Equity markets, market efficiency and contestability of control in a trans-Atlantic perspective.

Lamandini, Marco (2007) Equity markets, market efficiency and contestability of control in a trans-Atlantic perspective. [Preprint]
Full text available as:
[thumbnail of Equity_markets_and_cross_border_market_for_corporate.pdf]
Download (172kB) | Preview


The article offers a comparative overview of some of the legal determinants affecting the cross-border market for corporate control in a trans-Atlantic perspective, in the wake of directive 2004/25/EC and its implementation by Member States as well as of recent decisions of both the European Court of Justice and the Commission concerning “golden shares” and other protectionist measures adopted by Member States to insulate national champions from the market for corporate control. The article questions whether national (final) ownership really meets the needs of the national community at large, thereby complying with a public interest test, or rather simply meets the quite different needs of local politics to exert an opaque and indirect control over strategic industries (following a “twist the arms” approach in respect to nationals controlling such industries).

Document type
Lamandini, Marco
mercati finanziari; mercati azionari
Deposit date
06 Dec 2007
Last modified
16 May 2011 12:06

Other metadata

This work may be freely consulted and used, may be reproduced on a permanent basis in a digital format (i.e. saving) and can be printed on paper with own personal equipment (without availing of third -parties services), for strictly and exclusively personal, research or teaching purposes, with express exclusion of any direct or indirect commercial use, unless otherwise expressly agreed between the user and the author or the right holder. It is also allowed, for the same purposes mentioned above, the retransmission via telecommunication network, the distribution or sending in any form of the work, including the personal redirection (e-mail), provided it is always clearly indicated the complete link to the page of the Alma DL Site in which the work is displayed. All other rights are reserved.



Staff only: View the document