LAM

LEGAL ASPECTS OF MERGERS

Coordinatore	TEL AVIV UNIVERSITY    more  Organization address address: RAMAT AVIV city: TEL AVIV postcode: 69978 contact info Titolo: Ms. Nome: Lea Cognome: Pais Email: send email Telefono: -6407805 Fax: -9368
Nazionalità Coordinatore	Israel [IL]
Totale costo	0 €
EC contributo	213˙495 €
Programma	FP7-PEOPLE Specific programme "People" implementing the Seventh Framework Programme of the European Community for research, technological development and demonstration activities (2007 to 2013)
Code Call	FP7-PEOPLE-IEF-2008
Funding Scheme	MC-IEF
Anno di inizio	2009
Periodo (anno-mese-giorno)	2009-09-01   -   2011-08-31

 Partecipanti

#	participant	country	role	EC contrib. [€]
1	TEL AVIV UNIVERSITY  Organization address address: RAMAT AVIV city: TEL AVIV postcode: 69978 contact info Titolo: Ms. Nome: Lea Cognome: Pais Email: send email Telefono: -6407805 Fax: -9368	IL (TEL AVIV)	coordinator	213˙495.27

Mappa

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 Obiettivo del progetto (Objective)

'The proposed project is a large-scale empirical study of legal aspects of corporate mergers. Mergers and acquisitions are transformative events in the life of corporations. The responsibility on corporate managers to make the right decisions in these events is great, and the potential for divergence between their interests and those of shareholders is high: Managers may resist a sale at a large premium to keep their job, push for a sale at an inadequate price to secure high retirement benefits, or overpay in acquisitions to increase their own power. An intricate system of legal rules is in place to minimize such self-serving behavior. But do the rules work? Do they have undesirable effects? The goal of the project is to answer these questions quantitatively and propose how the law can be improved. The project will begin with a study of shareholder involvement in mergers. The specific questions that will be examined are whether shareholder voting prevents poor managerial decisions, and whether managers bundle controversial governance changes with mergers to secure shareholder approval of both. Once this part of the study is completed, I will proceed to examining other legal aspects of mergers, such as deal structure, risk allocation, and taxation.'