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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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List of Abbreviations


AktG Aktiengesetz AG Aktiengesellschaft AGM annual general meeting approx. Approximately BaFin Bundesanstalt fuer Finanzdienstleistungsaufsicht BAWe Bundesaufsichtsamt fuer den Wertpapierhandel BZ Boersen-Zeitung CAPM Capital Asset Pricing Model CAR Cumulative abnormal return CEO Chief executive officer Co. Corporation CSR Corporate social responsibility DAX Deutscher Aktienindex DCGK Deutscher Corporate Governance Kodex DGCL Delaware General Corporation Law EBIT Earnings before interest and tax et al. Et alii EUR Euro EURm Euro millions e.V. Eingetragener Verein GmbH Gesellschaft mit beschraenkter Haftung IPO Initial public offering ISIN International Securities Identification Number KKR Kohlberg, Kravis and Roberts LLP Limited liability partnership Log Logarithm LSE London Stock Exchange Ltd. Company with limited liability Market cap Stock market capitalisation of a listed company Max. Maximum Mgmt. Management NewBET New Supervisory Board Election Timing N.Y. New York obs. Observations p-value Probability of obtaining a certain test statistic ROE Return on equity SA Sociedad Anónima XIV SE Societas Europaea SEC U.S. Securities and Exchange Commission S&P Standard & Poors TCI The Children’s Investment Fund TIAA Teachers’ Insurance and Annuity Association U.S. United States of America USD United States Dollar WpHG Wertpapierhandelsgesetz WpÜG Wertpapiererwerbs- und Übernahmegesetz II ZR Committee at the German national supreme court

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