Humphery-Jenner, Mark - In: Journal of Corporate Finance 18 (2012) 2, pp. 254-272
This paper uses the EU takeover directive as a natural experiment to test when legal harmonization creates value, and … to examine the impact of increased entrenchment on investment decisions. The EU promulgated the takeover directive in … takeover laws across the EU. However, the takeover directive has received criticism for being vague and discretionary, and for …