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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.

Suggested Citation

  • 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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    2. Hagendorff, Jens & Hernando, Ignacio & Nieto, Maria J. & Wall, Larry D., 2012. "What do premiums paid for bank M&As reflect? The case of the European Union," Journal of Banking & Finance, Elsevier, vol. 36(3), pages 749-759.
    3. Maung, Min & Shedden, Myles & Wang, Yuan & Wilson, Craig, 2019. "The investment environment and cross-border merger and acquisition premiums," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 59(C), pages 19-35.
    4. Giofré, Maela, 2013. "Investor protection rights and foreign investment," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 506-526.
    5. 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 "The value implications of target debt issuance in withdrawn takeovers: What role do country-specific M&A regulations play?," Journal of Multinational Financial Management, Elsevier, vol. 40(C), pages 14-32.
    6. Gu, Xian & Kowalewski, Oskar, 2016. "Creditor rights and the corporate bond market," Journal of International Money and Finance, Elsevier, vol. 67(C), pages 215-238.
    7. Assaf Eisdorfer & Amit Goyal & Alexei Zhdanov, 2018. "Distress Anomaly and Shareholder Risk: International Evidence," Financial Management, Financial Management Association International, vol. 47(3), pages 553-581, September.
    8. 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.
    9. Bennedsen, Morten & Nielsen, Kasper Meisner & Nielsen, Thomas Vester, 2012. "Private contracting and corporate governance: Evidence from the provision of tag-along rights in Brazil," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 904-918.
    10. 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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    Corporate Law; Economic Theory&Research; Investment and Investment Climate; Markets and Market Access; Small Scale Enterprise;
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