The impact of investor protection law on global takeovers: LBO vs. non-LBO transactions
Journal of International Financial Markets, Institutions and Money（2019）
摘要
•We show that investor protection laws have significantly differing impact on LBOs vs. regular takeovers.•Among takeovers, investor protection laws matter more for LBOs than regular deals as the institutional arrangements to align incentives and promulgate value creation for minority shareholders.•Among LBOs, investor protection laws matter more for club deals to promulgate value creation for minority shareholders.
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关键词
Leveraged buyouts,Legal environment,Law,Premium,Shareholder rights,Club deals,Value effect,Investor protection
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