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La dissolution du cœur de la D eutschland AG

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  • Christopher Lantenois

Abstract

The aim of this paper is to study to what extent the ?heart? of Deutschland AG ? defined as the set of cross-shareholdings and cross-mandates between the major german financial institutions ? has been quickly eroded. Then, we analyze the impact on the bank/industry model. We find that large financial institutions have abandoned their traditional role of Hausbank, selling their industrial holdings, deserting supervisory boards and shareholders? meetings. After presenting the DB strategic mutation, we empirically quantify the destabilization of the ?heart? of Deutschland AG. Finally, we consider the implications on the role of banks in the governance of the industry. Classification JEL: G32, G34, G38, L14.

Suggested Citation

  • Christopher Lantenois, 2011. "La dissolution du cœur de la D eutschland AG," Revue d'économie financière, Association d'économie financière, vol. 0(4), pages 91-106.
    • Handle: RePEc:cai:refaef:ecofi_104_0091
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    Cited by:

    1. Lantenois, Christopher, 2010. "Direction des sociétés, modèle de reproduction des élites managériales et financiarisation du capitalisme allemand : Enseignements à partir d’un panel de vingt-cinq sociétés cotées," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 8.

    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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