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

Listed author(s):
  • 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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File URL: http://notas-economicas.fe.uc.pt/texts/ne027n0191.pdf
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Article provided by Faculty of Economics, University of 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. 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.
  2. repec:hrv:faseco:30728046 is not listed on IDEAS
  3. 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.
  4. 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.
  5. Marco Becht, 2004. "Reciprocity in takeovers," ULB Institutional Repository 2013/13326, ULB -- Universite Libre de Bruxelles.
  6. 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.
  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. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
  9. 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.
  10. repec:hrv:faseco:30728041 is not listed on IDEAS
  11. repec:hrv:faseco:30747162 is not listed on IDEAS
  12. Vives,Xavier (ed.), 2006. "Corporate Governance," Cambridge Books, Cambridge University Press, number 9780521032032, September.
  13. Menjucq Michel, 2006. "The European Regime on Takeovers," European Company and Financial Law Review, De Gruyter, vol. 3(2), pages 222-236, June.
  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.
  15. Jensen, Michael C, 1988. "Takeovers: Their Causes and Consequences," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 21-48, Winter.
  16. 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.
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