Imperial College London
Alternate

ProfessorGillesChemla

Business School

Professor of Finance
 
 
 
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Contact

 

+44 (0)20 7594 9161g.chemla Website

 
 
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Assistant

 

Ms Moira Rankin +44 (0)20 7594 9113

 
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Location

 

3.0453 Prince's GateSouth Kensington Campus

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Summary

 

Publications

Citation

BibTex format

@inbook{Chemla:2010,
author = {Chemla, G and Pop, A and Pop, D},
booktitle = {Financial Institutions and Markets},
pages = {205--224},
title = {Privatization and GovernanceRegulation in FrontierEmerging Markets: The Caseof Romania},
year = {2010}
}
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RIS format (EndNote, RefMan)

TY  - CHAP
AB  - This chapter investigates the link between the regulation of controltransactions and the institutional and corporate features of public companies,by analyzing the massive delisting activity in the Romanian capitalmarket. The peculiar ownership reforms involving a large number oflisted companies offer a unique opportunity to verify Bebchuk and Roe’s(1999) theory of path dependence. Over time, the Romanian authoritieshave undertaken wide-ranging institutional reforms, most of which favorblockholders over small and dispersed shareholders. Our empirical approach,based on logit and duration models, allows us to analyze the evolution ofpublic companies over this period and sheds light on the likely events causingfrontier emerging markets’ eclipse. Our main findings reveal that delisting ismore likely to occur when (i) the shareholdings acquired from the privatizationauthority by circumventing the capital market are high; (ii) the companyexperiences frequent takeover bids; and (iii) the stock liquidity is low.
AU  - Chemla,G
AU  - Pop,A
AU  - Pop,D
EP  - 224
PY  - 2010///
SP  - 205
TI  - Privatization and GovernanceRegulation in FrontierEmerging Markets: The Caseof Romania
T1  - Financial Institutions and Markets
ER  -
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