Takeover Laws and Financial Development

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 c...

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Main Author:	Nenova, Tatiana
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2012
Subjects:	ACQUISITION ACQUISITIONS ANTI-TAKEOVER DEFENSES ANTI-TAKEOVER TACTICS APPRAISAL RIGHT APPRAISAL RIGHTS ARTICLES OF INCORPORATION ASSET SALES BANKRUPTCY BANKS BIDDERS BONDS BOOK VALUE CAPITAL MARKET CAPITAL MARKETS CHARTER COMPANY COMPANY MANAGEMENT CONTRACT ENFORCEMENT CONTROL CONTROL TRANSACTIONS CONTROLLING SHAREHOLDER CONTROLLING SHAREHOLDERS CORPORATE CONTROL CORPORATE DECISION CORPORATE DECISIONS CORPORATE DEFENSE CORPORATE GOVERNANCE CORPORATE RAIDER CORPORATE REGULATIONS CORPORATE VALUE CORPORATION DEBT DEVELOPMENT STRATEGIES DEVELOPMENT STRATEGY DIRECTOR LIABILITY DISCLOSURE DISCLOSURE RULES DISSENTING SHAREHOLDERS DIVERSIFICATION DIVIDENDS EMERGING MARKETS EQUAL TREATMENT EQUITY CAPITAL EXPROPRIATION EXTERNAL FINANCING FAIR FIDUCIARY DUTIES FINANCIAL INFORMATION FINANCIAL MARKET FINANCIAL MARKETS FIRMS FOREIGN INVESTORS GOING PRIVATE GOLDEN PARACHUTES GOLDEN SHARES HOSTILE BIDS HOSTILE TAKEOVERS INSTITUTIONAL INVESTORS INVESTMENT COMPANIES INVESTOR PROTECTION LARGE SHAREHOLDER LIMITED MANAGERS MARKET DEVELOPMENT MARKET PRICE MARKET PRICES MARKET TRADING MARKET VALUE MARKETING MEMBER STATES MERGER MERGERS MINORITY INTERESTS MINORITY INVESTORS MINORITY SHAREHOLDER MINORITY SHAREHOLDERS OWNERSHIP OWNERSHIP CONCENTRATION OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PAC POISON PILL POISON PILLS PORTFOLIO POTENTIAL ACQUIRER PRIVATE COMPANY PROTECTION OF INVESTOR PROXY PUBLIC COMPANIES PUBLIC COMPANY PURCHASING PYRAMID OWNERSHIP STRUCTURES REGULATORY FRAMEWORK RIGHT OF SHAREHOLDERS RISK EXPOSURE SALE SECURITIES LAW SECURITIES LAWS SECURITIES REGULATOR SHARE OWNERSHIP SHAREHOLDER SHAREHOLDER AGREEMENTS SHAREHOLDER APPROVAL SHAREHOLDER MEETING SHAREHOLDER RIGHTS SHAREHOLDERS RIGHTS SHAREHOLDING STOCK EXCHANGE STOCK MARKET STOCK MARKETS SUBSIDIARIES TAKEOVER TAKEOVER BID TAKEOVER LAW TAKEOVER LAWS TAKEOVER LEGISLATION TAKEOVER MECHANISMS TAKEOVER REGULATION TAKEOVER REGULATIONS TAKEOVER THREAT TAKEOVERS TARGET BOARD TARGET COMPANY TARGET SHAREHOLDERS TENDER OFFER TENDER OFFERS TENDERING TENDERS TRANSPARENCY VALUATION VENTURE CAPITAL VENTURE CAPITAL FIRM VOTING SHARES WEALTH
Online Access:	http://documents.worldbank.org/curated/en/2006/10/7112008/takeover-laws-financial-development http://hdl.handle.net/10986/9003

id	okr-10986-9003
recordtype	oai_dc
spelling	okr-10986-90032021-04-23T14:02:41Z Takeover Laws and Financial Development Nenova, Tatiana ACQUISITION ACQUISITIONS ANTI-TAKEOVER DEFENSES ANTI-TAKEOVER TACTICS APPRAISAL RIGHT APPRAISAL RIGHTS ARTICLES OF INCORPORATION ASSET SALES BANKRUPTCY BANKS BIDDERS BONDS BOOK VALUE CAPITAL MARKET CAPITAL MARKETS CHARTER COMPANY COMPANY MANAGEMENT CONTRACT ENFORCEMENT CONTROL CONTROL TRANSACTIONS CONTROLLING SHAREHOLDER CONTROLLING SHAREHOLDERS CORPORATE CONTROL CORPORATE DECISION CORPORATE DECISIONS CORPORATE DEFENSE CORPORATE GOVERNANCE CORPORATE RAIDER CORPORATE REGULATIONS CORPORATE VALUE CORPORATION DEBT DEVELOPMENT STRATEGIES DEVELOPMENT STRATEGY DIRECTOR LIABILITY DISCLOSURE DISCLOSURE RULES DISSENTING SHAREHOLDERS DIVERSIFICATION DIVIDENDS EMERGING MARKETS EQUAL TREATMENT EQUITY CAPITAL EXPROPRIATION EXTERNAL FINANCING FAIR FIDUCIARY DUTIES FINANCIAL INFORMATION FINANCIAL MARKET FINANCIAL MARKETS FIRMS FOREIGN INVESTORS GOING PRIVATE GOLDEN PARACHUTES GOLDEN SHARES HOSTILE BIDS HOSTILE TAKEOVERS INSTITUTIONAL INVESTORS INVESTMENT COMPANIES INVESTOR PROTECTION LARGE SHAREHOLDER LIMITED MANAGERS MARKET DEVELOPMENT MARKET PRICE MARKET PRICES MARKET TRADING MARKET VALUE MARKETING MEMBER STATES MERGER MERGERS MINORITY INTERESTS MINORITY INVESTORS MINORITY SHAREHOLDER MINORITY SHAREHOLDERS OWNERSHIP OWNERSHIP CONCENTRATION OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PAC POISON PILL POISON PILLS PORTFOLIO POTENTIAL ACQUIRER PRIVATE COMPANY PROTECTION OF INVESTOR PROXY PUBLIC COMPANIES PUBLIC COMPANY PURCHASING PYRAMID OWNERSHIP STRUCTURES REGULATORY FRAMEWORK RIGHT OF SHAREHOLDERS RISK EXPOSURE SALE SECURITIES LAW SECURITIES LAWS SECURITIES REGULATOR SHARE OWNERSHIP SHAREHOLDER SHAREHOLDER AGREEMENTS SHAREHOLDER APPROVAL SHAREHOLDER MEETING SHAREHOLDER RIGHTS SHAREHOLDERS RIGHTS SHAREHOLDING STOCK EXCHANGE STOCK MARKET STOCK MARKETS SUBSIDIARIES TAKEOVER TAKEOVER BID TAKEOVER LAW TAKEOVER LAWS TAKEOVER LEGISLATION TAKEOVER MECHANISMS TAKEOVER REGULATION TAKEOVER REGULATIONS TAKEOVER THREAT TAKEOVERS TARGET BOARD TARGET COMPANY TARGET SHAREHOLDERS TENDER OFFER TENDER OFFERS TENDERING TENDERS TRANSPARENCY VALUATION VENTURE CAPITAL VENTURE CAPITAL FIRM VOTING SHARES WEALTH 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. 2012-06-26T14:05:01Z 2012-06-26T14:05:01Z 2006-10 http://documents.worldbank.org/curated/en/2006/10/7112008/takeover-laws-financial-development http://hdl.handle.net/10986/9003 English en_US Policy Research Working Paper; No. 4029 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACQUISITION ACQUISITIONS ANTI-TAKEOVER DEFENSES ANTI-TAKEOVER TACTICS APPRAISAL RIGHT APPRAISAL RIGHTS ARTICLES OF INCORPORATION ASSET SALES BANKRUPTCY BANKS BIDDERS BONDS BOOK VALUE CAPITAL MARKET CAPITAL MARKETS CHARTER COMPANY COMPANY MANAGEMENT CONTRACT ENFORCEMENT CONTROL CONTROL TRANSACTIONS CONTROLLING SHAREHOLDER CONTROLLING SHAREHOLDERS CORPORATE CONTROL CORPORATE DECISION CORPORATE DECISIONS CORPORATE DEFENSE CORPORATE GOVERNANCE CORPORATE RAIDER CORPORATE REGULATIONS CORPORATE VALUE CORPORATION DEBT DEVELOPMENT STRATEGIES DEVELOPMENT STRATEGY DIRECTOR LIABILITY DISCLOSURE DISCLOSURE RULES DISSENTING SHAREHOLDERS DIVERSIFICATION DIVIDENDS EMERGING MARKETS EQUAL TREATMENT EQUITY CAPITAL EXPROPRIATION EXTERNAL FINANCING FAIR FIDUCIARY DUTIES FINANCIAL INFORMATION FINANCIAL MARKET FINANCIAL MARKETS FIRMS FOREIGN INVESTORS GOING PRIVATE GOLDEN PARACHUTES GOLDEN SHARES HOSTILE BIDS HOSTILE TAKEOVERS INSTITUTIONAL INVESTORS INVESTMENT COMPANIES INVESTOR PROTECTION LARGE SHAREHOLDER LIMITED MANAGERS MARKET DEVELOPMENT MARKET PRICE MARKET PRICES MARKET TRADING MARKET VALUE MARKETING MEMBER STATES MERGER MERGERS MINORITY INTERESTS MINORITY INVESTORS MINORITY SHAREHOLDER MINORITY SHAREHOLDERS OWNERSHIP OWNERSHIP CONCENTRATION OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PAC POISON PILL POISON PILLS PORTFOLIO POTENTIAL ACQUIRER PRIVATE COMPANY PROTECTION OF INVESTOR PROXY PUBLIC COMPANIES PUBLIC COMPANY PURCHASING PYRAMID OWNERSHIP STRUCTURES REGULATORY FRAMEWORK RIGHT OF SHAREHOLDERS RISK EXPOSURE SALE SECURITIES LAW SECURITIES LAWS SECURITIES REGULATOR SHARE OWNERSHIP SHAREHOLDER SHAREHOLDER AGREEMENTS SHAREHOLDER APPROVAL SHAREHOLDER MEETING SHAREHOLDER RIGHTS SHAREHOLDERS RIGHTS SHAREHOLDING STOCK EXCHANGE STOCK MARKET STOCK MARKETS SUBSIDIARIES TAKEOVER TAKEOVER BID TAKEOVER LAW TAKEOVER LAWS TAKEOVER LEGISLATION TAKEOVER MECHANISMS TAKEOVER REGULATION TAKEOVER REGULATIONS TAKEOVER THREAT TAKEOVERS TARGET BOARD TARGET COMPANY TARGET SHAREHOLDERS TENDER OFFER TENDER OFFERS TENDERING TENDERS TRANSPARENCY VALUATION VENTURE CAPITAL VENTURE CAPITAL FIRM VOTING SHARES WEALTH
spellingShingle	ACQUISITION ACQUISITIONS ANTI-TAKEOVER DEFENSES ANTI-TAKEOVER TACTICS APPRAISAL RIGHT APPRAISAL RIGHTS ARTICLES OF INCORPORATION ASSET SALES BANKRUPTCY BANKS BIDDERS BONDS BOOK VALUE CAPITAL MARKET CAPITAL MARKETS CHARTER COMPANY COMPANY MANAGEMENT CONTRACT ENFORCEMENT CONTROL CONTROL TRANSACTIONS CONTROLLING SHAREHOLDER CONTROLLING SHAREHOLDERS CORPORATE CONTROL CORPORATE DECISION CORPORATE DECISIONS CORPORATE DEFENSE CORPORATE GOVERNANCE CORPORATE RAIDER CORPORATE REGULATIONS CORPORATE VALUE CORPORATION DEBT DEVELOPMENT STRATEGIES DEVELOPMENT STRATEGY DIRECTOR LIABILITY DISCLOSURE DISCLOSURE RULES DISSENTING SHAREHOLDERS DIVERSIFICATION DIVIDENDS EMERGING MARKETS EQUAL TREATMENT EQUITY CAPITAL EXPROPRIATION EXTERNAL FINANCING FAIR FIDUCIARY DUTIES FINANCIAL INFORMATION FINANCIAL MARKET FINANCIAL MARKETS FIRMS FOREIGN INVESTORS GOING PRIVATE GOLDEN PARACHUTES GOLDEN SHARES HOSTILE BIDS HOSTILE TAKEOVERS INSTITUTIONAL INVESTORS INVESTMENT COMPANIES INVESTOR PROTECTION LARGE SHAREHOLDER LIMITED MANAGERS MARKET DEVELOPMENT MARKET PRICE MARKET PRICES MARKET TRADING MARKET VALUE MARKETING MEMBER STATES MERGER MERGERS MINORITY INTERESTS MINORITY INVESTORS MINORITY SHAREHOLDER MINORITY SHAREHOLDERS OWNERSHIP OWNERSHIP CONCENTRATION OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PAC POISON PILL POISON PILLS PORTFOLIO POTENTIAL ACQUIRER PRIVATE COMPANY PROTECTION OF INVESTOR PROXY PUBLIC COMPANIES PUBLIC COMPANY PURCHASING PYRAMID OWNERSHIP STRUCTURES REGULATORY FRAMEWORK RIGHT OF SHAREHOLDERS RISK EXPOSURE SALE SECURITIES LAW SECURITIES LAWS SECURITIES REGULATOR SHARE OWNERSHIP SHAREHOLDER SHAREHOLDER AGREEMENTS SHAREHOLDER APPROVAL SHAREHOLDER MEETING SHAREHOLDER RIGHTS SHAREHOLDERS RIGHTS SHAREHOLDING STOCK EXCHANGE STOCK MARKET STOCK MARKETS SUBSIDIARIES TAKEOVER TAKEOVER BID TAKEOVER LAW TAKEOVER LAWS TAKEOVER LEGISLATION TAKEOVER MECHANISMS TAKEOVER REGULATION TAKEOVER REGULATIONS TAKEOVER THREAT TAKEOVERS TARGET BOARD TARGET COMPANY TARGET SHAREHOLDERS TENDER OFFER TENDER OFFERS TENDERING TENDERS TRANSPARENCY VALUATION VENTURE CAPITAL VENTURE CAPITAL FIRM VOTING SHARES WEALTH Nenova, Tatiana Takeover Laws and Financial Development
relation	Policy Research Working Paper; No. 4029
description	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.
format	Publications & Research :: Policy Research Working Paper
author	Nenova, Tatiana
author_facet	Nenova, Tatiana
author_sort	Nenova, Tatiana
title	Takeover Laws and Financial Development
title_short	Takeover Laws and Financial Development
title_full	Takeover Laws and Financial Development
title_fullStr	Takeover Laws and Financial Development
title_full_unstemmed	Takeover Laws and Financial Development
title_sort	takeover laws and financial development
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2006/10/7112008/takeover-laws-financial-development http://hdl.handle.net/10986/9003
_version_	1764406462678827008

Takeover Laws and Financial Development

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