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Corporate Governance and Expected Stock Returns: Empirical Evidence from Germany

Corporate Governance and Expected Stock Returns: Empirical Evidence from Germany

Paperback

ManagementShakespeare

ISBN10: 3824478889
ISBN13: 9783824478880
Publisher: Deutscher Universitatsverlag
Published: Aug 28 2003
Pages: 190
Weight: 0.58
Height: 0.46 Width: 5.83 Depth: 8.27
Language: German
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.

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