Abstract
Following will be a brief description of the sample selection process and the sample itself. This will explain how we went about choosing the sample, giving a justification and determining how much data are eventually available.
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Industrial, manufacturing and non-financial shall be used interchangeably and includes companies in all sectors except banking, insurance, real-estate or investment management. Thus, retail and service companies are included.
Majority means here majority of the voting shares, not necessarily of the capital.
See Section 4.2.2.
See, for example, Böhmer and Löffler (1997) who find different reactions to different event dates during the phase of an acquisition. See Section 4.5.3 for a review of that study.
Wertpapierkennummer.
Beherrschungs- und Gewinnabführungsvertrag. German companies frequently enter contracts where one company fully foregoes claims on decision power or profits in favor of another company. See §291 — §318 AktG (German Corporate Law) for the legal mecanics of a control- and profit-delivering-contract.
Heimatbörse.
No company has at the same time a guaranteed dividend and only non-voting shares trades.
See Chapter 2 for a discussion on what rights the different ownership stages (50+, 75 and 95%) grant.
There are 54 time series because Bavaria St. Pauli Brauerei was sold twice, and two companies — Leffers AG and Kennametal Hertel AG — have preferred as well as common shares listed.
As of March 1996.
See Böhmer and Löffler (1997) and Gerke, Garz, and Oerke (1995) for two different methods in arriving at the first announcement date. Böhmer and Löffler (1997) claim that their data base search is as comprehensive and complete as Gerke et al. (1995)’s manual search in arriving at their sample but that a residual uncertainty remains.
The other sectors are: Banks, Insurance Companies, Investment Companies (includes Real Estate), and Mortgage Banks which were not used by definition. Automobiles and Textile did not generate any series.
Brown and Warner (1985) find that equally weighted indices yielded similar results.
Source: Fact Book 1995, Deutsche Börse AG, and own analysis.
All market capitalization figures were provided by Herausgebergemeinschaft WERTPAPIER-MITTEILUNGEN. Market capitalization data is as of December 29, 1995.
Barmag, the smallest M-Dax company at the time, with a market value of DM 268 MM would be ranked number 262 of all German publicly listed AGs as of the end of 1995.
Brown and Warner (1985) find that continuously compounded returns yielded similar results. See Barber and Lyon (1997) for an argument to using simple rather than continuously compounded returns.
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© 1999 Springer Fachmedien Wiesbaden
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Scheller, K.R. (1999). Sample Design and Description. In: Performance of Corporate Acquisitions over the Medium Term in Germany. Deutscher Universitätsverlag, Wiesbaden. https://doi.org/10.1007/978-3-663-08842-4_5
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DOI: https://doi.org/10.1007/978-3-663-08842-4_5
Publisher Name: Deutscher Universitätsverlag, Wiesbaden
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