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http://hdl.handle.net/10419/24414
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| Title: | | Control transfers in corporate Germany: their frequency, causes and consequences  |
| Authors: | | Köke, Jens |
| Issue Date: | | 2000 |
| Series/Report no.: | | ZEW Discussion Papers 00-67 |
| 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. |
| Subjects: | | Corporate governance ownership structure management turnover restructuring |
| JEL: | | J63 G34 G32 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des ZEW ZEW Discussion Papers
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| dp0067.pdf | | 225.35 kB | Adobe PDF |
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