Download or read book Legal investor protection and takeovers written by Mike Burkart and published by . This book was released on 2011 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We study the role of legal investor protection for the efficiency of the market for corporate control. Stronger legal investor protection limits the ease with which an acquirer, once in control, can extract private benefits at the expense of non-controlling investors. This, in turn, increases the acquirer's capacity to raise outside funds to finance the takeover. Absent effective competition for the target, the increased outside funding capacity does not make efficient takeovers more likely, however, because the bid price, and thus the acquirer's need for funds, increase in lockstep with his pledgeable income. In contrast, under effective competition, the increased outside funding capacity makes it less likely that the takeover outcome is determined by the bidders' financing constraintsâ??and thus by their internal fundsâ??and more likely that it is determined by their ability to create value. Accordingly, stronger legal investor protection can improve the efficiency of the takeover outcome. Taking into account the interaction between legal investor protection and financing constraints also provides new insights into the optimal allocation of voting rights, sales of controlling blocks, and the role of legal investor protection in cross-border M & A.
Download or read book The Law of Investor Protection written by Jonathan Fisher and published by Sweet & Maxwell. This book was released on 2003 with total page 734 pages. Available in PDF, EPUB and Kindle. Book excerpt: This series enables practitioners to stay up to date with litigation and developments in the field of entertainment law. Emphasis is placed on the practical implications of relevant legislative developments and the effects of technology on artists, rights owners and collecting societies
Download or read book Takeover Laws and Financial Development written by Tatiana Nenova and published by World Bank Publications. This book was released on 2006 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 case takeover 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.
Download or read book Investor Protection in Corporate Takeovers written by United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Commerce and Finance and published by . This book was released on 1970 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Investor Protection in Corporate Takeovers Increase in Regulation A Excemption Hearing Before the Subcommittee on Commerce and Finance 91 2 on H R 4285 S 3431 and S 336 October 12 1970 written by United States. Congress. House. Interstate and Foreign Commerce and published by . This book was released on 1970 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Impact of Investor Protection Law on Takeovers written by Jerry Cao and published by . This book was released on 2014 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of investor protection on the value creation of LBOs. We find that target shareholders' wealth gain is higher in countries with better investor protection. The impact of investor protection on takeover premium is larger for LBO than non-LBO transactions. We also find evidence suggesting that club LBOs are not priced lower than non-club deals after accounting for endogeneity problem. These results suggest that investor protection law may act as an important safeguard for minority shareholders in LBO transactions.
Download or read book Takeovers written by Meredith M. Brown and published by Wolters Kluwer. This book was released on 2010-01-01 with total page 882 pages. Available in PDF, EPUB and Kindle. Book excerpt: Demystify the takeover process with the straightforward guidance found in Aspen Publishersand’ Takeovers: A Strategic Guide to Mergers and Acquisitions, the definitive desk reference to managing the legal, regulatory, and economic aspects of todayand’s increasingly complex corporate combinations, including cross-border acquisitions. Using the expert insights in this guide to the takeover process, you will swiftly master the nomenclature, tempo of deal-making and techniques for closing in all types of business combinations.Takeovers: A Strategic Guide to Mergers and Acquisitions gives you a practical understanding of the critical procedures, issues, and laws both bidder and target corporations must consider, including: How tender offers are regulated Proxy contests The Hart-Scott-Rodino Act Strategic litigation Federal regulation of a targetand’s responses to a takeover Poison pills State takeover legislation Deal protections Directorsand’ duties Going private This updated Third Edition of Takeovers: A Strategic Guide to Mergers and Acquisitions expands the entire book with coverage of such topics as: Recent trends in mergers and acquisitions The impact of Rule 14d-10 on tender offers and proposed SEC amendments clarifying the rule Developments in insider trading law Proposed amendments to the proxy rules allowing delivery of proxy materials via the Internet Stockholder proposals relating to poison pills and majority voting Changes in the Hart- Scott-Rodino rules Political considerations in cross-border Mandamp;A and increased attention to the role of CFIUS How the Foreign Corrupt Practices Act and the USA Patriot Act have affected Mandamp;A Developments in the standards of judicial review applicable to director actions Developments relating to deal protection Changes in federal tax rules affecting business combinations
Download or read book Mergers and Acquisitions and Takeovers in China written by Cristiano Rizzi and published by Kluwer Law International B.V.. This book was released on 2012-07-01 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This hugely informative book - unique in its overarching emphasis on the laws governing M&As and takeovers in China - not only shows those interested in investing in China how to avoid legal mistakes and miscalculations. In addition to offering singular interpretive analysis of strictly legal matters, the authors concentrate extensively on the all-important cultural and environmental factors that can make business in China daunting for the uninitiated. Extending this double emphasis on cultural understanding and M&A and takeover expertise, the authors clearly explain such elements of how to enter the Chinese market (or expand a presence in it) as the following: concepts of guanxi and mienzi; understanding China’s rising middle class; valuation of state-owned assets; maximum permitted debt-to-equity ratios; key PRC government agencies involved in the approval of transactions; taxation framework for enterprise restructuring in China; employees as an asset; share swaps; prohibited trading activities when acquiring a listed company; legal framework for dispute resolution; administrative proceedings; liabilities for breach of contract; and responding to intellectual property rights abuse. The authors provide precise details on the characteristics of, and procedures involved in, the wide range of investment options available in China, with knowledgeable guidance on the choice of investment options and protection of investor interests. Because China is clearly a major global economic force and will continue to be so in the foreseeable future, this thorough but down-to earth guide is of immeasurable practical value to foreign investors of every kind, from multinational corporations to individual venture capitalists.
Download or read book The Law of Investor Protection written by Jonathan Fisher and published by . This book was released on 1997 with total page 567 pages. Available in PDF, EPUB and Kindle. Book excerpt: Coverage of the law which protects investors and regulates those involved in the investment industry. A review of each system for the regulation of the investment markets, examines the obligations of company directors, shareholders, trustees, deposit takers and professional advisors, and sets out procedures leading to civil and criminal actions.
Download or read book Investor Protection in Corporate Takeovers written by United States. Congress. House. Committee on Interstate and Foreign Commerce and published by . This book was released on 1970 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Investor Protection and the Mode of Acquisition written by Woojin Kim and published by . This book was released on 2011 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the influence of investor protection on the form of Mamp;A transaction and its subsequent impact on ownership dilution and creation of corporate pyramids. In a large sample of acquisitions around the world, I find that (stock-based) mergers are more likely in countries with good investor protection, while (cash-based) control transactions are more prevalent in countries with low investor protection. Repeated acquisitions in common law countries results in substantial dilution of proportional ownership especially in U.S. but not in civil law countries. In contrast, series of acquisitions in civil law countries linked through firms that are bidders in one acquisition but targets in another tend to generate a corresponding series of inter-corporate control links, while this correspondence is much weaker in common law countries. These results suggest that differences in acquisition modes could be one potential channel through which investor protection affects corporate control structures around the world.
Download or read book The Value of Investor Protection written by Arturo Bris and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: International law prescribes that in a cross-border acquisition of 100% of the target shares, the target firm becomes a national of the country of the acquiror, and consequently subject to its corporate governance system. Therefore, cross-border mergers provide a natural experiment to analyze the effects of changes in corporate governance on firm value. We construct measures of the change in investor protection in a sample of 506 acquisitions from 39 countries. We find that the better the shareholder protection and accounting standards in the acquiror's country, the higher the merger premium in cross-border mergers relative to matching domestic acquisitions.
Download or read book Investor Protection and the Transfer of Corporate Control written by Nhut H. Nguyen and published by . This book was released on 2008 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, I use a sample of completed control transfers for listed firms from 1990 through 2003 to examine the relation between investor protection and the choice of acquisition form across 49 countries. I find that the proportion of partial acquisitions (as opposed to full acquisitions) is negatively correlated with the degree of investor protection in the target country. That is, acquirers are more likely to bid for a fraction of the target's equity if legal protection of investor rights is poor in the target country. My results hold for all deals and deals that involve foreign acquirers. In addition, I find that foreign acquirers are more likely to be involved in partial acquisitions than in mergers of domestic targets if they are from countries with weak investor protection. Finally, my results show that given the degree of investor protection in the target country, a deal is more likely a partial acquisition if the target firm's corporate governance is poor.
Download or read book Takeovers and Incidental Protection of Minority Shareholders written by Jonathan Mukwiri and published by . This book was released on 2014 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the features of takeover law is the protection of minority shareholders. This article examines the extent at which the protection of minority shareholders is an objective of EU law, comparing certain provisions in the Takeover Directive with their equivalent in English law. The arguments advanced in this article are threefold. First, English law offers better protection to minority shareholders than accorded under EU law. Second, that the protection accorded to minority shareholders under EU law is only incidental to the objective of facilitating the restructuring of companies. Third, that in seeking to achieve a restructuring of companies objective, both EU law and English law on takeovers trumps property rights of minority shareholders. The article draws a conclusion that the protection of minority shareholder in takeovers is about market fairness and not legal rights.
Download or read book Investor Protection in Corporate Takeovers December 2 1970 Committed to the Committee of the Whole House on the State of the Union and Ordered to be Printed written by and published by . This book was released on 1970 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Takeover Law in the UK the EU and China written by Joseph Lee and published by Springer Nature. This book was released on 2021-05-20 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates stakeholders’ interests, market players, and governance models for the takeover market in the changing global economic orders. Authors from the UK, Germany, the Netherlands, Australia, and China discuss takeovers in the context of China as a rising power in the global M&A market and re-examine takeover as an efficient method for corporate competition, consolidation, and restructuring. China has come to embrace takeovers as a market practice and is seeking directions for further reforms of its law, regulatory model, and banking system in order to compete with other economic powers. Yet, China is at a very different economic development stage and has different legal and political structures. State-owned enterprises dominate the Shanghai and Shenzhen stock markets – a very different landscape from UK and European exchanges. Researchers and policy makers are currently developing options in response to needs for reform. Recently, China has also announced the opening of its financial markets to foreign ownership. This book reflects on the UK and European models and focuses on the policy choices for China to transform its capital market. The book is of interest to postgraduate students and researchers (LLM, PhD, postdocs), law and management/finance academics, and policy makers.
Download or read book Comparative Takeover Regulation written by Umakanth Varottil and published by Cambridge University Press. This book was released on 2017-10-26 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comparative Takeover Regulation compares the laws relating to takeovers in leading Asian economies and relates them to broader global developments. It is ideal for educational institutions that teach corporate law, corporate governance, and mergers and acquisitions, as well as for law firms, corporate counsel and other practitioners.
