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dc.contributor.authorPop, Diana
dc.contributor.authorPop, Adrian
dc.contributor.authorChemla, Gilles
dc.date.accessioned2011-12-01T11:38:08Z
dc.date.available2011-12-01T11:38:08Z
dc.date.issued2010
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/7707
dc.language.isoenen
dc.subjectminority shareholder protectionen
dc.subjectsqueeze-outen
dc.subjecttakeover regulationen
dc.subject.ddc658.1en
dc.subject.classificationjelK22en
dc.subject.classificationjelG38en
dc.subject.classificationjelG34en
dc.titlePrivatization and governance regulation in frontier emerging markets: The case of Romaniaen
dc.typeChapitre d'ouvrage
dc.description.abstractenWe investigate the link between the regulation of control transactions and the institutional and corporate features of public companies, by analyzing the massive delisting activity in the Romanian capital market. The peculiar ownership reforms involving a large number of listed companies offer a unique opportunity to test Bebchuk and Roe’s (2000) theory of path dependence. Over time, the Romanian authorities have undertaken wide-ranging institutional reforms, most of which favoring blockholders over small and dispersed shareholders. Our empirical approach, based on logit and duration models, allows us to analyze the evolution of public companies over this period and sheds light on the likely events causing the eclipse of frontier emerging markets. Our main findings reveal that delisting is more likely to occur when (i) the shareholdings acquired from the privatization authority by circumventing the capital market are high; (ii) the company experiences frequent takeover bids; and (iii) the stock liquidity is low.en
dc.relation.ispartoftitleFinancial Institutions and Markets The Financial Crisis: An Early Retrospectiveen
dc.relation.ispartofeditorKaufman, George G.
dc.relation.ispartofeditorBliss, Robert R.
dc.relation.ispartofpublnamePalgrave Macmillanen
dc.relation.ispartofdate2010
dc.relation.ispartofpages284en
dc.description.sponsorshipprivateouien
dc.subject.ddclabelOrganisation et finances d'entrepriseen
dc.relation.ispartofisbn9780230108356en


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