Corporate governance and expected stock returns : empirical evidence from Germany
Author(s)
Bibliographic Information
Corporate governance and expected stock returns : empirical evidence from Germany
(Gabler Edition Wissenschaft)
Deutscher Universitäts-Verlag, 2003
Available at 7 libraries
  Aomori
  Iwate
  Miyagi
  Akita
  Yamagata
  Fukushima
  Ibaraki
  Tochigi
  Gunma
  Saitama
  Chiba
  Tokyo
  Kanagawa
  Niigata
  Toyama
  Ishikawa
  Fukui
  Yamanashi
  Nagano
  Gifu
  Shizuoka
  Aichi
  Mie
  Shiga
  Kyoto
  Osaka
  Hyogo
  Nara
  Wakayama
  Tottori
  Shimane
  Okayama
  Hiroshima
  Yamaguchi
  Tokushima
  Kagawa
  Ehime
  Kochi
  Fukuoka
  Saga
  Nagasaki
  Kumamoto
  Oita
  Miyazaki
  Kagoshima
  Okinawa
  Korea
  China
  Thailand
  United Kingdom
  Germany
  Switzerland
  France
  Belgium
  Netherlands
  Sweden
  Norway
  United States of America
Note
Originally presented as the author's thesis (doctoral)--Wissenschaftliche Hochschule für Unternehmensführung, Vallendar, 2003
Includes bibliographical references (p. 173-188) and index
Description and Table of Contents
Description
Based on his Corporate Governance Rating (CGR) for German firms, Andreas Schillhofer 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.
Table of Contents
Theoretical and conceptual framework
Governance mechanisms and firm performance
Modeling governance as a reward for risk
Empirical evidence on the relationship between corporate governance and expected returns on equity
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