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

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  • Carlos F. Alves

    (CEMPRE – Faculdade de Economia, Universidade do Porto)

Abstract

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.

Suggested Citation

  • Carlos F. Alves, 2008. "O Efeito da Família Jurídica na Transposição da Directiva das Ofertas Públicas de Aquisição," Notas Económicas, Faculty of Economics, University of Coimbra, issue 27, pages 39-56, Jume.
    • Handle: RePEc:gmf:journl:y:2008:i:27:p:39-56
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    File URL: http://notas-economicas.fe.uc.pt/texts/ne027n0191.pdf
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    References listed on IDEAS

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    1. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2000. "Investor protection and corporate governance," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 3-27.
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    3. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    4. repec:hrv:faseco:30728046 is not listed on IDEAS
    5. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-1150, July.
    6. Andreas Freytag & Donato Masciandaro, 2005. "Financial Supervision Fragmentation and Central Bank Independence: The Two Sides of the Same Coin?," Jenaer Schriften zur Wirtschaftswissenschaft (Expired!) 14/2005, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät.
    7. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    8. Marco Becht, 2004. "Reciprocity in takeovers," ULB Institutional Repository 2013/13326, ULB -- Universite Libre de Bruxelles.
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    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. Vives,Xavier (ed.), 2006. "Corporate Governance," Cambridge Books, Cambridge University Press, number 9780521032032, December.
    12. Menjucq Michel, 2006. "The European Regime on Takeovers," European Company and Financial Law Review, De Gruyter, vol. 3(2), pages 222-236, June.
    13. 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, April.
    14. 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.
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