Changing Patterns of Corporate Disclosure in Continental Europe: The Example of Germany

Changing Patterns of Corporate Disclosure in Continental Europe: The Example of Germany

Theodor Baums

Series number :

Serial Number: 
004/2002

Date posted :

October 01 2002

Last revised :

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Keywords

  • corporate disclosure • 
  • mandatory disclosure • 
  • market transparency • 
  • ownership structure • 
  • German Law

This article presents a structural overview of corporate disclosure in Germany against the background of a rapidly evolving European market. It fi rst makes the theoretical case for mandatory disclosure and outlines the standard, regulatory elements market transparency.

It then turns to German law and illustrates both how it attempts to meet the principle, theoretical demands of disclosure and how it should be improved. The article also presents in some detail the actual channels of corporate disclosure used in Germany and the manner in which German law now fi ts into the overall development of the broader, European Community scheme, as well as the contemplated changes and improvements both at the national and the supranational level.

Authors

Real name: 
Fellow, Research Member
Johann Wolfgang Goethe University, Frankfurt am Main