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Extra resources for Equity Ownership and Performance: An Empirical Study of German Traded Companies (Contributions to Economics)
309] and Jensen/Smith [1985, p. 97]. See Bushee [1998, p. 309] and Jensen/Smith [1985, p. 97]. In the shareholder-management conﬂict these might include the application of certain accounting standards [Jensen/Smith 1985, p. 126], the creation of a positive reputation [Spremann 1988, p. 619] or the fulﬁllment of the German Corporate Governance Code [Bassen et al. 2000]. See Coase [1937, pp. 390-391], Jensen/Meckling [1976, p. 308], and Jensen/Smith [1985, p. 97]. See Jensen/Meckling [1976, p. 308].
1968], Palmer by shareholders’ equity [1973b], Short/Keasey  Return on assets (ROA) Earnings before interest expenses and taxes (ebit) divided by total assets Denis/Denis , Himmelberg et al. , Kole , Mehran , Oswald/Jahera Jr.  Return on investment (ROI) Earnings divided by value of equity plus long-term debt Earnings divided by number of outstanding shares Gugler et al. [2003a, 2004], Schellenger et al.  Earnings per share (EPS) Kesner , Kim et al.
2003, pp. 550-551]. 32 2 Basic Aspects of Ownership Structure and Performance the value of its parts. Both over- and undervaluation should be regulated by the market in the long run, thus the company is priced at its reproduction costs. 68 However, since the Tobin’s Q reﬂects the over- and undervaluation and markets can be over- or undervaluated as total, the Tobin’s Q in practice also depends on the general market valuation and therefore the economic situation. 5. 0 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 Fig.