haku: @author Mayer, C. / yhteensä: 22
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| Tekijä: | Franks, J. Mayer, C. Wagner, H.F. |
| Otsikko: | The origins of the German corporation - Finance, ownership and control |
| Lehti: | Review of finance
2006 : VOL. 10:4, p. 537-585 |
| Asiasana: | finance companies stock ownership history Germany United Kingdom |
| Kieli: | eng |
| Tiivistelmä: | The ownership (henceforth as: o-ship.) of German (as: G.) corporations differs quite a lot from that of Anglo-American (as: A-A.) firms. It is asked, among others, why is that so? Based on a data set on G. company financing and o-ship. from the 19th to the 20th century, it is found that, as in the U.K., there was a high degree of activity on G. stock markets with firms issuing equity in preference to borrowing from banks, and insider and family o-ship. declining. However, unlike in the U.K., other companies and banks emerged as the main holders of equity, with banks holding shares primarily as other investors' custodians instead of their own account. The changing pattern of o-ship. concentration was therefore very different from that of the U.K. |
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