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Minority Shareholder Monitoring and German Corporate Governance

Empirical Evidence and Value Effects

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Christian Thamm

This book comprises three studies on minority shareholder monitoring in Germany. Mandatory disclosure requirements have increased transparency. An analysis of the information that is publicly available is presented, regardless of the size of the target corporation. The second essay in the form of an event study pays special attention to the German supervisory board and its appointment for a fixed term. Capital markets perceive an activist effort as being more credible under certain circumstances. The study as a whole is empirical evidence for increased minority shareholder activity in Germany. The evidence presented supports the strong shareholder rights perspective. It conflicts with the weak shareholder rights view brought forward in the international literature.

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Design: © Olaf Glöckler, Atelier Platen, Friedberg Library of Congress Cataloging-in-Publication Data Thamm, Christian, 1980- Minority shareholder monitoring and German corporate gover- nance : empirical evidence and value effects / Christian Thamm. pages cm. — (Corporate finance and governance ; band 13) Includes bibliographical references. ISBN 978-3-631-64086-9 1. Minority stockholders—Germany. 2. Corporate governance— Germany. 3. Corporations—Valuation—Germany. I. Title. HG4156.T49 2013 338.6—dc23 2013008200 D 17 ISSN 1869-537X ISBN 978-3-631-64086-9 © Peter Lang GmbH Internationaler Verlag der Wissenschaften Frankfurt am Main 2013 All rights reserved. PL Academic Research is an Imprint of Peter Lang GmbH. Peter Lang – Frankfurt am Main · Berlin · Bruxelles · New York · Oxford · Wien · Warszawa All parts of this publication are protected by copyright. Any utilisation outside the strict limits of the copyright law, without the permission of the publisher, is forbidden and liable to prosecution. This applies in particular to reproductions, translations, microfilming, and storage and processing in electronic retrieval systems. www.peterlang.de PL Academic Research ist ein Imprint der Peter Lang GmbH. Peter Lang Edition ist ein Imprint der Peter Lang GmbH. PL Academic Research is an Imprint of Peter Lang GmbH. Peter Lang Edition is an Imprint of Peter Lang GmbH. Peter Lang Edition est une marque d’éditeur de Peter Lang GmbH. Peter Lang – Frankfurt am Main · Berlin · Bruxelles · New York · Oxford · Wien · Warszawa Peter Lang – Frankfurt am Main · Berlin · Bruxelles · New York · Oxford · Wien · Warszawa

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