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Corporate Governance and Expected Stock Returns

Empirical Evidence from Germany

Authors: Schillhofer, Andreas

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About this book

In the wake of several high profile corporate collapses the discussion about corporate governance has intensified and professional investors have become more conscious of their rights of control in the portfolio companies. Whereas Anglo-American authors have done excellent work on the relationship between corporate governance and firm valuation, there is little empirical evidence on this topic in Germany. But recent works suggest that a stricter legal environment leads to lower expected rates of return in an international cross-section of countries.

Andreas Schillhofer investigates whether differences in firm-specific corporate governance also help to explain expected returns in a cross-section of firms within a single jurisdiction. Based on his Corporate Governance Rating (CGR) for German firms, the author documents a positive relationship between the CGR and firm value. In addition, there is strong evidence that expected returns are negatively correlated with the CGR if dividend yields and price-earnings ratios are used as proxies for the cost of capital.

About the authors

Dr. Andreas Schillhofer promovierte bei Prof. Dr. Heinz Zimmermann am Lehrstuhl für Internationale Unternehmensfinanzierung der Wissenschaftlichen Hochschule für Unternehmensführung (WHU) in Vallendar. Er ist derzeit als Investmentbanker bei Greenhill & Co. in London tätig.

Table of contents (7 chapters)

Table of contents (7 chapters)

Buy this book

eBook $79.95
price for USA in USD (gross)
  • ISBN 978-3-322-81560-6
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $69.99
price for USA in USD
  • ISBN 978-3-8244-7888-0
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Corporate Governance and Expected Stock Returns
Book Subtitle
Empirical Evidence from Germany
Authors
Copyright
2003
Publisher
Deutscher Universitätsverlag
Copyright Holder
Deutscher Universitäts-Verlag/GWV Fachverlage GmbH, Wiesbaden
eBook ISBN
978-3-322-81560-6
DOI
10.1007/978-3-322-81560-6
Softcover ISBN
978-3-8244-7888-0
Edition Number
1
Number of Pages
XXII, 190
Number of Illustrations
9 b/w illustrations
Topics