The impact of securities regulation in the European Union on M&A: Does it compensate to go beyond borders?

IF 2 Q2 BUSINESS, FINANCE

Journal of Financial Regulation and Compliance Pub Date : 2022-01-11 DOI:10.1108/jfrc-08-2021-0066

Rita Monteiro, Sónia Silva

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引用次数: 0

Abstract

Purpose The purpose of this study is to examine the impact of the transposition of the EU directive that regulates M&As on cross-border deals. Acquirers of targets located in the European Union (EU) must comply not only with takeover rules set individually by member states but also with European Council Directives. The most significant of these Directives in the context of mergers and acquisitions (M&As) is the Takeover Bids Directive (TBD). The intent of the Directive is to ensure equal treatment for all companies launching takeover bids or that are subject to a change in control, providing minimum harmonization rules in view of creating a transparent environment for cross-border takeovers. Design/methodology/approach This study uses the event-study and difference-in-differences approaches. Findings Using a sample of 2,129 M&As conducted between 2000 and 2015, this paper finds positive acquisition synergy for acquirers targeting firms from countries with stronger investor protection rules compared to the average of the EU, but no evidence regarding cross-border deals. The results support the prediction that regulation makes countries diverge more depending on their ex ante level of investor protection. Originality/value This study examines the impact of the enactment of the TBD on announcement returns of M&As in the EU.

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欧盟证券监管对并购的影响:是否弥补了跨国并购?

本研究的目的是研究欧盟指令的转换对跨境交易并购的影响。收购目标位于欧盟(EU)的企业不仅必须遵守成员国各自制定的收购规则，还必须遵守欧洲理事会的指令。在并购(M&As)的背景下，这些指令中最重要的是收购出价指令(TBD)。该指令的意图是确保所有发起收购投标或控制权发生变化的公司获得平等待遇，提供最低限度的协调规则，以便为跨境收购创造一个透明的环境。设计/方法/方法本研究采用事件研究和差异中的差异方法。通过对2000年至2015年间进行的2129起并购交易的样本分析，本文发现，与欧盟平均水平相比，收购方针对投资者保护规则更强的国家的公司，会产生积极的收购协同效应，但没有证据表明这与跨境交易有关。研究结果支持了这样一种预测，即监管使各国之间的分歧更大，这取决于它们之前对投资者的保护水平。原创性/价值本研究考察了TBD的颁布对欧盟并购公告收益的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Regulation and Compliance BUSINESS, FINANCE-

CiteScore

2.60

自引率

11.10%

发文量

期刊介绍： Since its inception in 1992, the Journal of Financial Regulation and Compliance has provided an authoritative and scholarly platform for international research in financial regulation and compliance. The journal is at the intersection between academic research and the practice of financial regulation, with distinguished past authors including senior regulators, central bankers and even a Prime Minister. Financial crises, predatory practices, internationalization and integration, the increased use of technology and financial innovation are just some of the changes and issues that contemporary financial regulators are grappling with. These challenges and changes hold profound implications for regulation and compliance, ranging from macro-prudential to consumer protection policies. The journal seeks to illuminate these issues, is pluralistic in approach and invites scholarly papers using any appropriate methodology. Accordingly, the journal welcomes submissions from finance, law, economics and interdisciplinary perspectives. A broad spectrum of research styles, sources of information and topics (e.g. banking laws and regulations, stock market and cross border regulation, risk assessment and management, training and competence, competition law, case law, compliance and regulatory updates and guidelines) are appropriate. All submissions are double-blind refereed and judged on academic rigour, originality, quality of exposition and relevance to policy and practice. Once accepted, individual articles are typeset, proofed and published online as the Version of Record within an average of 32 days, so that articles can be downloaded and cited earlier.