000060748 001__ 60748
000060748 005__ 20171210173154.0
000060748 037__ $$a832-2016-55422
000060748 041__ $$aen
000060748 084__ $$aK22
000060748 084__ $$aG34
000060748 084__ $$aG38
000060748 245__ $$aEuropean Takeover Law: The Case for a Neutral Approach
000060748 260__ $$c2010-04
000060748 269__ $$a2010-04
000060748 270__ $$ml.enriques@consob.it$$pEnriques,   Luca
000060748 300__ $$a31
000060748 336__ $$aWorking or Discussion Paper
000060748 490__ $$aIM
000060748 490__ $$a45.2010
000060748 520__ $$aThis paper argues that in revising the Takeover Bid Directive, EU policymakers should adopt a neutral approach toward takeovers, i.e. enact rules that neither hamper nor promote them. The rationale behind this approach is that takeovers can be both value-creating and value-decreasing and there is no way to tell ex ante whether they are of the former or the latter kind. Unfortunately, takeover rules cannot be crafted so as to hinder all the bad takeovers while at the same time promoting the good ones. Further, contestability of control is not cost-free, because it has a negative impact on managers’ and block-holders’ incentives to make firm-specific investments of human capital, which in turn affects firm value. It is thus argued that individual companies should be able to decide how contestable their control should be. After showing that the current EC legal framework for takeovers overall hinders takeover activity in the EU, the paper identifies three rationales for a takeover-neutral intervention of the EC in the area of takeover regulation (pre-emption of “takeover-hostile,” protectionist national regulations, opt-out rules protecting shareholders vis-à-vis managers’ and dominant shareholders’ opportunism in takeover contexts, and menu rules helping individual companies define their degree of control contestability) and provides examples of rules that may respond to such rationales.
000060748 542__ $$fLicense granted by Nancy Elera (nancy.elera@feem.it) on 2010-04-20T10:18:19Z (GMT):

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000060748 650__ $$aFinancial Economics
000060748 6531_ $$aTakeover Bid Directive
000060748 6531_ $$aBoard Neutrality
000060748 6531_ $$aMandatory Bid Rule
000060748 6531_ $$aMarket for Corporate Control
000060748 700__ $$aEnriques, Luca
000060748 8564_ $$s192520$$uhttp://ageconsearch.umn.edu/record/60748/files/NDL2010-045.pdf
000060748 887__ $$ahttp://purl.umn.edu/60748
000060748 909CO $$ooai:ageconsearch.umn.edu:60748$$qGLOBAL_SET
000060748 912__ $$nSubmitted by Nancy Elera (nancy.elera@feem.it) on 2010-04-20T10:36:19Z
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000060748 912__ $$nMade available in DSpace on 2010-04-20T10:36:21Z (GMT). No. of bitstreams: 1
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  Previous issue date: 2010-04
000060748 982__ $$gFondazione Eni Enrico Mattei (FEEM)>Institutions and Markets Papers
000060748 980__ $$a832