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2008
- handle: 10670/1.6c8goo
- halshs: halshs-00606155
Mots-clés
Corporate governance systems mergers and acquisitions leveraged buyouts initial public offerings transfers of minority stakes G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G24 - Investment Banking • Venture Capital • Brokerage • Ratings and Ratings AgenciesSujets proches
Governance, CorporateCiter ce document
Rafik Abdesselam et al., « Transfers of ownership rights: An empirical study of five European countries », HAL-SHS : économie et finance, ID : 10670/1.6c8goo
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Résumé
We study transfers of ownership rights, completed between 1996 and 2004, in five major European countries. We use the traditional literature on corporate governance systems to identify expected groups of countries. Results from the supervised cluster analysis show significant dissimilarities between deals according to the target country. These dissimilarities correspond to the traditional classification of corporate governance systems. An exception is Spain. We show dissimilarities between two groups of countries. There are, on the one hand, deals concerning French, German and, to a lesser extent, Italian targets, and, on the other hand, deals concerning British and Spanish targets. This result reflects recent studies, which stress the new situation of the Spanish corporate governance system which now follows British practice more closely.