We construct a dynamic takeover law index using hand-collected data on legal provisions and empirically examine the effect of takeover regulation to protect shareholders on shareholder wealth for bidders and targets in a multi-country setting. We find that a stricter takeover law increases the...

We study how well-incentivized boards monitor CEOs and whether such monitoring improves performance. Using unique, detailed data on boards' information sets and decisions for a large sample of private-equity-backed firms, we find that gathering information helps boards learn about CEO ability....

The evolution of the Chinese takeover market and its integration with the international takeover market are analysed in three ways. First, the paper charts the legal and institutional changes in China in the last two decades to develop a decentralised “Anglo-Saxon” takeover market. Second,...

‘Shareholder rights' are the legal entitlements of shareholders via-a-vis companies in which they invest. A large body of research has sought to investigate how shareholder rights foster accountability of controllers. The concern has been that without accountability, managers and dominant...

This paper analyses the role of the convergence of national corporate governance codes affecting listed public limited companies within the EU member states. It assesses this process against the need for protection of stakeholders and public interests. The first chapter looks to company...

Corporate governance has become a popular topic in recent years. Although much attention has been given to corporate governance in the United States and other Western countries as a result of recent scandals, and in Japan and other East Asian countries because of the financial crisis that...

The OECD promotes the 2015 version of the Principles of Corporate Governance as a means ‘to support investment as a powerful driver of growth'. But how realistic is this ambition? This paper provides a critical assessment of the operation and impact of these Principles. It maps the governance...

Has the antitrust arsenal run out of novel theories or weapons? Think again. Recent scholarship has come to challenge conventional wisdom with the latest target of antitrust imagination being institutional investors, including diversified index funds. New economic research suggests that common...

Board evaluation can provide a vital tool for directors to review and improve their performance. This will eventually lead to significant value creation opportunities for firms. But is increased regulation and regulatory guidance requiring board evaluation a realistic or sensible move? Is it...

Spanish Abstract: Análisis la regla de suspensión del derecho de voto de las acciones sobre el umbral que obliga a una sociedad cotizada a lanzar una Oferta Pública de Adquisición (OPA). Esta regla es el mecanismo de enlace y de coordinación de la legislación sobre el mercado de valores (y...