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Minority Shareholder Monitoring and German Corporate Governance

Empirical Evidence and Value Effects


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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First and foremost, I want to thank Prof. Dr. Dirk Schiereck for the cordial wel- come in Darmstadt and the good organization of the doctoral programme. I ap- preciate the constant feedback on my research that I have received over the past two and a half years. This was very, very helpful. The support from my colleagues at the Chair of Corporate Finance at Tech University Darmstadt was great. Christoph Böhm, Anit Deb, Daniel Maul, Rahmit Mehta, Malte Raudszus and Julian Trillig provided useful advice. Thanks goes to Matlab programming experts Christian Babl and Steffen Mein- shausen. I enjoyed the discussions on shareholder activism with Christian Her- trich, Mark Mietzner, Christian Rauch and Maximilan Stadler. Goethe University Frankfurt provided free access to their databases and journals library and I am thankful for that. I also appreciate the support from WAI Wirtschaftsanalysen- und Informations GmbH with respect to providing free access to their database. This was an invaluable source of historic corporate governance information on German corporations. I ran regressions and some of the statistical tests using the Gnu Regression, Econometrics and Time-series Library. I would like to say thank you to the pro- gramming team. The research conferences that I attended added great value to my work, es- pecially the 2011 Doktorandenseminar at the Deutsche Bundesbank facility in Eltville, Germany. Needless to say, all this would not have been possible without the support from my family and my friends. I appreciate it. Christian Thamm

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