Bank control, takeovers and corporate governance in Germany

被引：30
|
作者：
Franks, J
Mayer, C
机构：
[1] London Business Sch, London NW1 4SA, England
[2] Univ Oxford, Radcliffe Infirm, Said Business Sch, Oxford OX2 6HE, England
来源：
JOURNAL OF BANKING & FINANCE | 1998年 / 22卷 / 10-11期
关键词：
takeovers; bank control; corporate governance;
D O I：
10.1016/S0378-4266(98)00060-0
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines the three cases of hostile takeovers in Germany in the post Second World War period. It describes the important role played by banks in affecting the outcome of the bids: bank representatives were chairmen of the supervisory board in all three cases and banks voted a large number of proxies in important decisions affecting the bids. The paper reports that low returns were earned by shareholders of two of the target firms and offers an explanation in terms of bank control and the regulatory regime operating in Germany. (C) 1998 Elsevier Science B.V, All rights reserved.
引用
收藏
页码：1385 / 1403
页数：19
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