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Germany, Inc.


Public companies with securities listed at stock exchanges are subject to stringent disclosure requirements and also attract much interest from investors, analysts, and commercial data providers. As a consequence, plenty of data tends to be available for public companies and much empirical research has been conducted in corporate finance, accounting, and economics. The available evidence, however, tends to focus on the U.S.—the world’s preeminent stock market—and is also often not guided by the specific research interests of legal scholars. While much empirical legal research has already been conducted at the University of Jena, the project seeks to build a comprehensive panel dataset of German listed companies with a particular emphasis on legal and regulatory aspects. The emerging database is being used to study the development of German stock markets and public companies over the course of the past decades. Particular emphasis is put on the determinants and consequences of influential and controlling shareholders, including the role of listed companies as subsidiaries in corporate groups.

FUELS members: Andreas Engert, Eva Helms, Johannes Jiang, Linus Saurenbach

FUELS Working Paper #1: Andreas Engert/Tim Florstedt, Which Related Party Transactions Should Be Subject to Ex Ante Review? Evidence from Germany, March 2019