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O Efeito da Família Jurídica na Transposição da Directiva das Ofertas Públicas de Aquisição

  • Carlos F. Alves

    (CEMPRE – Faculdade de Economia, Universidade do Porto)

The Takeovers Directive conferred some degrees of freedom to the EU member countries. The real level of harmonization of the anti-takeover regimen after the transposition of the Directive was, concomitantly, reduced. This study investigates whether, in terms of investor protection, the hierarchy of legal systems established in La Porta et al. (1998) has had any impact on the transposition of the Directive. The paper concludes that countries of civil law of French origin chose solutions which were less favorable to the functioning of the market for corporate control. However, vis-à-vis countries with common law, countries with civilian law of Scandinavian or German origin chose solutions more favorable to the functioning of this market. Moreover, the paper finds evidence that countries made their choices in conformity with the importance of the respective stock markets.

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Article provided by Faculdade de Economia, Universidade de Coimbra in its journal Notas Económicas.

Volume (Year): (2008)
Issue (Month): 27 (Jume)
Pages: 39-56

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Handle: RePEc:gmf:journl:y:2008:i:27:p:39-56
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  1. Siems Mathias M., 2004. "The Rules on Conflict of Laws in the European Takeover Directive," European Company and Financial Law Review, De Gruyter, vol. 1(4), pages 458-476, December.
  2. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June.
  3. Marco Becht, 2004. "Reciprocity in takeovers," ULB Institutional Repository 2013/13326, ULB -- Universite Libre de Bruxelles.
  4. Menjucq Michel, 2006. "The European Regime on Takeovers," European Company and Financial Law Review, De Gruyter, vol. 3(2), pages 222-236, June.
  5. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," NBER Working Papers 5879, National Bureau of Economic Research, Inc.
  6. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04.
  7. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
  8. Andreas Freytag & Donato Masciandaro, 2005. "Financial Supervision Fragmentation and Central Bank Independence: The Two Sides of the Same Coin?," Jenaer Schriften zur Wirtschaftswissenschaft 14/2005, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät.
  9. Jensen, Michael C, 1988. "Takeovers: Their Causes and Consequences," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 21-48, Winter.
  10. Franks, Julian & Mayer, Colin, 1996. "Hostile takeovers and the correction of managerial failure," Journal of Financial Economics, Elsevier, vol. 40(1), pages 163-181, January.
  11. repec:cup:cbooks:9780521032032 is not listed on IDEAS
  12. Franks, Julian & Mayer, Colin, 1998. "Bank control, takeovers and corporate governance in Germany," Journal of Banking & Finance, Elsevier, vol. 22(10-11), pages 1385-1403, October.
  13. La Porta, Rafael & Lopez-de-Silanes, Florencio & Schleifer, Andrei & Vishny, Robert, 2001. "Investor Protection and Corporate Governance," Working Paper Series rwp01-017, Harvard University, John F. Kennedy School of Government.
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