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Citations (19)



Is European M&A Regulation Protectionist?

Nihat Aktas

WHU - Otto Beisheim School of Management

Eric de Bodt

Université de Lille

Richard Roll

California Institute of Technology

February 2006

EFA 2004 Maastricht Meetings Paper No. 2318

Why do regulatory authorities scrutinize mergers and acquisitions? The authorities themselves claim to be combating monopoly power and protecting consumers. But the last two decades of empirical research has found little supporting evidence for such motives. An alternative is that M&A regulation is actually designed to protect privileged firms. We provide a test of protectionism by studying whether European regulatory intervention is more likely when European firms are harmed by increased competition. Our findings raise a suspicion of protectionist motivations by the European regulator during the nineties. The results are robust to many statistical difficulties, including endogeneity between investor valuations and regulatory actions.

Number of Pages in PDF File: 46

Keywords: merger and acquisition regulation protectionism

JEL Classification: G34 G38

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Date posted: July 22, 2004  

Suggested Citation

Aktas, Nihat and de Bodt, Eric and Roll, Richard, Is European M&A Regulation Protectionist? (February 2006). EFA 2004 Maastricht Meetings Paper No. 2318. Available at SSRN: http://ssrn.com/abstract=567106 or http://dx.doi.org/10.2139/ssrn.567106

Contact Information

Nihat Aktas (Contact Author)
WHU - Otto Beisheim School of Management ( email )
Burgplatz 2
Vallendar, 56179
Eric De Bodt
Université de Lille ( email )
1 place Déliot, BP381
59020 Lille Cedex
+03 20 90 74 77 (Phone)
+03 20 90 77 02 (Fax)
HOME PAGE: http://www.edebodt.net
Richard W. Roll
California Institute of Technology ( email )
1200 East California Blvd
Mail Code: 228-77
Pasadena, CA 91125
United States
626-395-3890 (Phone)
310-836-3532 (Fax)
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References:  27
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