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The Origins of the German Corporation - Finance, Ownership and ControlJulian R. FranksLondon Business School; Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI) Colin MayerUniversity of Oxford - Said Business School; Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI) Hannes F. WagnerBocconi University - Department of Finance; Bocconi University - IGIER - Innocenzo Gasparini Institute for Economic Research August 30, 2005 ECGI - Finance Working Paper No. 110/2005 AFA 2006 Boston Meetings Paper EFA 2005 Moscow Meetings Paper Review of Finance, Vol. 10, No. 4, pp. 537-585, 2006 Abstract: The ownership of German corporations is quite different today from that of Anglo-American firms. How did this come about? To what extent is it attributable to regulation? A specially constructed data set on financing and ownership of German corporations from the end of the 19th century reveals that, as in the UK, there was a high degree of activity on German stock markets with firms issuing equity in preference to borrowing from banks, and insider and family ownership declining rapidly. However, unlike in the UK, other companies and banks emerged as the main holders of equity, with banks holding shares primarily as custodians of other investors rather than on their own account. The changing pattern of ownership concentration was therefore very different from that of the UK with regulation reinforcing the control that banks exercised on behalf of other investors.
Number of Pages in PDF File: 60 Keywords: Evolution of ownership, German stock markets, financial regulation JEL Classification: G32, N23, N24 working papers seriesDate posted: March 23, 2005 ; Last revised: June 25, 2008Suggested CitationContact Information
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