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The Regulation of Corporate Acquisitions. A Law and Economics Analysis of European Proposals for Reform

Author

Listed:
  • Bergström, Clas

    (Dept. of Finance, Stockholm School of Economics)

  • Högfeldt, Peter

    (Dept. of Finance, Stockholm School of Economics)

  • Macey, Jonathan R
  • Samuelsson, Per

Abstract

A well-functioning market for corporate control is considered by the EC Commission as an important method for monitoring incumbent management and for improving the allocation of resources within Europe. This article examines the regulation of corporate acquisitions in Europe as well as inherent restrictions on takeovers from a law and economics perspective. We find that the European proposals for reform in the proposed 13th Company Law directive do not live up to their promise of encouraging acquisitions. Indeed, we find that the proposed rules inhibit acquisitions in significant ways, and therefore are more likely to result in reduced monitoring of incumbent management and in inefficiencies in the allocation of productive resources in Europe.

Suggested Citation

  • Bergström, Clas & Högfeldt, Peter & Macey, Jonathan R & Samuelsson, Per, 1994. "The Regulation of Corporate Acquisitions. A Law and Economics Analysis of European Proposals for Reform," SSE/EFI Working Paper Series in Economics and Finance 33, Stockholm School of Economics.
    • Handle: RePEc:hhs:hastef:0033
    as

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    Citations

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    Cited by:

    1. Erik Berglöf & Mike Burkart, 2003. "European takeover regulation [‘Efficient and inefficient sales of corporate control’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 18(36), pages 171-213.

    More about this item

    Keywords

    Takeover regulation; capital market monitoring; EU- regulation;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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