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The German Financial System$
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Jan P. Krahnen and Reinhard H. Schmidt

Print publication date: 2004

Print ISBN-13: 9780199253166

Published to Oxford Scholarship Online: January 2005

DOI: 10.1093/0199253161.001.0001

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Investor Protection and Capital Market Regulation in Germany

Investor Protection and Capital Market Regulation in Germany

(p.425) 13 Investor Protection and Capital Market Regulation in Germany
The German Financial System

Eric Nowak

Oxford University Press

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

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