Publication:
Has the EU Takeover Directive Improved Minority Shareholder Protection? The Spanish Evidence

dc.contributor.authorAlcalde, Nuria
dc.contributor.authorPérez Soba, Inés
dc.date.accessioned2023-06-18T05:56:54Z
dc.date.available2023-06-18T05:56:54Z
dc.date.issued2016
dc.description.abstractIn April 2004, the European Union promulgated the Takeover Directive, which each Member State had to adapt to its national regulations. Up to now, there has been a lack of empirical evidence regarding the effect of the transposition of this Directive on the performance of the market for corporate control. Furthermore, given that the changes introduced have not been the same throughout the countries, it is difficult to extract conclusions from aggregate studies. The aim of this paper is to analyse the Spanish case, trying to determine whether the protection of minority shareholders, one of the Directive’s main goals, has improved in relation to the previous national regulations, a matter that has not been studied from an economic viewpoint. More specifically, we will test whether there are significant changes in the main proxies of minority shareholder protection, i.e., the number of takeovers and the bid premiums, and whether any such changes are due to the changes in regulation, while controlling for other variables. The results seem to show that the European Directive has not contributed to increasing minority shareholder protection in Spain, neither by means of more takeovers, nor through higher bid premiums.
dc.description.departmentDepto. de Economía Aplicada, Pública y Política
dc.description.facultyFac. de Ciencias Económicas y Empresariales
dc.description.refereedTRUE
dc.description.sponsorshipMinisterio de Economía y Competitividad (MINECO)/FEDER
dc.description.sponsorshipUniversidad de Zaragoza
dc.description.sponsorshipDGA-FSE
dc.description.statuspub
dc.eprint.idhttps://eprints.ucm.es/id/eprint/56263
dc.identifier.doi10.1007/s40804-016-0049-8
dc.identifier.issn1741-6205
dc.identifier.officialurlhttps://doi.org/10.1007/s40804-016-0049-8
dc.identifier.relatedurlhttps://www.ucm.es//departamento-de-economia-aplicada,-publica-y-politica
dc.identifier.urihttps://hdl.handle.net/20.500.14352/23642
dc.issue.number3
dc.journal.titleEuropean Business Organization Law Review
dc.language.isoeng
dc.page.final283
dc.page.initial261
dc.publisherSpringer Nature
dc.relation.projectID(ECO2012-36290-c03-01)
dc.relation.projectID(UZ2016-SOC-01)
dc.relation.projectIDConsolidated Group COMPETE
dc.rights.accessRightsrestricted access
dc.subject.keywordTakeover
dc.subject.keywordRegulation
dc.subject.keywordMandatory bid rule
dc.subject.keywordShareholder protection
dc.subject.keywordBid premium.
dc.subject.ucmUnión Europea (Unión Europea)
dc.subject.ucmPolítica económica y financiera
dc.subject.ucmBancos y cajas
dc.subject.unesco5310.91 Economía Internacional: Area Europea
dc.subject.unesco5902.06 Política Económica
dc.titleHas the EU Takeover Directive Improved Minority Shareholder Protection? The Spanish Evidence
dc.typejournal article
dc.volume.number17
dspace.entity.typePublication
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