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The issue of "an appropriate" legal framework, especially in the case of the takeover market, has been poorly studied in the case of emerging markets, yet it is of immediate relevance and practical policymaker interest. The study makes a first attempt to analyze takeover regulations in a comparative context across 50 countries. It proposes a methodology to create a detailed index on the most salient features of capital market laws, and illustrates the approach on the case of takeover legislation. The methodology allows better understanding of the impact of laws on markets and development, allows a detailed quantification of a given regulation, in this case takeover market rules, and helps determine relevant policy implications. Specifically, the framework permits the exploration of the effects of individual regulations, their substitutability and interplay, as well as the overall extent of friendliness of the laws to investors, or particular groups thereof (such as minority shareholders), and the links of specialized regulation with the overall legal system. Finally, the study explores the effect of the investor-friendliness of takeover laws on stock market development.

Acquisition --- Bank --- Banks --- Companies --- Company --- Corporate Law --- Corporate Regulations --- Debt Markets --- Directors --- Economic Theory and Research --- Emerging Markets --- Finance and Financial Sector Development --- Institutional Investors --- Investment and Investment Climate --- Investor Protection --- Investors --- Law and Development --- Macroeconomics and Economic Growth --- Markets and Market Access --- Microfinance --- Minority Shareholders --- Private Sector Development --- Proxy --- Regulatory Framework --- Stock --- Stock Market --- Takeover --- Takeover Laws --- Takeover Regulations --- Venture Capital --- Venture Capital Firm