Showing 1 - 10 of 87
Asset securitization offers banks the possibility of altering their capital structures and the financial intermediation process. This study shows that the introduction of securitization is associated with fundamental changes in the funding policies of banks. In particular, we present evidence of...
Persistent link: https://www.econbiz.de/10011201724
This paper analyses the determinants of the default ratio associated to banking debt in Spanish non financial firms over the period 1992-2003. It studies the factors influencing firms' entering and exit processes in and out from the default status. Additionally, it explores the factors...
Persistent link: https://www.econbiz.de/10005590729
This article presents a critical analysis of the principles behind the scope and forms of cooperation between EU Member States and third-country resolution authorities in the context of the 2014 Bank Recovery and Resolution Directive. The article also explores the future responsibilities of the...
Persistent link: https://www.econbiz.de/10010862258
This paper looks at the value generated to shareholders by the announcement of mergers and acquisitions involving firms in the European Union over the period 1998-2000. Target firm shareholders receive on average a statistically significant excess return of 9% in a onemonth window centered on...
Persistent link: https://www.econbiz.de/10004981004
European finance is becoming increasingly cross-border, while the European architecture for safeguarding financial stability —including decision-making processes for providing financial-stability public goods— have remained decentralized with some explicit mechanisms for coordination across...
Persistent link: https://www.econbiz.de/10005022299
This article studies how the managers of a regulated firm can use debt and equity contracts to constrain the regulator’s policy through the contingent transfer of control to external investors with high relative liquidation value. External finance increases regulated income and facilitates...
Persistent link: https://www.econbiz.de/10009366303
This paper investigates the empirical determinants of corporate cash holdings in the euro area as a function of firm size. The results show that there are significant differences in investment in liquid assets for firms of different size. More specifically, liquid assets for smaller firms in the...
Persistent link: https://www.econbiz.de/10008725821
Using a database of more than 180,000 private companies from 2000 to 2009, we find that the benefits of holding more cash vary substantially with a firm’s size and the conditions it faces. Cash holdings matter most for small firms: when there are negative shocks to industry or macroeconomic...
Persistent link: https://www.econbiz.de/10010862263
This paper considers the "trade-off" and "pecking order" theories, the two most influential approaches to understanding firms' capital structure decisions. The paper adopts two approaches to examining capital structures using firm-level panel data for firms in both Spain and the United Kingdom....
Persistent link: https://www.econbiz.de/10004965257
This paper analyses the impact of alternative measures of firms' financial health on their investment and employment decisions. The emphasis is on the analysis of disaggregated data on such financial indicators. For this purpose, itemised data from a sample of the non-financial firms reporting...
Persistent link: https://www.econbiz.de/10004965258