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Shareholder Protection, Stock Markets and Cross-Border Mergers

Author

Listed:
  • Frederick S. Ahiabor
  • Gregory A. James
  • Frank O. Kwabi
  • Mathias M. Siems
  • Centre for Business Research

Abstract

This paper is the first one that uses a panel data of different types of shareholder protection in order to examine (i) the effect of such laws on stock market development and (ii) the convergence of shareholder protection laws through cross-border mergers and acquisitions. We find significant results for enabling laws but less so for paternalistic ones.

Suggested Citation

  • Frederick S. Ahiabor & Gregory A. James & Frank O. Kwabi & Mathias M. Siems & Centre for Business Research, 2018. "Shareholder Protection, Stock Markets and Cross-Border Mergers," Working Papers wp509, Centre for Business Research, University of Cambridge.
  • Handle: RePEc:cbr:cbrwps:wp509
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    References listed on IDEAS

    as
    1. Mitchell A. Petersen, 2009. "Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches," Review of Financial Studies, Society for Financial Studies, vol. 22(1), pages 435-480, January.
    2. Djankov, Simeon & La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei, 2008. "The law and economics of self-dealing," Journal of Financial Economics, Elsevier, vol. 88(3), pages 430-465, June.
    3. Deakin, Simon & Sarkar, Prabirjit & Siems, Mathias, 2018. "Is There a Relationship Between Shareholder Protection and Stock Market Development?," Journal of Law, Finance, and Accounting, now publishers, vol. 3(1), pages 115-146, May.
    4. Dionysia Katelouzou & Mathias Siems, 2015. "Disappearing Paradigms in Shareholder Protection: Leximetric Evidence for 30 Countries, 1990-2013," Working Papers wp467, Centre for Business Research, University of Cambridge.
    5. Marco Pagano & Paolo Volpin, 2006. "Alfred Marshall Lecture Shareholder Protection, Stock Market Development, and Politics," Journal of the European Economic Association, MIT Press, vol. 4(2-3), pages 315-341, 04-05.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Hao Wang & Yonghui Han & Jan Fidrmuc & Dongming Wei, 2020. "Confucius Institute, Belt and Road Initiative, and Internationalization," CESifo Working Paper Series 8467, CESifo.

    More about this item

    Keywords

    Law and finance; shareholder protection; corporate governance; corporate finance;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • P50 - Economic Systems - - Comparative Economic Systems - - - General

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