554:
Acquisition of Shares and
Takeover) Regulations, 2011. The mandatory bid provided for under the Takeover Code is a partial bid: it requires acquiring companies exceeding the shareholding threshold to offer to purchase some portion of the outstanding shares rather than all of them. Under the 1997 Takeover Code, the shareholding threshold was 15%; once exceeded, the acquirer would have to make an offer to purchase 20% of the outstanding shares. Under the 2011 Takeover Code, these percentages were raised to 20% and 26% respectively. The 2011 Takeover Code also provides for further mandatory bids by an incumbent who holds between 25% and 75% of a target upon an increase in holdings of at least 5% during a
1185:
516:, though the 1999 law relaxed some related reporting requirements. 2002 regulations maintained the 30% threshold, but provided that the mandatory bid only had to be made if the acquirer intended to acquire more shares, and permitted the CSRC to grant exceptions to the obligation to bid. In 2006, both the Securities Law and the 2002 regulations were revised; Article 88 of the revised law left the 30% threshold intact, but weakened the bid requirement from the earlier mandatory bid for all outstanding shares to a bid for at least 5% of the outstanding shares.
2069:
2059:
402:
in various
European countries in the 1990s, for example in Austria, thus attempted to use de facto control rather than a specific threshold as the trigger for a mandatory offer; however, this presented enforcement difficulties, given that the threshold for control varied not only between target corporations but over time in the same target, and regulations later provided for a
661:
of 30% is reached, and the mandatory tender offer price must be at least the highest price paid by the bidder for securities of the target during the 12-month period preceding the crossing of the 30% threshold. In addition, a bidder launching a tender offer for a French target must extend its offer to any listed subsidiary of the target.
413:, which give minority shareholders the right to join in any sale by the majority shareholder: the former is an obligation imposed on the acquirer by laws and regulations, while the latter may be provided voluntarily by the majority shareholder of the target to minority shareholders through unilateral announcement or in a
577:. Under the rule, an acquirer which reached a 25% shareholding threshold would then have to make a bid to increase its holdings to a total amount defined by regulations; the subsequent regulatory update which took effect in April 1997 set the total amount to 50% plus one of the outstanding shares. However, as the
660:
France adopted a partial mandatory offer rule in 1989: it obligated the acquirer to offer to purchase two-thirds of the outstanding shares. In the 1990s, France's rule was expanded to require an offer to purchase 100% of outstanding shares. As of 2020, a mandatory offer is required when the threshold
401:
in the target, and even when another shareholder besides the acquirer retains the majority of shares; conversely, if the remaining shares not held by the acquirer are highly dispersed, actual control of the target could be attained without crossing the mandatory offer threshold. Takeover legislation
375:
Typically, a mandatory offer must be made when the acquiring company exceeds a certain shareholding threshold in the target, or gains actual control of the target. Most countries, with the notable exception of the United States, have such a requirement. The purpose of mandatory offer regulations is
504:
of the target, the acquirer must make a bid for all remaining outstanding shares within 45 working days, at a price which at least matches the highest price paid by the acquirer in the past year for the shares it already holds, as well as the average market price of the shares within the last 30
553:
recommended the repeal of the 1994 regulations and their replacement by the SEBI (Substantial
Acquisition of Shares and Takeover) Regulations, 1997. A third review led by Securities Appellate Tribunal chief C. Achuthan led to the replacement of the 1997 regulations by the SEBI (Substantial
396:
followed in the United
Kingdom as well as the laws of several other European countries. Depending on the ownership structure of the target, any given threshold short of absolute majority may in practice result in an acquirer being obliged to make an offer even when the acquirer has not yet
648:. An acquiring company must make a mandatory offer upon achieving a "controlling interest" in the target, defined by § 35 of the act as a thirty percent direct or indirect shareholding. Upon reaching this threshold, the acquiring company must notify the target company and the
548:
under the SEBI Act 1992, the board promulgated the SEBI (Substantial
Acquisition of Shares and Takeover) Regulations, 1994 (colloquially, the "Takeover Code"), governing takeovers, including a mandatory bid rule. A subsequent review committee chaired by former chief justice
496:(CSRC) is empowered to grant exemptions, and in practise acquirers can also structure their transactions to avoid triggering the rule in many cases. The first version of the rule was adapted from the similar rule in Hong Kong, as at the time many
608:. The mechanics of the rule were largely based on United Kingdom and Hong Kong rules, although Taiwan requires only a partial offer to purchase outstanding shares, rather than the full offer required in the United Kingdom and Hong Kong.
687:
to promulgate regulations governing mandatory offers. The first such regulations, the
Communiqué on Principles Regarding Takeover Bids (Serial: IV, No. 44), were superseded in 2014 by the Communiqué on Tender Offers No II-26.1.
1473:
387:
Thresholds for mandatory offers vary widely between countries. A 2006 World Bank survey of the laws of 50 countries found thresholds ranging from 15% (India; became 20% in 2011) to 67% (Finland); the author's
1220:
1213:
1370:
31:
in some jurisdictions, is an offer made by one company (the "acquiring company" or "bidder") to purchase some or all outstanding shares of another company (the "target"), as required by
851:
Bennedsen, Morten; Meisner
Nielsen, Kasper; Vester Nielsen, Thomas (2012). "Private Contracting and Corporate Governance: Evidence from the Provision of Tag-Along Rights in Brazil".
2105:
1466:
500:
had already listed on the Hong Kong Stock
Exchange, and the regulations' drafters sought advice from Hong Kong experts. The rule provided that upon acquiring 30% of the outstanding
586:
597:
Though the United States is the main model for Taiwan's mergers and acquisitions laws, Taiwan adopted a partial mandatory offer requirement in 2002 in
Article 43-1 of the
1405:
1459:
970:
582:
435:
Brazilian corporate law provided for a mandatory offer rule prior to 1997. It was repealed that year, but then partially reinstated in 2000 due to pressure from
1433:
629:
specifies general standards for national takeover legislation, including a mandatory offer rule, though the choice of threshold is left to individual states.
511:
2098:
603:
1144:
649:
540:
In India, the mandatory bid rule originated in the 1980s as part of the listing agreement between listed companies and stock exchanges. After the
1017:[Tentative Regulations on the Administration of the Issuing and Trading of Shares] (State Council Order 112) (in Chinese). 22 April 1993.
541:
493:
2091:
705:
2336:
1366:
643:
506:
622:
829:
439:. A major transaction concluded prior to the rule's reinstatement was the Brazilian government's sale of its 66.7% of voting shares in
393:
2884:
1302:
1247:
1127:
907:
794:
765:
738:
525:
1067:
1089:
2361:
1940:
1264:
497:
567:
1853:
1999:
524:
In Hong Kong, mandatory offers have been governed since 1975 by Rule 26 of the Code on
Takeovers and Mergers, issued by the
677:
The legal framework governing mandatory offers in Turkish law was established by Article 26(1) of the Capital Markets Law (
2355:
598:
392:
did not find any study of the optimal level for the threshold. Thirty percent is a fairly common threshold, found in the
2838:
2778:
2574:
2480:
1793:
380:
in situations where control of the target is being transferred, and in particular to discourage acquisitions driven by
2564:
2532:
2436:
2390:
2373:
2326:
1910:
986:"Limitations of Legal Transplantation: The Comparison of Tender Offer Regulations between China and Western Countries"
578:
381:
1014:
1032:
2349:
2343:
1873:
684:
414:
1223:[Securities and Exchange Law Implementation Order] (As Amended by Order 15312) (in Korean). 22 March 1997.
652:, and make an offer in the form specified by § 11 of the act and its regulations to acquire the remaining shares.
528:. The code does not have force of law. However, compliance with the code is required by Listing Rule 13.23 of the
467:, does not contain any provisions requiring mandatory offers, due to concerns that such provisions could increase
2044:
2029:
2019:
1858:
1673:
811:
2738:
2413:
2062:
2039:
1977:
1803:
1728:
1688:
1668:
529:
43:. Most countries, with the notable exception of the United States, have provisions requiring mandatory offers.
20:
2692:
2553:
2448:
2331:
1773:
1763:
1733:
1703:
1643:
489:
485:
985:
572:
2580:
2014:
1915:
1778:
1616:
1586:
830:"Europe's Thirteenth Directive and U.S. Takeover Regulation: Regulatory Means and Political Economic Ends"
545:
436:
638:
2718:
2527:
1930:
377:
2853:
2773:
2538:
2522:
2485:
2367:
2310:
2278:
1952:
1947:
398:
2783:
2728:
2652:
2512:
2442:
2271:
2244:
1902:
2632:
2823:
2798:
2758:
2743:
2662:
2601:
2559:
2303:
2213:
2203:
2072:
1984:
1967:
1925:
1848:
1840:
1626:
1611:
1486:
964:
626:
589:, who believed that the rule could deter takeover bids against companies in financial distress.
1406:"Turkey: The Changes Proposed By The Draft Communiqué To The Tender Offer Procedures In Turkey"
2687:
2672:
2424:
2004:
1989:
1920:
1863:
1808:
1783:
1753:
1743:
1653:
1636:
1557:
1552:
1512:
1507:
1494:
1482:
1298:
1290:
1243:
1235:
1172:
1123:
1115:
941:
937:
903:
872:
868:
790:
782:
761:
755:
734:
728:
403:
389:
754:
Vernimmen, Pierre; Quiry, Pascal; Dallocchio, Maurizio; Le Fur, Yann; Salvi, Antonio (2014).
2788:
2708:
2504:
2385:
2261:
2180:
2136:
2114:
1962:
1957:
1868:
1823:
1723:
1621:
1542:
1527:
1502:
1216:[Securities and Exchange Law] (As Amended by Law 5254) (in Korean). 13 January 1997.
952:
860:
484:
A mandatory bid rule has been applicable in some form since 1993 to companies listed on the
468:
1451:
2863:
2858:
2793:
2768:
2677:
2657:
2616:
2611:
2606:
2591:
2586:
2474:
2408:
2400:
2288:
2175:
2024:
1935:
1888:
1878:
1813:
1708:
1658:
1606:
1578:
1522:
566:
South Korea enacted a partial mandatory offer rule in January 1997 by an amendment to the
444:
410:
1265:"Corporate Governance in Korea at the Millenium: Enhancing International Competitiveness"
1068:"Hong Kong Code on Takeovers and Mergers: Toothless Watchdog or Handmaiden of Equality?"
2818:
2813:
2713:
2698:
2459:
2454:
2419:
2218:
2185:
2131:
2123:
1972:
1883:
555:
550:
36:
32:
16:
Offer made by one company to purchase some or all outstanding shares of another company
2878:
2682:
2667:
2642:
2596:
2548:
2251:
2208:
2195:
2146:
1591:
464:
440:
2843:
2763:
2733:
2723:
2543:
2517:
2266:
2256:
2239:
2170:
2165:
2141:
1830:
1678:
1663:
1537:
951:. Dissertation for the degree of Doctor of Legal Studies. University of Hong Kong.
864:
501:
460:
448:
1039:(China Securities Regulatory Commission Order 11) (in Chinese). 28 September 2002.
2848:
2828:
2808:
2803:
2748:
2637:
2569:
1788:
1758:
1601:
1532:
945:, p. 653. For more detailed treatment, see the author's doctoral dissertation:
2833:
2753:
2430:
2293:
2034:
1994:
1798:
1748:
1718:
1596:
1517:
1263:
Black, Bernard; Metzger, Barry; O'Brien, Timothy J.; Shin, Young-Moo (2001).
730:
The Law of Business Organizations: A Concise Overview of German Corporate Law
2469:
2464:
2379:
2298:
2009:
1768:
1631:
451:
covered only the government's state and excluded the minority shareholders.
1190:[A historical review of the public tender system in our country].
2647:
2283:
1818:
1713:
1698:
40:
956:
949:
The mandatory bid rule, hostile takeovers and takeover defences in China
2491:
1648:
885:
2234:
1410:
2083:
787:
The Anatomy of Corporate Law: A Comparative and Functional Approach
706:"Stakebuilding, mandatory offers and squeeze-out comparative table"
2157:
1547:
505:
days. That rule remained in effect after the passage of the 1998
1404:
Gürkaynak, Gönenç; Yukaruc, Nazli; Yetim, Irmak (8 March 2021).
1236:"M&A in Korea: Continuing Concern for Minority Shareholders"
1035:[Regulations on Takeovers of Companies Listed in China]
2087:
1455:
1432:
Turan, M. Togan; Şahan, Ökkeş; Bezirci, Nazlı (1 April 2020).
1295:
Comparative Takeover Regulation: Global and Asian Perspectives
1240:
Comparative Takeover Regulation: Global and Asian Perspectives
1120:
Comparative Takeover Regulation: Global and Asian Perspectives
928:
Cai, Wei (December 2011). "The Mandatory Bid Rule in China".
1116:"The Nature of the Market for Corporate Control in India"
581:
deepened, the rule was repealed the following year under
1365:
Grumberg, Armand W; Attar-Rezvani, Arash; Zika, Julien;
900:
Mergers and Takeovers in the US and UK: Law and Practice
544:(SEBI) became a statutory body with the power to issue
817:. World Bank Policy Research Working Paper. p. 9.
384:
by requiring that a premium be paid for such control.
1434:"Public mergers and acquisitions in Turkey: overview"
1371:"Public mergers and acquisitions in France: overview"
1145:"India raises threshold for mandatory takeover offer"
587:
International Bank for Reconstruction and Development
886:
Bennedsen, Meisner Nielsen & Vester Nielsen 2012
637:
In Germany, mandatory offers are required under the
2625:
2500:
2399:
2319:
2227:
2194:
2155:
2121:
1901:
1839:
1687:
1577:
1566:
1493:
406:of control upon achieving a specific threshold.
669:Sweden adopted a mandatory offer rule in 1999.
1293:. In Varottil, Umakanth; Wan, Wai Yee (eds.).
1238:. In Varottil, Umakanth; Wan, Wai Yee (eds.).
1118:. In Varottil, Umakanth; Wan, Wai Yee (eds.).
2099:
1467:
1143:Laskar, Anirudh; Mohan, Vyas (29 July 2011).
1030:, p. 656, citing Articles 23–24 and 49,
969:: CS1 maint: DOI inactive as of April 2024 (
902:. Oxford University Press. pp. 676–691.
678:
583:pressure from the International Monetary Fund
8:
1391:
1352:
1297:. Cambridge University Press. p. 315.
1242:. Cambridge University Press. p. 293.
1122:. Cambridge University Press. p. 347.
2106:
2092:
2084:
2068:
2058:
1574:
1474:
1460:
1452:
1317:
50:
930:European Business Organization Law Review
812:"Takeover Laws and Financial Development"
683:, Law No. 6362 of 1981), authorising the
1168:
789:. Oxford University Press. p. 186.
409:A mandatory offer rule is distinct from
1340:
1328:
1291:"Takeover laws and practices in Taiwan"
1211:, p. 98, citing Article 21 of the
1095:. Hong Kong Stock Exchange. 6 July 2019
1090:"Consolidated Main Board Listing Rules"
1053:
697:
650:Federal Financial Supervisory Authority
962:
781:Hertig, Gerard; Kanda, Hideki (2004).
757:Corporate Finance: Theory and Practice
579:financial crisis which began that year
542:Securities and Exchange Board of India
494:China Securities Regulatory Commission
1367:Skadden Arps Slate Meagher & Flom
7:
1208:
1049:
1027:
1009:
915:
623:member states of the European Union
1192:Sogang Journal of Law and Business
1012:, p. 655, citing Article 48,
394:City Code on Takeovers and Mergers
14:
984:Zhu, Ciyun; Tang, Linyao (2018).
783:"Issuers and Investor Protection"
708:. Thomson Reuters. 1 October 2017
526:Securities and Futures Commission
2362:Electronic communication network
2067:
2057:
810:Nenova, Tatiana (October 2006).
498:state-owned enterprises of China
834:Texas International Law Journal
1854:Debtor-in-possession financing
898:Kenyon-Slade, Stephen (2004).
865:10.1016/j.jcorpfin.2011.03.007
733:. Springer. pp. 123–126.
1:
2356:Multilateral trading facility
685:Turkish Capital Markets Board
471:in mergers and acquisitions.
447:, in which Banco Santander's
417:or similar private contract.
2779:Returns-based style analysis
2575:Post-modern portfolio theory
2481:Security characteristic line
1794:Staggered board of directors
1289:Chu, Claire Te-fang (2017).
853:Journal of Corporate Finance
2533:Efficient-market hypothesis
2437:Capital asset pricing model
2374:Straight-through processing
1911:Accretion/dilution analysis
1184:Kim, Hong-sik (June 2014).
1114:Varottil, Umakanth (2017).
599:Securities and Exchange Act
568:Securities and Exchange Law
382:private benefits of control
2901:
2350:Alternative Trading System
1874:Leveraged recapitalization
1272:Journal of Corporation Law
828:Ventoruzzo, Marco (2006).
459:In the United States, the
57:Mandatory offer threshold
39:rules governing corporate
2053:
2045:Valuation using multiples
2030:Sum-of-the-parts analysis
2000:Modigliani–Miller theorem
1859:Dividend recapitalization
1674:Secondary market offering
993:Tsinghua China Law Review
463:of 1968, which regulates
2885:Mergers and acquisitions
2414:Arbitrage pricing theory
2063:List of investment banks
1978:Free cash flow to equity
1804:Super-majority amendment
1729:Management due diligence
1669:Seasoned equity offering
1234:Rho, Hyeok-Joon (2017).
1186:
727:Schultz, Martin (2012).
617:European Union directive
530:Hong Kong Stock Exchange
479:
21:mergers and acquisitions
2693:Initial public offering
2554:Modern portfolio theory
2449:Dividend discount model
2332:List of stock exchanges
1774:Shareholder rights plan
1764:Post-merger integration
1734:Managerial entrenchment
1704:Contingent value rights
1644:Initial public offering
1392:Hertig & Kanda 2004
1353:Hertig & Kanda 2004
1187:우리나라의 공개매수제도에 관한 연혁적 검토
680:Sermaye Piyasası Kanunu
490:Shenzhen Stock Exchange
486:Shanghai Stock Exchange
437:institutional investors
415:shareholders' agreement
110:British Virgin Islands
2581:Random walk hypothesis
1916:Adjusted present value
1779:Special-purpose entity
1617:Direct public offering
1587:At-the-market offering
959:(inactive 2024-04-12).
760:. Wiley. p. 810.
679:
546:subsidiary legislation
2719:Market capitalization
2528:Dollar cost averaging
1931:Conglomerate discount
1072:Hong Kong Law Journal
378:minority shareholders
2539:Fundamental analysis
2523:Contrarian investing
2486:Security market line
2391:Liquidity aggregator
2368:Direct market access
2279:Quantitative analyst
1953:Economic value added
1948:Discounted cash flow
1218:Article 11-2 of the
399:controlling interest
54:Country or territory
2784:Reverse stock split
2729:Market manipulation
2653:Dual-listed company
2513:Algorithmic trading
2443:Capital market line
2245:Inter-dealer broker
1538:Senior secured debt
1054:Zhu & Tang 2018
957:10.5353/th_b4696839
639:Public Takeover Act
361:No mandatory offer
113:No mandatory offer
97:No mandatory offer
35:and regulations or
2824:Stock market index
2663:Efficient frontier
2602:Technical analysis
2560:Momentum investing
2382:(private exchange)
2272:Proprietary trader
2214:Shares outstanding
2204:Authorised capital
2073:Outline of finance
1985:Market value added
1968:Financial modeling
1926:Business valuation
1849:Debt restructuring
1627:Follow-on offering
1612:Corporate spin-off
1570:(terms/conditions)
1487:investment banking
1278:(Spring): 605–606.
1052:, p. 658 and
627:Takeover Directive
2872:
2871:
2673:Flight-to-quality
2425:Buffett indicator
2115:Financial markets
2081:
2080:
2005:Net present value
1990:Minority interest
1921:Associate company
1897:
1896:
1864:Financial sponsor
1784:Special situation
1754:Pre-emption right
1744:Minority discount
1654:Private placement
1553:Subordinated debt
1508:Exchangeable debt
1495:Capital structure
1483:Corporate finance
1436:. Thomson Reuters
1373:. Thomson Reuters
1066:Au, Alan (1987).
947:Cai, Wei (2011).
469:transaction costs
390:literature review
373:
372:
2892:
2789:Share repurchase
2501:Trading theories
2386:Crossing network
2344:Over-the-counter
2181:Restricted stock
2137:Secondary market
2108:
2101:
2094:
2085:
2071:
2070:
2061:
2060:
1963:Fairness opinion
1958:Enterprise value
1941:Weighted average
1869:Leveraged buyout
1724:Drag-along right
1622:Equity carve-out
1579:Equity offerings
1575:
1571:
1543:Shareholder loan
1528:Second lien debt
1523:Preferred equity
1503:Convertible debt
1476:
1469:
1462:
1453:
1446:
1445:
1443:
1441:
1429:
1423:
1422:
1420:
1418:
1401:
1395:
1389:
1383:
1382:
1380:
1378:
1369:(1 March 2020).
1362:
1356:
1350:
1344:
1338:
1332:
1326:
1320:
1315:
1309:
1308:
1286:
1280:
1279:
1269:
1260:
1254:
1253:
1231:
1225:
1224:
1217:
1206:
1200:
1199:
1181:
1175:
1166:
1160:
1159:
1157:
1155:
1140:
1134:
1133:
1111:
1105:
1104:
1102:
1100:
1094:
1086:
1080:
1079:
1063:
1057:
1047:
1041:
1040:
1038:
1025:
1019:
1018:
1007:
1001:
1000:
990:
981:
975:
974:
968:
960:
944:
925:
919:
913:
895:
889:
883:
877:
876:
848:
842:
841:
825:
819:
818:
816:
807:
801:
800:
778:
772:
771:
751:
745:
744:
724:
718:
717:
715:
713:
702:
682:
647:
607:
576:
515:
480:China's mainland
411:tag-along rights
51:
27:, also called a
2900:
2899:
2895:
2894:
2893:
2891:
2890:
2889:
2875:
2874:
2873:
2868:
2859:Voting interest
2769:Public offering
2704:Mandatory offer
2678:Government bond
2658:DuPont analysis
2621:
2617:Value investing
2612:Value averaging
2607:Trend following
2592:Style investing
2587:Sector rotation
2502:
2496:
2475:Net asset value
2401:Stock valuation
2395:
2315:
2223:
2190:
2176:Preferred stock
2151:
2117:
2112:
2082:
2077:
2049:
2025:Stock valuation
2020:Residual income
1936:Cost of capital
1893:
1889:Project finance
1879:High-yield debt
1835:
1814:Tag-along right
1739:Mandatory offer
1709:Control premium
1690:
1683:
1659:Public offering
1607:Bought out deal
1569:
1568:
1562:
1489:
1480:
1450:
1449:
1439:
1437:
1431:
1430:
1426:
1416:
1414:
1403:
1402:
1398:
1390:
1386:
1376:
1374:
1364:
1363:
1359:
1351:
1347:
1339:
1335:
1327:
1323:
1318:Ventoruzzo 2006
1316:
1312:
1305:
1288:
1287:
1283:
1267:
1262:
1261:
1257:
1250:
1233:
1232:
1228:
1219:
1212:
1207:
1203:
1188:
1183:
1182:
1178:
1167:
1163:
1153:
1151:
1142:
1141:
1137:
1130:
1113:
1112:
1108:
1098:
1096:
1092:
1088:
1087:
1083:
1065:
1064:
1060:
1048:
1044:
1036:
1031:
1026:
1022:
1013:
1008:
1004:
988:
983:
982:
978:
961:
946:
927:
926:
922:
910:
897:
896:
892:
884:
880:
850:
849:
845:
827:
826:
822:
814:
809:
808:
804:
797:
780:
779:
775:
768:
753:
752:
748:
741:
726:
725:
721:
711:
709:
704:
703:
699:
694:
675:
667:
658:
641:
635:
619:
614:
601:
595:
570:
564:
538:
522:
509:
492:, although the
482:
477:
457:
445:Banco Santander
433:
428:
423:
421:By jurisdiction
350:United Kingdom
134:Czech Republic
49:
33:securities laws
25:mandatory offer
17:
12:
11:
5:
2898:
2896:
2888:
2887:
2877:
2876:
2870:
2869:
2867:
2866:
2861:
2856:
2851:
2846:
2841:
2836:
2831:
2826:
2821:
2819:Stock exchange
2816:
2814:Stock dilution
2811:
2806:
2801:
2796:
2791:
2786:
2781:
2776:
2771:
2766:
2761:
2756:
2751:
2746:
2741:
2739:Mean reversion
2736:
2731:
2726:
2721:
2716:
2714:Market anomaly
2711:
2706:
2701:
2696:
2690:
2685:
2680:
2675:
2670:
2665:
2660:
2655:
2650:
2645:
2640:
2635:
2633:Bid–ask spread
2629:
2627:
2623:
2622:
2620:
2619:
2614:
2609:
2604:
2599:
2594:
2589:
2584:
2578:
2572:
2567:
2562:
2557:
2551:
2546:
2541:
2536:
2530:
2525:
2520:
2515:
2509:
2507:
2498:
2497:
2495:
2494:
2489:
2483:
2478:
2472:
2467:
2462:
2460:Earnings yield
2457:
2455:Dividend yield
2452:
2446:
2440:
2434:
2428:
2422:
2417:
2411:
2405:
2403:
2397:
2396:
2394:
2393:
2388:
2383:
2377:
2371:
2365:
2359:
2353:
2347:
2346:(off-exchange)
2341:
2340:
2339:
2334:
2323:
2321:
2320:Trading venues
2317:
2316:
2314:
2313:
2308:
2307:
2306:
2296:
2291:
2286:
2281:
2276:
2275:
2274:
2269:
2259:
2254:
2249:
2248:
2247:
2242:
2231:
2229:
2225:
2224:
2222:
2221:
2219:Treasury stock
2216:
2211:
2206:
2200:
2198:
2192:
2191:
2189:
2188:
2186:Tracking stock
2183:
2178:
2173:
2168:
2162:
2160:
2153:
2152:
2150:
2149:
2144:
2139:
2134:
2132:Primary market
2128:
2126:
2119:
2118:
2113:
2111:
2110:
2103:
2096:
2088:
2079:
2078:
2076:
2075:
2065:
2054:
2051:
2050:
2048:
2047:
2042:
2040:Terminal value
2037:
2032:
2027:
2022:
2017:
2012:
2007:
2002:
1997:
1992:
1987:
1982:
1981:
1980:
1973:Free cash flow
1970:
1965:
1960:
1955:
1950:
1945:
1944:
1943:
1933:
1928:
1923:
1918:
1913:
1907:
1905:
1899:
1898:
1895:
1894:
1892:
1891:
1886:
1884:Private equity
1881:
1876:
1871:
1866:
1861:
1856:
1851:
1845:
1843:
1837:
1836:
1834:
1833:
1828:
1827:
1826:
1816:
1811:
1806:
1801:
1796:
1791:
1786:
1781:
1776:
1771:
1766:
1761:
1756:
1751:
1746:
1741:
1736:
1731:
1726:
1721:
1716:
1711:
1706:
1701:
1695:
1693:
1685:
1684:
1682:
1681:
1676:
1671:
1666:
1661:
1656:
1651:
1646:
1641:
1640:
1639:
1629:
1624:
1619:
1614:
1609:
1604:
1599:
1594:
1589:
1583:
1581:
1572:
1564:
1563:
1561:
1560:
1555:
1550:
1545:
1540:
1535:
1530:
1525:
1520:
1515:
1513:Mezzanine debt
1510:
1505:
1499:
1497:
1491:
1490:
1481:
1479:
1478:
1471:
1464:
1456:
1448:
1447:
1424:
1396:
1384:
1357:
1345:
1343:, pp. 126
1333:
1331:, pp. 124
1321:
1310:
1303:
1281:
1255:
1248:
1226:
1201:
1176:
1161:
1135:
1128:
1106:
1081:
1058:
1042:
1020:
1002:
976:
936:(4): 653–680.
920:
918:, p. 316.
908:
890:
878:
859:(4): 904–918.
843:
820:
802:
795:
773:
766:
746:
739:
719:
696:
695:
693:
690:
674:
671:
666:
663:
657:
654:
634:
631:
618:
615:
613:
610:
594:
591:
563:
560:
556:financial year
551:P. N. Bhagwati
537:
534:
521:
518:
507:Securities Law
481:
478:
476:
473:
456:
453:
432:
429:
427:
424:
422:
419:
397:established a
371:
370:
367:
363:
362:
359:
358:United States
355:
354:
351:
347:
346:
343:
339:
338:
335:
331:
330:
327:
323:
322:
319:
315:
314:
311:
307:
306:
303:
299:
298:
295:
291:
290:
287:
283:
282:
279:
275:
274:
271:
267:
266:
263:
259:
258:
255:
251:
250:
247:
243:
242:
239:
235:
234:
231:
227:
226:
223:
219:
218:
215:
211:
210:
207:
203:
202:
199:
195:
194:
191:
187:
186:
183:
179:
178:
175:
171:
170:
167:
163:
162:
159:
155:
154:
151:
147:
146:
143:
139:
138:
135:
131:
130:
127:
123:
122:
119:
115:
114:
111:
107:
106:
103:
99:
98:
95:
91:
90:
87:
83:
82:
79:
75:
74:
71:
67:
66:
63:
59:
58:
55:
48:
45:
37:stock exchange
15:
13:
10:
9:
6:
4:
3:
2:
2897:
2886:
2883:
2882:
2880:
2865:
2862:
2860:
2857:
2855:
2852:
2850:
2847:
2845:
2842:
2840:
2837:
2835:
2832:
2830:
2827:
2825:
2822:
2820:
2817:
2815:
2812:
2810:
2807:
2805:
2802:
2800:
2797:
2795:
2794:Short selling
2792:
2790:
2787:
2785:
2782:
2780:
2777:
2775:
2772:
2770:
2767:
2765:
2762:
2760:
2757:
2755:
2752:
2750:
2747:
2745:
2742:
2740:
2737:
2735:
2732:
2730:
2727:
2725:
2722:
2720:
2717:
2715:
2712:
2710:
2707:
2705:
2702:
2700:
2697:
2694:
2691:
2689:
2686:
2684:
2683:Greenspan put
2681:
2679:
2676:
2674:
2671:
2669:
2668:Financial law
2666:
2664:
2661:
2659:
2656:
2654:
2651:
2649:
2646:
2644:
2643:Cross listing
2641:
2639:
2636:
2634:
2631:
2630:
2628:
2626:Related terms
2624:
2618:
2615:
2613:
2610:
2608:
2605:
2603:
2600:
2598:
2597:Swing trading
2595:
2593:
2590:
2588:
2585:
2582:
2579:
2576:
2573:
2571:
2568:
2566:
2565:Mosaic theory
2563:
2561:
2558:
2555:
2552:
2550:
2549:Market timing
2547:
2545:
2542:
2540:
2537:
2534:
2531:
2529:
2526:
2524:
2521:
2519:
2516:
2514:
2511:
2510:
2508:
2506:
2499:
2493:
2490:
2487:
2484:
2482:
2479:
2476:
2473:
2471:
2468:
2466:
2463:
2461:
2458:
2456:
2453:
2450:
2447:
2444:
2441:
2438:
2435:
2432:
2429:
2426:
2423:
2421:
2418:
2415:
2412:
2410:
2407:
2406:
2404:
2402:
2398:
2392:
2389:
2387:
2384:
2381:
2378:
2375:
2372:
2369:
2366:
2363:
2360:
2357:
2354:
2351:
2348:
2345:
2342:
2338:
2337:Trading hours
2335:
2333:
2330:
2329:
2328:
2325:
2324:
2322:
2318:
2312:
2309:
2305:
2302:
2301:
2300:
2297:
2295:
2292:
2290:
2287:
2285:
2282:
2280:
2277:
2273:
2270:
2268:
2265:
2264:
2263:
2260:
2258:
2255:
2253:
2252:Broker-dealer
2250:
2246:
2243:
2241:
2238:
2237:
2236:
2233:
2232:
2230:
2226:
2220:
2217:
2215:
2212:
2210:
2209:Issued shares
2207:
2205:
2202:
2201:
2199:
2197:
2196:Share capital
2193:
2187:
2184:
2182:
2179:
2177:
2174:
2172:
2169:
2167:
2164:
2163:
2161:
2159:
2154:
2148:
2147:Fourth market
2145:
2143:
2140:
2138:
2135:
2133:
2130:
2129:
2127:
2125:
2120:
2116:
2109:
2104:
2102:
2097:
2095:
2090:
2089:
2086:
2074:
2066:
2064:
2056:
2055:
2052:
2046:
2043:
2041:
2038:
2036:
2033:
2031:
2028:
2026:
2023:
2021:
2018:
2016:
2013:
2011:
2008:
2006:
2003:
2001:
1998:
1996:
1993:
1991:
1988:
1986:
1983:
1979:
1976:
1975:
1974:
1971:
1969:
1966:
1964:
1961:
1959:
1956:
1954:
1951:
1949:
1946:
1942:
1939:
1938:
1937:
1934:
1932:
1929:
1927:
1924:
1922:
1919:
1917:
1914:
1912:
1909:
1908:
1906:
1904:
1900:
1890:
1887:
1885:
1882:
1880:
1877:
1875:
1872:
1870:
1867:
1865:
1862:
1860:
1857:
1855:
1852:
1850:
1847:
1846:
1844:
1842:
1838:
1832:
1829:
1825:
1822:
1821:
1820:
1817:
1815:
1812:
1810:
1807:
1805:
1802:
1800:
1797:
1795:
1792:
1790:
1787:
1785:
1782:
1780:
1777:
1775:
1772:
1770:
1767:
1765:
1762:
1760:
1757:
1755:
1752:
1750:
1747:
1745:
1742:
1740:
1737:
1735:
1732:
1730:
1727:
1725:
1722:
1720:
1717:
1715:
1712:
1710:
1707:
1705:
1702:
1700:
1697:
1696:
1694:
1692:
1686:
1680:
1677:
1675:
1672:
1670:
1667:
1665:
1662:
1660:
1657:
1655:
1652:
1650:
1647:
1645:
1642:
1638:
1635:
1634:
1633:
1630:
1628:
1625:
1623:
1620:
1618:
1615:
1613:
1610:
1608:
1605:
1603:
1600:
1598:
1595:
1593:
1592:Book building
1590:
1588:
1585:
1584:
1582:
1580:
1576:
1573:
1565:
1559:
1556:
1554:
1551:
1549:
1546:
1544:
1541:
1539:
1536:
1534:
1531:
1529:
1526:
1524:
1521:
1519:
1516:
1514:
1511:
1509:
1506:
1504:
1501:
1500:
1498:
1496:
1492:
1488:
1484:
1477:
1472:
1470:
1465:
1463:
1458:
1457:
1454:
1435:
1428:
1425:
1413:
1412:
1407:
1400:
1397:
1394:, p. 186
1393:
1388:
1385:
1372:
1368:
1361:
1358:
1355:, p. 186
1354:
1349:
1346:
1342:
1337:
1334:
1330:
1325:
1322:
1319:
1314:
1311:
1306:
1304:9781107195271
1300:
1296:
1292:
1285:
1282:
1277:
1273:
1266:
1259:
1256:
1251:
1249:9781107195271
1245:
1241:
1237:
1230:
1227:
1222:
1215:
1210:
1205:
1202:
1197:
1193:
1189:
1180:
1177:
1174:
1170:
1169:Varottil 2017
1165:
1162:
1150:
1146:
1139:
1136:
1131:
1129:9781107195271
1125:
1121:
1117:
1110:
1107:
1091:
1085:
1082:
1077:
1073:
1069:
1062:
1059:
1056:, p. 281
1055:
1051:
1046:
1043:
1034:
1029:
1024:
1021:
1016:
1015:股票发行与交易管理暂行条例
1011:
1006:
1003:
998:
994:
987:
980:
977:
972:
966:
958:
954:
950:
943:
939:
935:
931:
924:
921:
917:
911:
909:9780198260516
905:
901:
894:
891:
888:, p. 905
887:
882:
879:
874:
870:
866:
862:
858:
854:
847:
844:
839:
835:
831:
824:
821:
813:
806:
803:
798:
796:9780199260645
792:
788:
784:
777:
774:
769:
767:9781118849293
763:
759:
758:
750:
747:
742:
740:9783642177934
736:
732:
731:
723:
720:
707:
701:
698:
691:
689:
686:
681:
672:
670:
664:
662:
655:
653:
651:
645:
640:
632:
630:
628:
624:
616:
611:
609:
605:
600:
592:
590:
588:
584:
580:
574:
569:
561:
559:
557:
552:
547:
543:
535:
533:
531:
527:
519:
517:
513:
508:
503:
499:
495:
491:
487:
474:
472:
470:
466:
465:tender offers
462:
455:United States
454:
452:
450:
446:
442:
441:Banco Banespa
438:
430:
425:
420:
418:
416:
412:
407:
405:
400:
395:
391:
385:
383:
379:
368:
365:
364:
360:
357:
356:
352:
349:
348:
344:
341:
340:
336:
333:
332:
328:
325:
324:
320:
317:
316:
312:
309:
308:
304:
301:
300:
296:
293:
292:
288:
286:South Africa
285:
284:
280:
277:
276:
272:
270:Saudi Arabia
269:
268:
264:
261:
260:
256:
253:
252:
248:
245:
244:
240:
237:
236:
232:
229:
228:
224:
221:
220:
216:
213:
212:
208:
205:
204:
200:
197:
196:
192:
189:
188:
184:
181:
180:
176:
173:
172:
168:
165:
164:
160:
157:
156:
152:
149:
148:
144:
141:
140:
136:
133:
132:
128:
125:
124:
120:
117:
116:
112:
109:
108:
104:
101:
100:
96:
93:
92:
88:
85:
84:
80:
77:
76:
72:
69:
68:
64:
61:
60:
56:
53:
52:
46:
44:
42:
38:
34:
30:
29:mandatory bid
26:
22:
2844:Tender offer
2764:Public float
2734:Market trend
2724:Market depth
2703:
2544:Growth stock
2518:Buy and hold
2427:(Cap-to-GDP)
2267:Floor trader
2257:Market maker
2240:Floor broker
2228:Participants
2171:Golden share
2166:Common stock
2142:Third market
2015:Real options
1831:Tender offer
1738:
1691:acquisitions
1679:Underwriting
1664:Rights issue
1567:Transactions
1438:. Retrieved
1427:
1415:. Retrieved
1409:
1399:
1387:
1375:. Retrieved
1360:
1348:
1341:Schultz 2012
1336:
1329:Schultz 2012
1324:
1313:
1294:
1284:
1275:
1271:
1258:
1239:
1229:
1204:
1195:
1191:
1179:
1164:
1152:. Retrieved
1148:
1138:
1119:
1109:
1097:. Retrieved
1084:
1075:
1071:
1061:
1045:
1023:
1005:
996:
992:
979:
948:
933:
929:
923:
899:
893:
881:
856:
852:
846:
837:
833:
823:
805:
786:
776:
756:
749:
729:
722:
710:. Retrieved
700:
676:
668:
659:
636:
620:
596:
565:
539:
523:
502:common stock
483:
461:Williams Act
458:
449:tender offer
434:
408:
386:
374:
318:Switzerland
294:South Korea
254:Netherlands
28:
24:
18:
2849:Uptick rule
2829:Stock split
2809:Squeeze-out
2804:Speculation
2749:Open outcry
2638:Block trade
2570:Pairs trade
1789:Squeeze-out
1759:Proxy fight
1689:Mergers and
1602:Bought deal
1533:Senior debt
1440:8 September
1417:8 September
1377:25 December
712:23 December
642: [
625:, the 2004
602: [
571: [
562:South Korea
510: [
404:presumption
376:to protect
2854:Volatility
2834:Stock swap
2754:Order book
2505:strategies
2431:Book value
2299:Arbitrager
2294:Speculator
2035:Tax shield
1995:Mismarking
1799:Stock swap
1749:Pitch book
1719:Divestment
1597:Bookrunner
1518:Pari passu
1171:, p.
1033:上市公司收購管理辦法
840:: 195–196.
692:References
278:Singapore
190:Indonesia
174:Hong Kong
70:Australia
62:Argentina
2470:Fed model
2465:EV/EBITDA
2380:Dark pool
2311:Regulator
2156:Types of
2122:Types of
2010:Pure play
1903:Valuation
1769:Sell side
1632:Greenshoe
1154:20 August
1099:20 August
999:(2): 275.
965:cite book
914:Cited in
520:Hong Kong
334:Thailand
238:Malaysia
166:Guernsey
41:takeovers
2879:Category
2799:Slippage
2759:Position
2744:Momentum
2648:Dividend
2327:Exchange
2284:Investor
1841:Leverage
1819:Takeover
1714:Demerger
1699:Buy side
1221:증권거래법시행령
1209:Kim 2014
1198:(1): 97.
1149:LiveMint
1050:Cai 2011
1028:Cai 2011
1010:Cai 2011
916:Chu 2017
585:and the
426:Americas
366:Vietnam
158:Germany
94:Bermuda
86:Belgium
78:Austria
47:Overview
2688:Haircut
2492:T-model
2304:Scalper
2124:markets
1824:Reverse
1809:Synergy
1649:Pre-IPO
1637:Reverse
1558:Warrant
942:2604568
873:1779845
633:Germany
342:Turkey
326:Taiwan
310:Sweden
262:Russia
246:Mexico
230:Kuwait
222:Jersey
198:Israel
150:France
118:Canada
102:Brazil
2709:Margin
2577:(PMPT)
2439:(CAPM)
2289:Hedger
2262:Trader
2235:Broker
2158:stocks
1411:Mondaq
1301:
1246:
1126:
940:
906:
871:
793:
764:
737:
673:Turkey
665:Sweden
656:France
621:Among
612:Europe
593:Taiwan
431:Brazil
302:Spain
214:Japan
206:Italy
182:India
142:Egypt
126:China
2864:Yield
2839:Trade
2774:Rally
2695:(IPO)
2583:(RMH)
2556:(MPT)
2535:(EMH)
2488:(SML)
2477:(NAV)
2451:(DDM)
2445:(CML)
2416:(APT)
2409:Alpha
2376:(STP)
2370:(DMA)
2364:(ECN)
2358:(MTF)
2352:(ATS)
1548:Stock
1268:(PDF)
1214:증권거래법
1093:(PDF)
1078:: 24.
1037:(PDF)
989:(PDF)
815:(PDF)
646:]
606:]
575:]
536:India
514:]
2699:Long
2503:and
2433:(BV)
2420:Beta
1485:and
1442:2021
1419:2021
1379:2020
1299:ISBN
1244:ISBN
1156:2020
1124:ISBN
1101:2020
971:link
938:SSRN
904:ISBN
869:SSRN
791:ISBN
762:ISBN
735:ISBN
714:2020
488:and
475:Asia
369:25%
353:30%
345:50%
337:25%
329:20%
321:1/3
313:30%
305:30%
289:35%
281:30%
273:50%
265:30%
257:30%
249:30%
241:33%
233:30%
225:30%
217:1/3
209:25%
201:25%
193:25%
185:25%
177:30%
169:30%
161:30%
153:30%
145:50%
137:30%
129:30%
121:20%
105:25%
89:30%
81:30%
73:20%
65:15%
23:, a
1173:355
953:doi
861:doi
838:141
443:to
297:5%
19:In
2881::
1408:.
1276:26
1274:.
1270:.
1194:.
1147:.
1076:17
1074:.
1070:.
997:10
995:.
991:.
967:}}
963:{{
934:12
932:.
867:.
857:12
855:.
836:.
832:.
785:.
644:de
604:zh
573:ko
558:.
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512:zh
2107:e
2100:t
2093:v
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