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City Code |
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City CodeThe rules which govern the management and timing of takeover bids involving companies listed on the London Stock Exchange, written and enforced by the Panel on Takeover and Mergers.The objective of the City Code is to ensure that high standards of integrity and fairness are maintained, and that shareholders in both bidding and target company are treated equitably.The Panel is not concerned with the financial or commercial advantages or disadvantages of a takeover, nor is it concerned with competition issues.The City Code does not have the force of law, but, as the Code says 'those who seek to take advantage of the facilities of the securities markets in the United Kingdom should conduct themselves in matters relating to takeovers in accordance with best business standards and so in accordance with the Code'. It goes on to say that 'Those who do not so conduct themselves may find that, by way of sanction, the facilities of those markets are withheld.'Panel on Takeovers and MergersPO Box 226The Stock Exchange BuildingLondonEC2P 2JXTel: 020 7382 9026http://www.thetakeoverpanel.org.ukSimilar MatchesReciprocityReciprocityA principle that underlies GATT negotiations, that countries exchange comparable concessions. Elasticity of substitutionElasticity of substitutionThe elasticity of the ratio of two inputs to a production (or utility) function with respect to the ratio of their marginal products (or utilities). With competitive demands, this is also the elasticity with respect to their price ratio. For example, with factors L,K and factor prices w,r, the elasticity of substitution of a production function F(K,L) is s = (wL/rK)d(K/L)/d(w/r). Constant elasticity of substitution functionConstant elasticity of substitution functionSee CES function Price elasticityPrice elasticityThe elasticity of supply or demand with respect to price. Demand elasticityDemand elasticityNormally the price elasticity of demand. References to other elasticities of demand, such as the income elasticity are normally explicit. See import demand elasticity. Further SuggestionsPoint elasticityCity code on takeovers and mergers Optimum capacity Factor scarcity Specificity rule Cross elasticity Armington elasticity Kansas City Board of Trade (KCBT) Elasticity of demand for imports Debt capacity Import demand elasticity the City Specificity Income elasticity Arc elasticity Velocity Assimilative capacity incapacity benefit Import elasticity Capacity building Scarcity rent Supply elasticity Elasticity of demand for exports Elasticity |
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