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By L. Renneboog

Offers with the effectiveness of particular company governance units and alterations in capital constitution and danger administration.

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Over the past two decades, the central banks’ monetary policy-regime consists of the pre-announcement of an anti-inflation strategy and the priority to monetary stability by anchoring low and stable inflationary expectations (flexible inflation-targeting). While reaching low inflation and monetary stability has been successful, financial instability has increased. Indeed, globalization of financial markets, a sharpening of international competitiveness between financial institutions, a blurring of these institutions and an increase of both of liquidity and the availability of credit has changed the financial landscape dramatically.

10 Luc Renneboog They also demonstrate that, in case of time-varying expected country returns, the adjustment induces a significantly smaller variability in portfolio weights. In Chapter 20, Nijman and Werker highlight some recent important developments in the market for retail investments. Retail investors can now invest in a wide gamut of investment funds as well as structured products including complicated derivatives. Retail investors are not always sophisticated investors, but simple and reliable information about the cost-loading and expected return of these products is scarce.

The bulk of previous research on M&A activity is confined to the USA and UK. We believe that a European-wide study contributes to this literature, as it allows us to evaluate Advances in Corporate Finance and Asset Pricing Edited by L. V. All rights reserved. ISBN: 0-444-52723-0 15 16 Marina Martynova and Luc Renneboog the impact of a wide range of institutional settings, and legal and regulatory rules on the pattern of M&A activity. In comparison to the USA and UK, Continental European companies are characterized by weaker investor protection and less developed capital markets (La Porta, Lopez-de-Silanes, Shleifer, & Vishny, 1998), and by more concentrated ownership structure (Faccio & Lang, 2002).

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