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European Takeover Law: The Case for a Neutral Approach

Enriques, Luca - Fondazione ENI Enrico Mattei (FEEM) - 2010

This 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...

Persistent link: https://www.econbiz.de/10008467307

Postprivatization Corporate Governance: the Role of Ownership Structure and Investor Protection

Boubakri, Narjess; Cosset, Jean-Claude; Guedhami, Omrane - Fondazione ENI Enrico Mattei (FEEM) - 2003

We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors. We also show that private ownership tends to...

Persistent link: https://www.econbiz.de/10005423064

Abnormal Returns in Privatization Public Offerings: The Case of Portuguese Firms

Vieira, Carla; Serra, Ana Paula - Fondazione ENI Enrico Mattei (FEEM) - 2005

This paper provides evidence on abnormal returns of Portuguese privatization public offerings for the period from 1989 … privatization transactions and investigates the determinants of the observed price behavior. Our results are not supportive of the … underpricing phenomenon except if we exclude the very extreme observations. The results show further that privatization IPOs …

Persistent link: https://www.econbiz.de/10005423242

From Government to Regulatory Governance: Privatization and the Residual Role of the State

Perotti, Enrico; Bortolotti, Bernardo - Fondazione ENI Enrico Mattei (FEEM) - 2005

This paper reviews the state of thinking on the governance role of public ownership and control. We argue that the transfer of operational control over productive assets to the private sector represents the most desirable governance, due to the inherent difficulty for citizens to constrain...

Persistent link: https://www.econbiz.de/10005385451

Reluctant Privatization

Bortolotti, Bernardo; Faccio, Mara - Fondazione ENI Enrico Mattei (FEEM) - 2004

through 2000. We find that governments do not relinquish control after “privatization.” We show that the market-to-book ratios …

Persistent link: https://www.econbiz.de/10005423081

Protection Motivation Theory and Contingent Valuation: Perceived Realism, Threat and WTP Estimates for Biodiversity Protection

Scarpa, Riccardo; Menzel, Susanne - Fondazione ENI Enrico Mattei (FEEM) - 2005

We report on a discrete-choice CV study conducted in Germany to value the WTP for biodiversity protection in less developed countries. To systematically investigate survey realism and subjective threat assessment from the loss of biodiversity described in the scenario the study includes...

Persistent link: https://www.econbiz.de/10005423244

Comparing Individual-Specific Benefit Estimates for Public Goods: Finite Versus Continuous Mixing in Logit Models

Scarpa, Riccardo; Willis, Kenneth G.; Acutt, Melinda - Fondazione ENI Enrico Mattei (FEEM) - 2004

Multi-attribute stated preference data, derived through choice experiments, is used to investigate the consequence of a finite number of preference groups in a sample of Yorkshire Water residential customers on the conditional distributions of willingness to pay in the sample. The research...

Persistent link: https://www.econbiz.de/10005385391

Willingness to Pay for Agricultural Environmental Safety: Evidence from a Survey of Milan, Italy, Residents

Travisi, Chiara M.; Nijkamp, Peter - Fondazione ENI Enrico Mattei (FEEM) - 2004

The widespread use of pesticides in agriculture provides a particularly complex pattern of multidimensional negative side-effects, ranging from food safety related effects to the deterioration of farmland ecosystems. The assessment of the economic implications of such negative processes is...

Persistent link: https://www.econbiz.de/10005385406

The Effect of Climate Change and Extreme Weather Events on Tourism

Bigano, Andrea; Goria, Alessandra; Hamilton, Jacqueline; … - Fondazione ENI Enrico Mattei (FEEM) - 2005

Tourism is an industry of primary importance for the world economy. For some countries, tourism is the first source of income and foreign currency, and many local economies heavily depend on tourism. Tourists are sensitive to climate and to climate change, which will affect the relative...

Persistent link: https://www.econbiz.de/10005392522

Economic Evaluation of Climate Change Impacts and Adaptation in Italy

Goria, Alessandra; Gambarelli, Gretel - Fondazione ENI Enrico Mattei (FEEM) - 2004

The paper deals with the social and economic dimensions of climate change impacts and adaptation in Italy. The ultimate aim of the paper is to provide policy makers and experts with a conceptual framework, as well as methodological and operational tools for dealing with climate change impacts...

Persistent link: https://www.econbiz.de/10005392528