Show simple item record

dc.contributor.authorFehre, Kerstin
dc.contributor.authorRapp, Marc-Steffen
dc.contributor.authorSchwetzler, Bernhard
dc.contributor.authorSperrling, Marco
dc.date.accessioned2018-09-20T13:36:09Z
dc.date.available2018-09-20T13:36:09Z
dc.date.issued2011
dc.identifier.issn1727-7051
dc.identifier.urihttp://hdl.handle.net/20.500.12127/6014
dc.description.abstractThe German corporate governance system changed substantially over the last ten years. Meanwhile, ownership structures of German firms changed significantly. The paper examines the phenomenon of changing ownership structures by studying blockholdings of German large caps between 1997 and 2006. It examines the dynamics of blockholdings by analyzing the evolution of free float and block trades, where at least 5% of voting rights change hands. Two findings emerge. First, the authors find that free float increases from 65% in 1997 to 75% in 2006, mainly caused by German financials and German government entities. Simultaneously, they observe a surprisingly high number of block trades: on average 1.6 block trades per firm from 1997 to 2006. Second, the authors find that particularly individuals and German industrials are guarantors for a stable ownership structure. German financials or German government entities as blockowners increase the free float and the likelihood of block trades. Moreover, block trades are more likely to occur in firms having foreign investors as owners. The findings are of interest with respect to the evolution of the so-called ‘Deutschland AG’ but also with respect to the current anchor shareholder discussion.
dc.language.isoen
dc.publisherLLC “Consulting Publishing Company “Business Perspectives”
dc.subjectFree Float
dc.subjectBlock Trades
dc.subjectOwnership
dc.subjectGermany
dc.titleThe Disappearing ‘Deutschland AG’ – An analysis of blockholdings in German large caps
dc.identifier.journalProblems and Perspectives in Management
dc.source.volume9
dc.source.issue4
dc.source.beginpage46
dc.source.endpage58
dc.contributor.departmentInstitut für Unternehmens führung Karlsruher Institut für Technologie (KIT) Karlsruhe Deutschland
dc.contributor.departmentUniversity of Marburg - School of Business & Economics; University of Marburg - Marburg Centre for Institutional Economics (MACIE)
dc.contributor.departmentCopenhagen Business School - Department of International Economics and Management
dc.contributor.departmentHHL Leipzig Graduate School of Management - Department of Finance
dc.identifier.eissn1810-5467
vlerick.typearticleJournal article
vlerick.vlerickdepartmentEGS
dc.identifier.vperid242144


This item appears in the following Collection(s)

Show simple item record