Chapter

Investor Protection and Capital Market Regulation in Germany

Eric Nowak

in The German Financial System

Published in print March 2004 | ISBN: 9780199253166
Published online January 2005 | e-ISBN: 9780191601651 | DOI: http://dx.doi.org/10.1093/0199253161.003.0013
 Investor Protection and Capital Market Regulation in Germany

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La Porta et al . have shown that differences among countries in legal codes and enforcement of investor protection account for much of the disparity in the size and development of their financial markets. According to their empirical measure of shareholder protection, Germany scores only one out of five possible points on an aggregated index scale.

This chapter argues that this assessment is no longer correct, because Germany has reformed its capital market regulation in ways that now afford much greater shareholder protection. In four sections, the chapter examines these developments and their effect on changes in corporate governance and investor protection to date.

Keywords: capital market regulation; corporate governance; investor protection; law and finance; takeover regulation

Chapter.  10982 words. 

Subjects: Financial Markets

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