Publication:
Takeover Laws and Financial Development

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dc.contributor.authorNenova, Tatiana
dc.date.accessioned2012-06-26T14:05:01Z
dc.date.available2012-06-26T14:05:01Z
dc.date.issued2006-10
dc.description.abstractThe 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2006/10/7112008/takeover-laws-financial-development
dc.identifier.doi10.1596/1813-9450-4029
dc.identifier.urihttps://hdl.handle.net/10986/9003
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper; No. 4029
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACQUISITION
dc.subjectACQUISITIONS
dc.subjectANTI-TAKEOVER DEFENSES
dc.subjectANTI-TAKEOVER TACTICS
dc.subjectAPPRAISAL RIGHT
dc.subjectAPPRAISAL RIGHTS
dc.subjectARTICLES OF INCORPORATION
dc.subjectASSET SALES
dc.subjectBANKRUPTCY
dc.subjectBANKS
dc.subjectBIDDERS
dc.subjectBONDS
dc.subjectBOOK VALUE
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCHARTER
dc.subjectCOMPANY
dc.subjectCOMPANY MANAGEMENT
dc.subjectCONTRACT ENFORCEMENT
dc.subjectCONTROL
dc.subjectCONTROL TRANSACTIONS
dc.subjectCONTROLLING SHAREHOLDER
dc.subjectCONTROLLING SHAREHOLDERS
dc.subjectCORPORATE CONTROL
dc.subjectCORPORATE DECISION
dc.subjectCORPORATE DECISIONS
dc.subjectCORPORATE DEFENSE
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORPORATE RAIDER
dc.subjectCORPORATE REGULATIONS
dc.subjectCORPORATE VALUE
dc.subjectCORPORATION
dc.subjectDEBT
dc.subjectDEVELOPMENT STRATEGIES
dc.subjectDEVELOPMENT STRATEGY
dc.subjectDIRECTOR LIABILITY
dc.subjectDISCLOSURE
dc.subjectDISCLOSURE RULES
dc.subjectDISSENTING SHAREHOLDERS
dc.subjectDIVERSIFICATION
dc.subjectDIVIDENDS
dc.subjectEMERGING MARKETS
dc.subjectEQUAL TREATMENT
dc.subjectEQUITY CAPITAL
dc.subjectEXPROPRIATION
dc.subjectEXTERNAL FINANCING
dc.subjectFAIR
dc.subjectFIDUCIARY DUTIES
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFIRMS
dc.subjectFOREIGN INVESTORS
dc.subjectGOING PRIVATE
dc.subjectGOLDEN PARACHUTES
dc.subjectGOLDEN SHARES
dc.subjectHOSTILE BIDS
dc.subjectHOSTILE TAKEOVERS
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINVESTMENT COMPANIES
dc.subjectINVESTOR PROTECTION
dc.subjectLARGE SHAREHOLDER
dc.subjectLIMITED
dc.subjectMANAGERS
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET PRICE
dc.subjectMARKET PRICES
dc.subjectMARKET TRADING
dc.subjectMARKET VALUE
dc.subjectMARKETING
dc.subjectMEMBER STATES
dc.subjectMERGER
dc.subjectMERGERS
dc.subjectMINORITY INTERESTS
dc.subjectMINORITY INVESTORS
dc.subjectMINORITY SHAREHOLDER
dc.subjectMINORITY SHAREHOLDERS
dc.subjectOWNERSHIP
dc.subjectOWNERSHIP CONCENTRATION
dc.subjectOWNERSHIP STRUCTURE
dc.subjectOWNERSHIP STRUCTURES
dc.subjectPAC
dc.subjectPOISON PILL
dc.subjectPOISON PILLS
dc.subjectPORTFOLIO
dc.subjectPOTENTIAL ACQUIRER
dc.subjectPRIVATE COMPANY
dc.subjectPROTECTION OF INVESTOR
dc.subjectPROXY
dc.subjectPUBLIC COMPANIES
dc.subjectPUBLIC COMPANY
dc.subjectPURCHASING
dc.subjectPYRAMID OWNERSHIP STRUCTURES
dc.subjectREGULATORY FRAMEWORK
dc.subjectRIGHT OF SHAREHOLDERS
dc.subjectRISK EXPOSURE
dc.subjectSALE
dc.subjectSECURITIES LAW
dc.subjectSECURITIES LAWS
dc.subjectSECURITIES REGULATOR
dc.subjectSHARE OWNERSHIP
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDER AGREEMENTS
dc.subjectSHAREHOLDER APPROVAL
dc.subjectSHAREHOLDER MEETING
dc.subjectSHAREHOLDER RIGHTS
dc.subjectSHAREHOLDERS RIGHTS
dc.subjectSHAREHOLDING
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKETS
dc.subjectSUBSIDIARIES
dc.subjectTAKEOVER
dc.subjectTAKEOVER BID
dc.subjectTAKEOVER LAW
dc.subjectTAKEOVER LAWS
dc.subjectTAKEOVER LEGISLATION
dc.subjectTAKEOVER MECHANISMS
dc.subjectTAKEOVER REGULATION
dc.subjectTAKEOVER REGULATIONS
dc.subjectTAKEOVER THREAT
dc.subjectTAKEOVERS
dc.subjectTARGET BOARD
dc.subjectTARGET COMPANY
dc.subjectTARGET SHAREHOLDERS
dc.subjectTENDER OFFER
dc.subjectTENDER OFFERS
dc.subjectTENDERING
dc.subjectTENDERS
dc.subjectTRANSPARENCY
dc.subjectVALUATION
dc.subjectVENTURE CAPITAL
dc.subjectVENTURE CAPITAL FIRM
dc.subjectVOTING SHARES
dc.subjectWEALTH
dc.titleTakeover Laws and Financial Developmenten
dspace.entity.typePublication
okr.crosscuttingsolutionareaJobs
okr.crossref.titleTakeover Laws And Financial Development
okr.date.doiregistration2025-04-10T10:25:29.908725Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2006/10/7112008/takeover-laws-financial-development
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeGovernance
okr.globalpracticeTrade and Competitiveness
okr.globalpracticeFinance and Markets
okr.guid538361468323369802
okr.identifier.doi10.1596/1813-9450-4029
okr.identifier.externaldocumentum000016406_20061005151909
okr.identifier.internaldocumentum7112008
okr.identifier.reportWPS4029
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2006/10/05/000016406_20061005151909/Rendered/PDF/wps4029.pdfen
okr.topicEconomic Theory and Research
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicLaw and Development::Corporate Law
okr.topicMacroeconomics and Economic Growth::Markets and Market Access
okr.topicSmall Scale Enterprise
okr.topicIndustry
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isAuthorOfPublicationfba0bfb1-41f5-551c-b01c-0969f2250f0c
relation.isAuthorOfPublication.latestForDiscoveryfba0bfb1-41f5-551c-b01c-0969f2250f0c
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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