Kapitalstrukturen börsennotierter Aktiengesellschaften - Deutschland und USA im Vergleich

Kapitalstruktur; Ländervergleich

Hole depletion and localization due to disorder in insulating PrBa2Cu3O7-d: a Compton scattering study

The (mostly) insulating behaviour of PrBa2Cu3O7-d is still unexplained and even more interesting since the occasional appearance of superconductivity in this material. Since YBa2Cu3O7-d is nominally iso-structural and always superconducting, we have measured the electron momentum density in these materials. We find that they differ in a striking way, the wavefunction coherence length in PrBa2Cu3O7-d being strongly suppressed. We conclude that Pr on Ba-site substitution disorder is responsible for the metal-insulator transition. Preliminary efforts at growth with a method to prevent disorder yield 90K superconducting PrBa2Cu3O7-d crystallites.Comment: 4 pages, 3 figures, revised version submitted to PR

Financial distress, corporate control, and management turnover

We empirically investigate the effect of financial distress on corporate ownership and control. Our analysis is based on a panel of 267 German firms that suffered from repeated interest coverage shortfalls between 1996 and 2004. We track each firm’s development over the distress cycle with particular attention to corporate ownership, restructuring, and management turnover. We find a significant decrease in ownership concentration. Private investors gradually give up their dominating role and thereby cease to be an effective source of managerial control. By contrast, ownership representation by banks and outside investors almost doubles. Shareholdings by executive and non-executive directors also substantially increase but have no effect on managerial tenure. Forced management turnover is mostly initiated by outside investors and banks and often occurs subsequent to debt restructurings, block investments, and takeovers

Kapitalstrukturen börsennotierter Aktiengesellschaften: Deutschland und USA im Vergleich

Existing comparative evidence on corporate capital structure decisions in the U.S. and Germany traditionally reveals that German firms chose substantially higher levels of debt financing. Within the past years, however, Germany has experienced repeated initiatives by both legislative and regulatory bodies to promote equity finance. This paper tries to shed first light on how these initiatives affect the debt-equity-decision of German corporations and whether a convergence of German leverage levels to Anglo-American financing patterns can be observed. For this purpose we compare capital structures for a panel of U.S. and German public corporations over the past 10 years. The obtained evidence suggests that aggregate leverage ratios do indeed converge. Yet this development is primarily driven by recent German IPOs which seem to respond to the revamped institutional setting by choosing higher levels of equity. Established German corporations, by contrast, do not seem to have systematically adapted their financing patterns over the past decade. Bisherige Evidenz über Kapitalstrukturunterschiede zwischen Deutschland und den USA deutet auf eine durchschnittlich höhere Verschuldung deutscher Unternehmen hin. Die vergangenen Jahre waren in Deutschland jedoch durch eine Förderung der Eigenkapitalfinanzierung seitens des deutschen Gesetzgebers und der Regulierungsbehörden geprägt. Die vorliegende Arbeit untersucht, inwieweit sich diese Änderungen tatsächlich auf den Verschuldungsgrad deutscher Unternehmen auswirken und ob es zu einer Annäherung an amerikanische Unternehmen kommt. Zu diesem Zweck werden durchschnittliche Verschuldungsgrade von US-amerikanischen und deutschen börsennotierten Gesellschaften über einen Zeitraum von 10 Jahren verglichen. Die Untersuchung zeigt, dass diese Änderungen vor allem den Verschuldungsgrad von Unternehmen beeinflusst haben, die erst in den letzten Jahren an einer deutschen Börse notiert wurden. Bei am deutschen Kapitalmarkt etablierten Unternehmen hingegen lässt sich keine aufgrund der neuen Rahmenbedingungen vorgenommene Anpassung der Verschuldungspolitik erkennen.

Financial distress, corporate control, and management turnover

We empirically investigate the effect of financial distress on corporate ownership and control. Our analysis is based on a panel of 267 German firms that suffered from repeated interest coverage shortfalls between 1996 and 2004. We track each firm's development over the distress cycle with particular attention to corporate ownership, restructuring, and management turnover. We find a significant decrease in ownership concentration. Private investors gradually give up their dominating role and thereby cease to be an effective source of managerial control. By contrast, ownership representation by banks and outside investors almost doubles. Shareholdings by executive and non-executive directors also substantially increase but have no effect on managerial tenure. Forced management turnover is mostly initiated by outside investors and banks and often occurs subsequent to debt restructurings, block investments, and takeovers.Corporate control Financial distress Restructuring