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This paper analyzed some of the reasons why Britain participated only half-way in the European Union and ended up voting for Bremen on 23 June 2016. It also examines the options open to the European Union and Great Britain. Europe must show that it can work by showing results. In Britain it is necessary to break the established molds of thought and reshape the structure of political parties. [ABSTRACT FROM AUTHOR]

This paper analyses how the announcement of changes in corporate control (tender offer) of Endesa, Hidrocantábrico and Scottish Power have affected their stock prices and the impact that these events have on the stock market returns of competitors of the target firm. Using an "event study" methodology we find that takeovers positively and significantly affect, at the 1% level, the stock market return of the target firm. Results are robust across several econometric specifications such as GARCH and MCO models. Also, the results suggest the announcement of a tender offer positively and significantly affects the stock market return of the target firm's competitors. [ABSTRACT FROM AUTHOR]