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Institutionelle Investoren und Corporate Governance: Eine empirische Analyse

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  • Steiger, Max
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    Abstract

    Eine der herausragenden Entwicklungen auf den internationalen Finanzmarkten in den letzten Jahren ist die Institutionalisierung, d. h. die zunehmende Delegation privater Ersparnisse an professionelle Kapitalanleger - den institutionellen Investoren. Darunter sind private Versicherungsunternehmen, Kapitalanlagegesellschaften, Pensionskassen bzw. Pensionsfonds sowie das Vermögensverwaltungsgeschäft der Kreditinstitute zu subsumieren. Die Konzentration von Aktienbesitz in den Portefeuilles einer geringen Anzahl institutioneller Investoren führte in den USA und in Großbritannien zu einem verstärkten Engagement dieser Investorengruppe im Bereich der Corporate Governance von börsennotierten Aktiengesellschaften. Gleichzeitig richten sich die globalen Finanzmarkte zunehmend auf die Bedürfnisse der institutionellen Investoren aus. Ein zentrales Anliegen ist die Steigerung der insbesondere von institutionellen Anlegern geforderten Liquidität. Eine hohe Liquidität kann sich allerdings in einem reduzierten Anreiz zu einer aktiven Unternehmenskontrolle im Rahmen der Corporate Governance niederschlagen. Diese bislang für Deutschland noch nicht näher betrachtete Abwägung zwischen Liquiditat und Corporate Governance steht im Mittelpunkt dieser Studie. - - Institutionelle Investoren ; Corporate Governance ; Liquidität ; Shareholder Activism --

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    Bibliographic Info

    Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Dokumentationen with number 98-05.

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    Date of creation: 1998
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    Handle: RePEc:zbw:zewdok:9805

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