Resumen

BLANCO-BARON, CONSTANZA. Regulation and self-regutation of the takeover bids in Colombia, 2008-2016. Rev. Derecho [online]. 2019, n.51, pp.151-185.  Epub 20-Mar-2020. ISSN 0121-8697.  https://doi.org/10.14482/dere.51.347.5.

This article exams the effectiveness and efficiency of the regulatory reforms to the Colombian stock market in the period 2008 to 2016. Effectiveness is understood as the achievement of the objectives proposed for the issuance of the regulation. Efficiency is assumed as the best allocation of resources in the economy, as a result of new rules. The article is based on three premises: stock market has extremely secondary place in the financial system; the regulation is the main instrument of intervention of the State in the market; and, regulation and self-regulation coexist. It aims to demonstrate that the regulation had limited effectiveness and a little efficiency in the issuance of traditional stocks, but self-regulation took him the primary role in the development of the secondary market of new financial products.

Palabras clave : Regulation of stock markets; self-regulation; economic analysis of law; public offer of securities.

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