| 来源类型 | FEEM working papers "Note di lavoro" series
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| 规范类型 | 论文
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| Transparency of Ownership and Control in Germany |
| Ekkehart Boehmer; Marco Becht
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| 发表日期 | 1999
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| 出处 | Economy and Society
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| 出版年 | 1999
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| 语种 | 英语
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| 摘要 | We first analyse legal provisions relating to corporate transparency in Germany. We show that despite the new securities trading law (WpHG) of 1995, the practical efficacy of disclosure regulation is very low. On the one hand, the formation of business groups involving less regulated legal forms as intermediate layers can substantially reduce transparency. On the other hand, the implementation of the law is not practical and not very effective. We illustrate these arguments using several examples of WpHG filings. To illustrate the importance of transparency, we show next that German capital markets are dominated by few large firms accounting for most of the market's capitalisation and trading volume. Moreover, the concentration of control is very high. First, 85% of all officially listed AGs have a dominant shareholder (controlling more than 25% of the voting rights). Second, few large blockholders control several deciding voting blocks in listed corporations, while the majority controls only one block. |
| 特色分类 | G34,K22,G21
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| 关键词 | Ownership,Control,Germany
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| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/transparency-of-ownership-and-control-in-germany/
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| 来源智库 | Fondazione Eni Enrico Mattei (Italy)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116448
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推荐引用方式
GB/T 7714 |
Ekkehart Boehmer,Marco Becht. Transparency of Ownership and Control in Germany. 1999.
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文件名：
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NDL1999-056.pdf
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格式：
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Adobe PDF
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