{"id":"https://openalex.org/W1782496776","doi":null,"title":"Private Sale of Corporate Control: Why the European Mandatory Bid Rule is Inefficient","display_name":"Private Sale of Corporate Control: Why the European Mandatory Bid Rule is Inefficient","publication_year":2010,"publication_date":"2010-08-13","ids":{"openalex":"https://openalex.org/W1782496776","mag":"1782496776"},"language":"en","primary_location":{"id":"mag:1782496776","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1658514_code575020.pdf?abstractid=1086321&mirid=2","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"volume":null,"type":"preprint","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1658514_code575020.pdf?abstractid=1086321&mirid=2","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5036228457","display_name":"Simone M. Sepe","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I32971472","display_name":"Yale University","ror":"https://ror.org/03v76x132","country_code":"US","type":"education","lineage":["https://openalex.org/I32971472"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Simone M. Sepe","raw_affiliation_strings":["Yale University  ;"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Yale University  ;","institution_ids":["https://openalex.org/I32971472"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5036228457"],"corresponding_institution_ids":["https://openalex.org/I32971472"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":12,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9878000020980835,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9878000020980835,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14102","display_name":"Corporate Governance and Law","score":0.011599999852478504,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/3308","display_name":"Law"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/mandatory-bid-rule","display_name":"mandatory bid rule","score":0.8479999899864197},{"id":"https://openalex.org/keywords/corporate-control","display_name":"corporate control","score":0.5040000081062317},{"id":"https://openalex.org/keywords/private-benefits","display_name":"private benefits","score":0.5950000286102295},{"id":"https://openalex.org/keywords/minority-shareholder-protection","display_name":"minority shareholder protection","score":0.8180000185966492},{"id":"https://openalex.org/keywords/takeover-defenses","display_name":"takeover defenses","score":0.49000000953674316},{"id":"https://openalex.org/keywords/cost-of-equity","display_name":"cost of equity","score":0.6959999799728394},{"id":"https://openalex.org/keywords/listed-companies","display_name":"listed companies","score":0.531000018119812},{"id":"https://openalex.org/keywords/corporate-governance","display_name":"corporate governance","score":0.46000000834465027}],"concepts":[{"id":"https://openalex.org/C2776662940","wikidata":"https://www.wikidata.org/wiki/Q6770802","display_name":"Market for corporate control","level":4,"score":0.7830549478530884},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5987145900726318},{"id":"https://openalex.org/C136221606","wikidata":"https://www.wikidata.org/wiki/Q25245116","display_name":"Tender offer","level":4,"score":0.5521371960639954},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.5206748247146606},{"id":"https://openalex.org/C2779547435","wikidata":"https://www.wikidata.org/wiki/Q1121492","display_name":"Directive","level":2,"score":0.4986436367034912},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.49729350209236145},{"id":"https://openalex.org/C25253098","wikidata":"https://www.wikidata.org/wiki/Q2609670","display_name":"Corporate law","level":3,"score":0.43426448106765747},{"id":"https://openalex.org/C2775924081","wikidata":"https://www.wikidata.org/wiki/Q55608371","display_name":"Control (management)","level":2,"score":0.4113946557044983},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.41104668378829956},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.39884746074676514},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.39022302627563477},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.2990981936454773},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.1733705997467041},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:1782496776","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1658514_code575020.pdf?abstractid=1086321&mirid=2","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null}],"best_oa_location":{"id":"mag:1782496776","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1658514_code575020.pdf?abstractid=1086321&mirid=2","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[{"score":0.5473999977111816,"display_name":"Peace, justice, and strong institutions","id":"https://metadata.un.org/sdg/16"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":18,"referenced_works":["https://openalex.org/W838850704","https://openalex.org/W1115810236","https://openalex.org/W1522582389","https://openalex.org/W1545260230","https://openalex.org/W1547435761","https://openalex.org/W1773577741","https://openalex.org/W1991795148","https://openalex.org/W2015353363","https://openalex.org/W2069378407","https://openalex.org/W2152158880","https://openalex.org/W2469067419","https://openalex.org/W2796821242","https://openalex.org/W3123748565","https://openalex.org/W3124696970","https://openalex.org/W3125690780","https://openalex.org/W4248105882","https://openalex.org/W4254351613","https://openalex.org/W7213307548"],"related_works":["https://openalex.org/W290732210","https://openalex.org/W2257178783","https://openalex.org/W2141504178","https://openalex.org/W1944425558","https://openalex.org/W3167292183","https://openalex.org/W193723977","https://openalex.org/W1498360614","https://openalex.org/W190992609","https://openalex.org/W3121209629","https://openalex.org/W2560044880"],"abstract_inverted_index":{"On":[0],"April":[1],"21,":[2],"2004,":[3],"the":[4,8,19,38,43,83,88,92,97,100,103,122,142,151,169,188,203,208,214,229,233,248,263,277,290],"European":[5,101],"Community":[6],"enacted":[7],"XIII":[9],"Company":[10],"Law":[11],"Directive":[12,44],"on":[13],"Takeovers,":[14],"whose":[15],"primary":[16],"purpose":[17],"is":[18,36,60,198,211,235,245,265],"promotion":[20],"of":[21,30,56,99,121,140,150,153,190,202,216,219,231,250,272,292],"more":[22],"efficient":[23],"capital":[24],"structures":[25],"in":[26,87,96,172,206,247,253],"Europe.":[27,178],"The":[28,49],"provision":[29],"a":[31,57,77,148,191,200,269],"Mandatory":[32],"Bid":[33],"Rule":[34],"(MBR)":[35],"among":[37],"several":[39],"measures":[40],"devised":[41],"by":[42,115,136,227,300],"to":[45,62,66,69,82,91,108,124,130,147,194,222,237,259,267,281],"achieve":[46],"this":[47,157],"goal.":[48],"rule":[50,143,176],"requires":[51],"that":[52,168],"anyone":[53],"acquiring":[54],"control":[55,120,220],"listed":[58],"company":[59,123,210],"obliged":[61],"make":[63],"an":[64,174],"offer":[65],"be":[67,106,223,260],"addressed":[68],"all":[70,73],"shareholders":[71,111],"for":[72,177],"their":[74],"holdings":[75],"at":[76,79],"price":[78,85],"least":[80],"equal":[81],"highest":[84],"paid":[86],"year":[89],"prior":[90],"acquisition.":[93],"More":[94],"specifically,":[95],"intentions":[98],"legislator,":[102],"MBR":[104,170,234,264,278],"would":[105,144],"designed":[107],"protect":[109,282],"minority":[110,283],"from":[112],"value":[113,273,299],"expropriations":[114],"opportunistic":[116],"buyers,":[117],"who":[118],"seek":[119],"extract":[125,195],"private":[126,196,251,256,293],"benefits":[127,197,257],"rather":[128],"than":[129],"increase":[131],"corporate":[132,298],"cash":[133],"flows.":[134],"Moreover,":[135],"preventing":[137],"value-decreasing":[138,217],"transfers":[139,218],"controls,":[141],"also":[145],"lead":[146],"reduction":[149],"cost":[152,230,244],"equity":[154],"capital.":[155],"In":[156],"paper,":[158],"I":[159],"rebut":[160],"both":[161,279],"these":[162],"claims":[163],"as":[164],"misleading":[165],"and":[166,295],"show":[167],"is,":[171],"fact,":[173],"inefficient":[175],"There":[179],"are":[180],"two":[181],"basic":[182],"reasons":[183],"underpinning":[184],"my":[185],"argument.":[186],"First,":[187],"ability":[189],"controlling":[192],"blockholder":[193],"basically":[199],"function":[201],"legal":[204],"system":[205],"which":[207],"controlled":[209],"chartered.":[212],"Thus,":[213],"number":[215,271],"tends":[221],"relatively":[224,261],"low.":[225],"Second,":[226],"raising":[228],"acquisition,":[232],"likely":[236,266],"prevent":[238,268,289],"value-increasing":[239,302],"transactions.":[240,275,303],"And":[241],"because":[242,285],"such":[243],"increasing":[246,274],"size":[249],"benefits,":[252,294],"Europe":[254],"where":[255],"tend":[258],"high,":[262],"large":[270],"Finally,":[276],"fails":[280],"shareholders,":[284],"it":[286],"does":[287],"not":[288],"extraction":[291],"risks":[296],"reducing":[297],"hindering":[301]},"counts_by_year":[{"year":2020,"cited_by_count":1},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":2},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}