{"id":"https://openalex.org/W2097985880","doi":"https://doi.org/10.1111/j.1755-053x.2008.00025.x","title":"How Preussag Became TUI: A Clinical Study of Institutional Blockholders and Restructuring in Europe","display_name":"How Preussag Became TUI: A Clinical Study of Institutional Blockholders and Restructuring in Europe","publication_year":2008,"publication_date":"2008-08-25","ids":{"openalex":"https://openalex.org/W2097985880","doi":"https://doi.org/10.1111/j.1755-053x.2008.00025.x","mag":"2097985880"},"language":"en","primary_location":{"id":"doi:10.1111/j.1755-053x.2008.00025.x","doi":"https://doi.org/10.1111/j.1755-053x.2008.00025.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1755-053x.2008.00025.x","pdf_url":null,"source":{"id":"https://openalex.org/S157946625","display_name":"Financial Management","issn_l":"0046-3892","issn":["0046-3892","1755-053X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Management","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5063802700","display_name":"Ingolf Dittmann A","orcid":"https://orcid.org/0000-0001-7681-9336","observed_orcids":["https://orcid.org/0000-0001-7681-9336"]},"institutions":[{"id":"https://openalex.org/I913958620","display_name":"Erasmus University Rotterdam","ror":"https://ror.org/057w15z03","country_code":"NL","type":"education","lineage":["https://openalex.org/I913958620"]}],"countries":["NL"],"is_corresponding":false,"raw_author_name":"Ingolf Dittmann","raw_affiliation_strings":["Ingolf Dittmann is Professor of Corporate Governance at Erasmus University Rotterdam, Netherlands"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Ingolf Dittmann is Professor of Corporate Governance at Erasmus University Rotterdam, Netherlands","institution_ids":["https://openalex.org/I913958620"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5086592286","display_name":"Ernst G. Maug","orcid":"https://orcid.org/0000-0002-2866-6926","observed_orcids":["https://orcid.org/0000-0002-2866-6926"]},"institutions":[{"id":"https://openalex.org/I177802217","display_name":"University of Mannheim","ror":"https://ror.org/031bsb921","country_code":"DE","type":"education","lineage":["https://openalex.org/I177802217"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Ernst Maug","raw_affiliation_strings":["Ernst Maug is Professor of Corporate Finance at the University of Mannheim, Germany"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Ernst Maug is Professor of Corporate Finance at the University of Mannheim, Germany","institution_ids":["https://openalex.org/I177802217"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5072584718","display_name":"Christoph L. Schneider","orcid":"https://orcid.org/0000-0002-4264-2058","observed_orcids":["https://orcid.org/0000-0002-4264-2058"]},"institutions":[{"id":"https://openalex.org/I177802217","display_name":"University of Mannheim","ror":"https://ror.org/031bsb921","country_code":"DE","type":"education","lineage":["https://openalex.org/I177802217"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Christoph Schneider","raw_affiliation_strings":["Christoph Schneider is PhD Student in Finance at the University of Mannheim, Germany"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Christoph Schneider is PhD Student in Finance at the University of Mannheim, Germany","institution_ids":["https://openalex.org/I177802217"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":2850,"currency":"USD","value_usd":2850},"apc_paid":null,"fwci":4.35,"has_fulltext":false,"cited_by_count":16,"citation_normalized_percentile":{"value":0.95916551,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":96},"biblio":{"volume":"37","issue":"3","first_page":"571","last_page":"598"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9980000257492065,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9980000257492065,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.0013000000035390258,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/tui","display_name":"Tui","score":0.9729999899864197},{"id":"https://openalex.org/keywords/institutional-blockholders","display_name":"institutional blockholders","score":0.7730000019073486},{"id":"https://openalex.org/keywords/corporate-restructuring","display_name":"corporate restructuring","score":0.800000011920929},{"id":"https://openalex.org/keywords/divestment","display_name":"divestiture","score":0.9200000166893005},{"id":"https://openalex.org/keywords/conglomerate-diversification","display_name":"conglomerate diversification","score":0.7639999985694885},{"id":"https://openalex.org/keywords/acquisition-premiums","display_name":"acquisition premiums","score":0.6010000109672546},{"id":"https://openalex.org/keywords/corporate-governance","display_name":"corporate governance","score":0.7379999756813049},{"id":"https://openalex.org/keywords/tourism-industry","display_name":"tourism industry","score":0.4580000042915344}],"concepts":[{"id":"https://openalex.org/C181190989","wikidata":"https://www.wikidata.org/wiki/Q1200733","display_name":"Divestment","level":2,"score":0.9428931474685669},{"id":"https://openalex.org/C45237549","wikidata":"https://www.wikidata.org/wiki/Q1376796","display_name":"Restructuring","level":2,"score":0.8908329606056213},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.6221123337745667},{"id":"https://openalex.org/C18918823","wikidata":"https://www.wikidata.org/wiki/Q49389","display_name":"Tourism","level":2,"score":0.6087221503257751},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6080073118209839},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.5203713774681091},{"id":"https://openalex.org/C154775046","wikidata":"https://www.wikidata.org/wiki/Q188","display_name":"German","level":2,"score":0.49674898386001587},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.47141405940055847},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.46714162826538086},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.44041967391967773},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.42534181475639343},{"id":"https://openalex.org/C2986652750","wikidata":"https://www.wikidata.org/wiki/Q11700776","display_name":"Value creation","level":2,"score":0.4116729497909546},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.32630836963653564},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.2936503291130066},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.28180229663848877},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.09743812680244446},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.1111/j.1755-053x.2008.00025.x","doi":"https://doi.org/10.1111/j.1755-053x.2008.00025.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1755-053x.2008.00025.x","pdf_url":null,"source":{"id":"https://openalex.org/S157946625","display_name":"Financial Management","issn_l":"0046-3892","issn":["0046-3892","1755-053X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Management","raw_type":"journal-article"},{"id":"pmh:oai:pure.eur.nl:openaire_cris_publications/7289ec5f-d873-4cee-ac8a-351a4ea87ffd","doi":null,"is_oa":false,"landing_page_url":"https://pure.eur.nl/en/publications/7289ec5f-d873-4cee-ac8a-351a4ea87ffd","pdf_url":null,"source":{"id":"https://openalex.org/S4306401266","display_name":"EUR Research Repository (Erasmus University Rotterdam)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I913958620","host_organization_name":"Erasmus University Rotterdam","host_organization_lineage":["https://openalex.org/I913958620"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Dittmann, I, Maug, EG & Schneider, C 2008, 'How Preussag became TUI: A clinical study of institutional blockholders and restructuring in Europe', Financial Management - FM, vol. 37, no. 3, pp. 571-598. https://doi.org/10.1111/j.1755-053X.2008.00025.x","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:eur:oai:pure.eur.nl:publications/7289ec5f-d873-4cee-ac8a-351a4ea87ffd","doi":null,"is_oa":false,"landing_page_url":"https://pure.eur.nl/en/publications/7289ec5f-d873-4cee-ac8a-351a4ea87ffd","pdf_url":null,"source":{"id":"https://openalex.org/S4306401266","display_name":"EUR Research Repository (Erasmus University Rotterdam)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I913958620","host_organization_name":"Erasmus University Rotterdam","host_organization_lineage":["https://openalex.org/I913958620"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Financial Management - FM, 37(3), 571 - 598. Wiley-Blackwell","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:RePEc:bla:finmgt:v:37:y:2008:i:3:p:571-598","doi":null,"is_oa":false,"landing_page_url":"http://www.blackwell-synergy.com/doi/abs/10.1111/j.1755-053X.2008.00025.x","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"article"},{"id":"pmh:oai:ub-madoc.bib.uni-mannheim.de:24462","doi":null,"is_oa":false,"landing_page_url":"https://madoc.bib.uni-mannheim.de/24462/","pdf_url":null,"source":{"id":"https://openalex.org/S4377196315","display_name":"MADOC (University of Mannheim)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I177802217","host_organization_name":"University of Mannheim","host_organization_lineage":["https://openalex.org/I177802217"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Zeitschriftenartikel"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":62,"referenced_works":["https://openalex.org/W1481834968","https://openalex.org/W1524082215","https://openalex.org/W1524594951","https://openalex.org/W1537508325","https://openalex.org/W1545288154","https://openalex.org/W1551895083","https://openalex.org/W1967155871","https://openalex.org/W1975827002","https://openalex.org/W1992532149","https://openalex.org/W2014182748","https://openalex.org/W2017752325","https://openalex.org/W2021292353","https://openalex.org/W2024701722","https://openalex.org/W2030132760","https://openalex.org/W2031058843","https://openalex.org/W2053796142","https://openalex.org/W2054793259","https://openalex.org/W2057206151","https://openalex.org/W2066777296","https://openalex.org/W2068518527","https://openalex.org/W2069755915","https://openalex.org/W2072817834","https://openalex.org/W2074381739","https://openalex.org/W2081295692","https://openalex.org/W2094123754","https://openalex.org/W2095912707","https://openalex.org/W2100115382","https://openalex.org/W2107735123","https://openalex.org/W2108181565","https://openalex.org/W2110912943","https://openalex.org/W2115927074","https://openalex.org/W2135241016","https://openalex.org/W2136000353","https://openalex.org/W2136897754","https://openalex.org/W2160184254","https://openalex.org/W2160860931","https://openalex.org/W2168087771","https://openalex.org/W2170893298","https://openalex.org/W2170907645","https://openalex.org/W2323152377","https://openalex.org/W2325110464","https://openalex.org/W2996716151","https://openalex.org/W3021889044","https://openalex.org/W3121131820","https://openalex.org/W3121172874","https://openalex.org/W3121319487","https://openalex.org/W3121332075","https://openalex.org/W3121397750","https://openalex.org/W3121912094","https://openalex.org/W3122060417","https://openalex.org/W3122502280","https://openalex.org/W3122684442","https://openalex.org/W3122751847","https://openalex.org/W3123099527","https://openalex.org/W3123748565","https://openalex.org/W3124115147","https://openalex.org/W3124620510","https://openalex.org/W3125339883","https://openalex.org/W3125684456","https://openalex.org/W4232446970","https://openalex.org/W4251201909","https://openalex.org/W4254832804"],"related_works":["https://openalex.org/W3023790279","https://openalex.org/W7037133901","https://openalex.org/W1504908238","https://openalex.org/W2943769224","https://openalex.org/W2109344235","https://openalex.org/W7019646103","https://openalex.org/W1998543507","https://openalex.org/W3216677100","https://openalex.org/W2735940867","https://openalex.org/W2858433528"],"abstract_inverted_index":{"Between":[0],"1997":[1],"and":[2,24,33,62,85],"2004,":[3],"Preussag,":[4],"a":[5,17],"diversified":[6],"German":[7],"conglomerate":[8],"of":[9,93],"\u201cold":[10],"economy\u201d":[11],"businesses,":[12],"transformed":[13],"itself":[14],"into":[15],"TUI,":[16],"company":[18],"focused":[19],"almost":[20],"entirely":[21],"on":[22,88],"tourism":[23,59],"logistics.":[25],"We":[26,45],"analyze":[27],"how":[28,34,75],"Preussag":[29,67],"executed":[30],"this":[31],"change,":[32],"the":[35,42,49,54,64,79,89],"change":[36],"contributed":[37],"to":[38,56,83],"Preussag's":[39],"underperformance":[40],"in":[41,58],"stock":[43],"market.":[44],"find":[46],"that":[47,53,63],"only":[48],"divestitures":[50],"created":[51],"value,":[52,61],"strategy":[55],"invest":[57],"destroyed":[60],"acquisition":[65],"premiums":[66],"paid":[68],"were":[69],"mostly":[70],"unjustified.":[71],"The":[72],"case":[73],"shows":[74],"divestiture":[76],"programs":[77],"increase":[78],"liquid":[80],"resources":[81],"available":[82],"management":[84],"casts":[86],"doubt":[87],"positive":[90],"governance":[91],"role":[92],"institutional":[94],"blockholders.":[95]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2019,"cited_by_count":2},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":2}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}