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Control transfers in corporate Germany: their frequency, causes and consequences

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  • Köke, Jens
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    Abstract

    This study examines changes in block ownership for a large sample of listed and non-listed German firms. The frequency of block trading is similar to other countries, and the vast majority of block trades leads to changes in ultimate ownership (control transfers). Such changes are more likely for firms with high leverage, while they are less likely for larger firms and firms with high ownership concentration. Only for listed firms poor performance is related to more frequent control transfers. Control transfers are followed by increased management turnover, and for listed firms also by asset divestitures and employee layoffs. --

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    Bibliographic Info

    Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 00-67.

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    Date of creation: 2000
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    Handle: RePEc:zbw:zewdip:5349

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    Related research

    Keywords: Corporate governance; ownership structure; management turnover; restructuring;

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    References

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    1. Mulherin, J. Harold & Boone, Audra L., 2000. "Comparing acquisitions and divestitures," Journal of Corporate Finance, Elsevier, Elsevier, vol. 6(2), pages 117-139, July.
    2. Becht, Marco & Boehmer, Ekkehart, 2003. "Voting control in German corporations," International Review of Law and Economics, Elsevier, Elsevier, vol. 23(1), pages 1-29, March.
    3. Gordon M Phillips & Vojislav Maksimovic, 1999. "The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and are there Efficiency Gains?," Working Papers 99-12, Center for Economic Studies, U.S. Census Bureau.
    4. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, American Finance Association, vol. 54(2), pages 471-517, 04.
    5. G. William Schwert, 2000. "Hostility in Takeovers: In the Eyes of the Beholder?," Journal of Finance, American Finance Association, American Finance Association, vol. 55(6), pages 2599-2640, December.
    6. Jenkinson, Tim & Ljungqvist, Alexander P, 1997. "Hostile Stakes and the Role of Banks in German Corporate Governance," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1695, C.E.P.R. Discussion Papers.
    7. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, American Finance Association, vol. 52(2), pages 737-83, June.
    8. Mitchell, Mark L. & Mulherin, J. Harold, 1996. "The impact of industry shocks on takeover and restructuring activity," Journal of Financial Economics, Elsevier, Elsevier, vol. 41(2), pages 193-229, June.
    9. Holmstrom, Bengt & Tirole, Jean, 1993. "Market Liquidity and Performance Monitoring," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 101(4), pages 678-709, August.
    10. Shleifer, Andrei & Vishny, Robert W, 1992. " Liquidation Values and Debt Capacity: A Market Equilibrium Approach," Journal of Finance, American Finance Association, American Finance Association, vol. 47(4), pages 1343-66, September.
    11. Denis, David J. & Sarin, Atulya, 1999. "Ownership and board structures in publicly traded corporations," Journal of Financial Economics, Elsevier, Elsevier, vol. 52(2), pages 187-223, May.
    12. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, Elsevier, vol. 3(4), pages 305-360, October.
    13. Börsch-Supan, Axel & Köke, Jens, 2000. "An applied econometricians' view of empirical corporate governance studies," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 00-17, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    14. Jensen, Michael C, 1988. "Takeovers: Their Causes and Consequences," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 2(1), pages 21-48, Winter.
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    Cited by:
    1. Axel Börsch-Supan & Jens Köke, 2002. "An Applied Econometricians' View of Empirical Corporate Governance Studies," German Economic Review, Verein für Socialpolitik, Verein für Socialpolitik, vol. 3(3), pages 295-326, 08.
    2. Frank A. Schmid & Mark Wahrenburg, 2002. "Mergers and acquisitions in Germany," Working Papers, Federal Reserve Bank of St. Louis 2002-027, Federal Reserve Bank of St. Louis.

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