ECMI Research Report
Fairness Opinions and Capital Markets: Evidence from Germany, Switzerland and Austria
This paper provides the first empirical evidence of fairness opinions in Europe. Legal requirements concerning the use of fairness opinions in mergers and acquisitions are significantly different in Germany, Switzerland and Austria. We examine the determinants of fairness opinions for target firms in these various regulatory settings, and moreover, investigate the impact of such opinions on the abnormal returns of target firms. While in Germany and Austria market participants do not deem fairness opinions important, they do create value for shareholders in Switzerland.
The Need of Transparency in Commodity and Commodity Derivatives Markets
This paper argues that transparency-boosting measures specifically tailored to commodity and commodity derivatives markets are much needed. In particular, encouraging the creation of a clearing infrastructure for OTC commodity and commodity derivatives markets would be desirable. Moreover, EU regulators should consider setting up a new, more effective market abuse regime aimed at preventing manipulation in both the physical and financial commodities markets.
The One-Share-One-Vote Controversy in the EU
Abstract:
The proposal by the European Commission (EC) to establish shareholder democracy and mandate the one-share-one-vote (1S1V) rule has drawn much attention and controversy. In the pursuit of enhancing the rule’s popular appeal, EC policy-makers have tried to make equiproportional representation nearly an aphorism tied to corporate egalitarian sentiments underscoring justice, fairness and ethics.
ISD II Directive Debate about the Trading Venue Diversity
Abstract
This paper presents the findings and preliminary conclusions of a study carried by GEF between March and May 2003 on the debate about the trading venue diversity which was triggered by the proposed update to the Investment Services Directive. The study covered the following topics:
