Regulatory Reform and Corporate Control in European Energy Industries

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dc.contributor.authorGarcía, John J.
dc.contributor.authorTrillas, Francesc
dc.coverage.spatialMedellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degreeseng
dc.creator.emailjgarcia@eafit.edu.cospa
dc.creator.emailfrancesc.trillas@uab.esspa
dc.date.accessioned2013-03-21T20:32:31Z
dc.date.available2013-03-21T20:32:31Z
dc.date.issued2012-12-15
dc.description.abstractThe deregulation process in the EU electricity sector triggered strategic decisions that led to industry restructuring. This paper presents preliminary evidence of the impact of this process on investors, using event studies and estimation techniques such as least squares and GARCH. Our findings suggest three stylized facts: 1) regulatory reform in Europe was certainly accompanied by a takeover wave, as predicted by Mitchell and Mulherin (1996); 2) mergers and acquisitions had a positive impact on the stock price of target firms, and a much lower and sometimes even a negative impact for the bidding firms; 3) the effect of takeover announcements on the returns of competitors of the merging firms depends on the degree of market power. In countries with high market power (like Spain) competitors significantly increase share returns upon takeover announcements, whereas in countries with lower market power (like England and Wales) returns do not change significantly.eng
dc.identifier.urihttp://hdl.handle.net/10784/669
dc.language.isoengeng
dc.publisherUniversidad EAFITspa
dc.publisher.departmentEscuela de Economía y Finanzasspa
dc.rights.accessrightsinfo:eu-repo/semantics/openAccesseng
dc.rights.localAcceso abiertospa
dc.subject.keywordCompanieseng
dc.subject.keywordElectricity supplyeng
dc.subject.keywordIndustry deregulationeng
dc.subject.keywordOligopolyeng
dc.subject.keywordStock Marketeng
dc.titleRegulatory Reform and Corporate Control in European Energy Industrieseng
dc.typeworkingPapereng
dc.typeinfo:eu-repo/semantics/workingPapereng
dc.type.hasVersiondrafteng
dc.type.localDocumento de trabajo de investigaciónspa

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