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Informing Shareholders and Investors: A Behavioral and Economics Approach from a German Company Law Perspective

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  • Gerald Spindler

    (Professor of Law, University of Goettingen, Faculty of Law, Platz der Goettinger Sieben 6, 37073 Goettingen, Germany)

  • Ronny Jaenig

    (Assistant Professor of Law, University of Goettingen)

Abstract

This paper surveys the information instruments provided to shareholders and investors by company law. We integrate theoretical studies from law, economics and behavioral science in order to contribute to the cross-fertilization of these fields. We provide an organizing framework that identifies categories for information instruments. From our point of view, these categories allow a better systematic approach to the economic and behavioral implications of information instruments. We discuss both the effectiveness and efficiency of the generated categories of information instruments. The paper concludes with a cautionary note against the potential for behavioral and economics aspects as a justification for rules and regulations.

Suggested Citation

  • Gerald Spindler & Ronny Jaenig, 2010. "Informing Shareholders and Investors: A Behavioral and Economics Approach from a German Company Law Perspective," Journal of Interdisciplinary Economics, , vol. 22(1-2), pages 89-108, January.
    • Handle: RePEc:sae:jinter:v:22:y:2010:i:1-2:p:89-108
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