Regulatory reform and corporate control in European energy industries

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dc.contributor.authorGarcía, J.J.
dc.contributor.authorTrillas, F.
dc.contributor.departmentUniversidad EAFIT. Departamento de Economía y Finanzasspa
dc.contributor.researchgroupEstudios en Economía y Empresa (GEE)spa
dc.creatorGarcía, J.J.
dc.creatorTrillas, F.
dc.date.accessioned2021-05-05T21:29:36Z
dc.date.available2021-05-05T21:29:36Z
dc.date.issued2012-01-01
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. © 2012 IEEE.eng
dc.identifierhttps://eafit.fundanetsuite.com/Publicaciones/ProdCientif/PublicacionFrw.aspx?id=2407
dc.identifier.doi10.1109/EEM.2012.6254798
dc.identifier.isbn9781467308328
dc.identifier.otherSCOPUS;2-s2.0-84866790713
dc.identifier.urihttp://hdl.handle.net/10784/29708
dc.language.isoengeng
dc.relation.urihttps://www.scopus.com/inward/record.uri?eid=2-s2.0-84866790713&doi=10.1109%2fEEM.2012.6254798&partnerID=40&md5=4b89c4332619527342a11bc94990d334
dc.source2012 9th International Conference On The European Energy Market (eem)
dc.subject.keywordCorporate controleng
dc.subject.keywordElectricity sectoreng
dc.subject.keywordElectricity supplyeng
dc.subject.keywordEnergy industryeng
dc.subject.keywordEnglandeng
dc.subject.keywordEstimation techniqueseng
dc.subject.keywordEvent studieseng
dc.subject.keywordIndustry restructuringeng
dc.subject.keywordLeast Squareeng
dc.subject.keywordMarket Powereng
dc.subject.keywordOligopolyeng
dc.subject.keywordRegulatory reformeng
dc.subject.keywordShare returnseng
dc.subject.keywordStock marketeng
dc.subject.keywordStock priceeng
dc.subject.keywordStrategic decisionseng
dc.subject.keywordStylized factseng
dc.subject.keywordCommerceeng
dc.subject.keywordCompetitioneng
dc.subject.keywordDeregulationeng
dc.subject.keywordInvestmentseng
dc.subject.keywordIndustryeng
dc.titleRegulatory reform and corporate control in European energy industrieseng
dc.typeinfo:eu-repo/semantics/conferencePapereng
dc.typeconferencePapereng
dc.typeinfo:eu-repo/semantics/publishedVersioneng
dc.typepublishedVersioneng
dc.type.localDocumento de conferenciaspa

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