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