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Takeover laws and financial development

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  • Nenova, Tatiana

Abstract

The issue of"an appropriate"legal framework, especially in the case of the takeover market, has been poorly studied in the case of emerging markets, yet it is of immediate relevance and practical policymaker interest. The study makes a first attempt to analyze takeover regulations in a comparative context across 50 countries. It proposes a methodology to create a detailed index on the most salient features of capital market laws, and illustrates the approach on the case of takeover legislation. The methodology allows better understanding of the impact of laws on markets and development, allows a detailed quantification of a given regulation, in this casetakeover market rules, and helps determine relevant policy implications. Specifically, the framework permits the exploration of the effects of individual regulations, their substitutability and interplay, as well as the overall extent of friendliness of the laws to investors, or particular groups thereof (such as minority shareholders), and the links of specialized regulation with the overall legal system. Finally, the study explores the effect of the investor-friendliness of takeover laws on stock market development.

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  • Nenova, Tatiana, 2006. "Takeover laws and financial development," Policy Research Working Paper Series 4029, The World Bank.
    • Handle: RePEc:wbk:wbrwps:4029
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    8. Gu, Xian & Kowalewski, Oskar, 2014. "Law and Structure of the Capital Markets," Working Papers 14-20, University of Pennsylvania, Wharton School, Weiss Center.
    9. Lee, Ji Hye & Byun, Hee Sub & Park, Kyung Suh, 2019. "How does product market competition affect corporate takeover in an emerging economy?," International Review of Economics & Finance, Elsevier, vol. 60(C), pages 26-45.
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    11. Gordon M. Phillips & Alexei Zhdanov, 2017. "Venture Capital Investments and Merger and Acquisition Activity Around the World," NBER Working Papers 24082, National Bureau of Economic Research, Inc.
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    14. Imran Yousaf & Arshad Hassan, 2016. "Effect of Family Control on Corporate Financing Decisions: A Case of Pakistan," PIDE-Working Papers 2016:138, Pakistan Institute of Development Economics.
    15. Giofré, Maela, 2013. "Investor protection rights and foreign investment," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 506-526.
    16. Jandik, Tomas & Lallemand, Justin & McCumber, William, 2017. "The value implications of target debt issuance in withdrawn takeovers: What role do country-specific M&A regulations play?," Journal of Multinational Financial Management, Elsevier, vol. 40(C), pages 14-32.
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    19. Maung, Min & Tang, Zhenyang & Wilson, Craig & Xu, Xiaowei, 2021. "Religion, risk aversion, and cross border mergers and acquisitions," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 70(C).

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