The Resource Regulatory reform and corporate control in European energy industries, John J. Garcia, Francesc Trillas

Regulatory reform and corporate control in European energy industries, John J. Garcia, Francesc Trillas

Label
Regulatory reform and corporate control in European energy industries
Title
Regulatory reform and corporate control in European energy industries
Statement of responsibility
John J. Garcia, Francesc Trillas
Creator
Contributor
Subject
Language
eng
Summary
The 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
Member of
Cataloging source
IT-FiEUI
http://library.link/vocab/creatorName
Garcia, John J
Index
no index present
Literary form
non fiction
http://library.link/vocab/relatedWorkOrContributorName
  • Trillas, Francesc
  • Robert Schuman Centre
Series statement
  • EUI working papers. RSC
  • EUI papers
  • Loyola de Palacio Programme on Energy Policy
Series volume
2012/30
http://library.link/vocab/subjectName
  • Energy industries
  • Energy industries
  • Oligopolies
Label
Regulatory reform and corporate control in European energy industries, John J. Garcia, Francesc Trillas
Link
http://hdl.handle.net/1814/22563
Instantiates
Publication
Note
Subject: Companies; Electricity supply industry deregulation; Oligopoly; Stock Market
Bibliography note
Includes bibliographical references
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier.
Content category
text
Content type code
txt
Content type MARC source
rdacontent.
Control code
FIEb17146495
Dimensions
30 cm.
Extent
23 pages
Media category
unmediated
Media MARC source
rdamedia.
Media type code
n
Other physical details
illustrations
System control number
(OCoLC)817744590
Label
Regulatory reform and corporate control in European energy industries, John J. Garcia, Francesc Trillas
Link
http://hdl.handle.net/1814/22563
Publication
Note
Subject: Companies; Electricity supply industry deregulation; Oligopoly; Stock Market
Bibliography note
Includes bibliographical references
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier.
Content category
text
Content type code
txt
Content type MARC source
rdacontent.
Control code
FIEb17146495
Dimensions
30 cm.
Extent
23 pages
Media category
unmediated
Media MARC source
rdamedia.
Media type code
n
Other physical details
illustrations
System control number
(OCoLC)817744590

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