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The Management of Financial Risks at German Nonfinancial Firms : The Case of Metallgesellschaft

Author

Listed:
  • Frankel, A-B
  • Palmer, D-E

Abstract

In late 1993 and ealy 1994, the wholly-owned US subsidiary of a German conglomerate experienced substantial losses in connection with the implementation of a petroleum marketing strategy, triggering an emergency recapitalization of the German parent company. The rescue was overween by the firm's supervisory board, which was chaired by a member of the senior management of the largest German bank. This paper draws on a special auditor's report that examined the near-bankruptcy of the firm, as well as other sources.

Suggested Citation

  • Frankel, A-B & Palmer, D-E, 1997. "The Management of Financial Risks at German Nonfinancial Firms : The Case of Metallgesellschaft," Papers 18, American Institute for Contemporary German Studies-.
    • Handle: RePEc:fth:amiger:18
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    Citations

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    Cited by:

    1. Erik Lehmann & Jürgen Weigand, 2000. "Does the Governed Corporation Perform Better? Governance Structures and Corporate Performance in Germany," Review of Finance, European Finance Association, vol. 4(2), pages 157-195.

    More about this item

    Keywords

    FINANCIAL POLICY ; RISK ; GERMANY ; BUSINESS ORGANIZATION ; BANKRUPTCY;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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