Corporate governance and financial performance : a study of German and UK initial public offerings / Marc Goergen.

Goergen, Marc, 1968-

Bibliographic record and links to related information available from the Library of Congress catalog
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	List o Figures	Vil
	List o  Tables	Vill
	Preface	xi

1.	Introduction
2.	Theory and Empirical Research	6
	2.1 Introduction	6
	2.2 The evolution of ownership and control	7
	2.3 Ownership and firm value	11
	2.4 Conclusion	22
3.	The German and LTK Capital Markets	25
	3.1 Some stylized facts	25
	3.2 LJK and German listing requirements	26
	3.3 Inheritance tax	31
	3.4 Conclusion	34
4.	The Evolution of Ownership and Control in German IPOs	36
	4.1 Introduction	36
	4.2 Is ownership equivalent to control'?	36
	4.3 Management structure of German companies	40
	4.4 A test of conjectures	41
	4.5 Data description and definitions	43
	4.6 Ownership and its evolution	44
	4.7 Sales of share stakes and change of the major shareholder	51
	4.8 Control exercised by the incumbent family shareholder	57
	4.9 Relegation of control to other stakeholders	65
	4. 10 Conclusion	68
5.	British and German IPOs - A Comparison	72
	5.1 Introduction	72
	5.2 Characteristics of quoted firms and conjectures to be tested	73
	5.3 Data description	76
	5.4 The separation of ownership and control	78
	5.5 Conclusion	82
	Appendix: Additional data on the industry-matched sample	85
6.	Explaining the Evolution of Ownership	88
	6.1 Introduction	88
	6.2 Specification of the model	89
	6.3 Results of the estimation	102
	6.4 Changes of ownership: two different modes	110
	6.5 Conclusion	119
	Appendix: Data on the industry-matched sample	122
7.	Do German Firms have a Better Performance9	128
	7.1 Introduction	128
	7.2 Does ownership matter?	129
	7.3 Data description and measures of performance used	133
	7.4 Discussion of the results	134
	7.5 Conclusion	155
	Appendix: Additional tables	159
8. 	Conclusion and Policy Implications	161
Bibliography	167
Index	175