Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Law and Economics (2)
- (Quasi) Monopoly (1)
- Antitrust (1)
- Banking and Finance (1)
- China (1)
-
- Control premium; controlling shareholder (1)
- Control transaction (1)
- Controlling Minority Structure (CMS) (1)
- Controlling Shareholder (1)
- Deadweight Loss (1)
- Economics (1)
- General offer rule (1)
- Investor Protection (1)
- Mandatory bid (1)
- Market rule (1)
- Monopoly Profits (Rents) (1)
- Partial offer rule (1)
- Shareholder Primacy (1)
- Shareholder Wealth Maximization (1)
- State-owned Enterprise (SOE) (1)
- Stock Options (1)
- Tender offer (1)
- Tunneling (1)
- Welfare of a Nation (1)
- Publication
Articles 1 - 3 of 3
Full-Text Articles in Securities Law
Is Moderation The Highest Virtue? A Comparative Study Of A Middle Way Of Control Transaction Regimes, Yueh-Ping Yang, Pin-Hsien Lee
Is Moderation The Highest Virtue? A Comparative Study Of A Middle Way Of Control Transaction Regimes, Yueh-Ping Yang, Pin-Hsien Lee
Yueh-Ping Yang
Comparative studies of control transaction regimes mostly compare between the Market Rule as adopted in the U.S. and the General Offer Rule ad adopted in European Union, while paying less attention to the Partial Offer Rule, a middle way model adopted in many East Asian countries such as Japan, South Korea, China, Taiwan, etc. In this paper, we attempt to fill this gap by highlighting the Partial Offer Rule adopted in these countries, analyzing this rule’s theoretical foundation and observing its implementation in practice. Our theoretical analyses of the Partial Offer Rule are comprised of two parts. First, by adding …
Law And Finance: The Case Of Stock Market Development In China, Zhong Zhang Dr
Law And Finance: The Case Of Stock Market Development In China, Zhong Zhang Dr
Zhong Zhang Dr
Having grown to one of the largest in the world in just over two decades, the stock market of China is cited as a counterexample to the significance of law for financial market development. A thorough examination of the development of China’s stock market however finds that law is actually critical to sustaining market growth and law did play a role in the growth of the market. On the other hand, the trajectory of development in China is growth first followed by law, and the improvement of law is caused by market growth. The experience of China hence suggests that …
Puzzles In Controlling Shareholder Regimes And China: Shareholder Primacy And (Quasi) Monopoly, Sang Yop Kang
Puzzles In Controlling Shareholder Regimes And China: Shareholder Primacy And (Quasi) Monopoly, Sang Yop Kang
Sang Yop Kang
Professor Mark Roe explained that the shareholder wealth maximization norm (“the norm”) is not fit for a country with a (quasi) monopoly, because the norm encourages managers to maximize monopoly rents, to the detriment of the national economy. This Article provides new findings and counter-intuitive arguments as to the tension created by the norm and (quasi) monopoly by exploring three key corporate governance concepts that Roe did not examine—(1) “controlling minority structure” (CMS), where dominant shareholders hold a fractional ownership in their controlled-corporations, (2) “tunneling” (i.e., illicit transfer of corporate wealth to controlling shareholders), and (3) Chinese state-owned enterprises (SOEs). …