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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/3228| Title: | Germany's capital market and corporate governance |
| Keywords: | G3 ddc:330 Banking system , capital market , corporate governance Finanzmarkt Finanzsektor Bankensystem Corporate Governance Bank Deutschland |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Kiel Institute for the World Economy (IfW) Kiel |
| Description: | Germany?s capital market relies on bank-intermediated products and not so much on capital market processes. Two of the pillars in Germany?s three-pillar banking system, the savings banks and the cooperative banks, have special statutes and are not exposed to the control of the capital market through the usual threat of a change in ownership. Savings banks enjoy public guarantees. In the financing of firms, bank credits are far more important relative to market products - equity and bonds - than in the Anglo-Saxon countries. Moreover, banks so far have had a dominating position in corporate control through their holdings and their votes in the supervisory board in Germany?s two-tier system of corporate governance. In this system block holdings are a relevant element. With the banks themselves under the pressure of changed international conditions, the German system of corporate control has yet to prove its viability. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/3228 |
| Other Identifiers: | Kiel working paper Institut für Weltwirtschaft, Kiel 1206 http://hdl.handle.net/10419/3228 ppn:387368973 ppn:387368973 |
| Appears in Collections: | EconStor |
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