. Grossman & Oliver D. Hart, 1987.
"One Share/One Vote and The Market for Corporate Control ,"
Working papers
440, Massachusetts Institute of Technology (MIT), Department of Economics.
Other versions: Allen, Franklin & Gale, Douglas, 1995.
"A welfare comparison of intermediaries and financial markets in Germany and the US ,"
European Economic Review ,
Elsevier, vol. 39(2), pages 179-209, February.
[Downloadable!] (restricted)
Other versions: Harris, Milton & Raviv, Artur, 1988.
"Corporate governance : Voting rights and majority rules ,"
Journal of Financial Economics ,
Elsevier, vol. 20(1-2), pages 203-235, January.
[Downloadable!] (restricted)
FitzRoy, Felix R & Kraft, Kornelius, 1993.
" Economic Effects of Codetermination ,"
Scandinavian Journal of Economics ,
Blackwell Publishing, vol. 95(3), pages 365-75.
Edwards,Jeremy & Fischer,Klaus, 1996.
"Banks, Finance and Investment in Germany ,"
Cambridge Books ,
Cambridge University Press, number 9780521566087, May.
Franks, Julian R & Mayer, Colin, 2001.
"Ownership and Control of German Corporations ,"
CEPR Discussion Papers
2898, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Julian Franks & Colin Mayer, 2001.
"Ownership and Control of German Corporations ,"
OFRC Working Papers Series
2001fe11, Oxford Financial Research Centre.
[Downloadable!] Franks, Julian & Mayer, Colin, 2001.
"Ownership and Control of German Corporations ,"
Review of Financial Studies ,
Oxford University Press for Society for Financial Studies, vol. 14(4), pages 943-77.
Gale, Douglas & Hellwig, Martin, 1985.
"Incentive-Compatible Debt Contracts: The One-Period Problem ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 52(4), pages 647-63, October.
[Downloadable!] (restricted)
Hoshi, Takeo & Kashyap, Anil & Scharfstein, David, 1990.
"The role of banks in reducing the costs of financial distress in Japan ,"
Journal of Financial Economics ,
Elsevier, vol. 27(1), pages 67-88, September.
[Downloadable!] (restricted)
Other versions: Rajan, Raghuram G, 1992.
" Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt ,"
Journal of Finance ,
American Finance Association, vol. 47(4), pages 1367-400, September.
[Downloadable!] (restricted)
Jensen, Michael C & Murphy, Kevin J, 1990.
"Performance Pay and Top-Management Incentives ,"
Journal of Political Economy ,
University of Chicago Press, vol. 98(2), pages 225-64, April.
[Downloadable!] (restricted)
Other versions: Schneider-Lenne, Ellen R, 1992.
"Corporate Control in Germany ,"
Oxford Review of Economic Policy ,
Oxford University Press, vol. 8(3), pages 11-23, Autumn.
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.)
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)
Ralf Elsas & Jan Pieter Krahnen, 2003.
"Universal Banks and Relationships with Firms ,"
CFS Working Paper Series
2003/20, Center for Financial Studies.
[Downloadable!]
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