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Corporate governance and corporate ownership: The investment behaviour of Japanese institutional investors

Altunbaş, Yener; Kara, Alper; Rixtel, Adrian van - Banco de España - 2007

In this paper, we investigate the investment behaviour of institutional investors in terms of their shareholdings in 2,938 companies listed on the Tokyo and Osaka Stock Exchanges at the end of June 2002. By doing so, we provide one of the first detailed empirical analyses of the involvement of...

Persistent link: https://www.econbiz.de/10005088326

Determinants of domestic and cross-border bank acquisitions in the European Union

Hernando, Ignacio; Nieto, María J.; Wall, Larry - Banco de España - 2008

This paper analyzes the determinants of bank acquisitions both within and across countries in the EU-25 over the period 1997-2004. The findings of this paper are broadly in line with those of the academic literature on the subject, which are mainly based on the US experience. Our results suggest...

Persistent link: https://www.econbiz.de/10005022234

Mergers and Acquisitions in the Spanish Banking Industry: some Empirical Evidence.

Fuentes, Ignacio; Sastre, Teresa - Banco de España - 1999

Since the late eighties, the Spanish banking system has been undergoing major changes that have affected both its … structure and the nature of strategic interaction among banking institutions. Various different strategies have been adopted to … transmission mechanism, the degree of competition in banking markets and the performance of banking institutions. …

Persistent link: https://www.econbiz.de/10005022295

The safety and soundness effects of bank M&As in the EU: does prudential regulation have any impact?

Hagendorff, Jens; Nieto, María J.; Wall, Larry D. - Banco de España - 2012

This paper studies the impact of European bank mergers and acquisitions on changes in key safety and soundness measures of both acquirers and targets. We find that capitalization, profi tability and liquidity show signs of statistically and economically significant mean reversion for acquirers....

Persistent link: https://www.econbiz.de/10010687526

What do premiums paid for bank M&As reflect? The case of the European Union

Hagendorff, Jens; Hernando, Ignacio; Nieto, María J.; … - Banco de España - 2010

We analyze the takeover premiums paid for a sample of European bank mergers between 1997 and 2007. We find that acquiring banks value profitable, high-growth and low risk targets. We also find that the strength of bank regulation and supervision as well as deposit insurance regimes in Europe...

Persistent link: https://www.econbiz.de/10008620574

What role, if any, can market discipline play in supporting macroprudential policy?

Nieto, María J. - Banco de España - 2012

This paper focuses on market discipline as a necessary condition to preserve the signaling content of balance sheet indicators and market prices as macroprudential tools. It argues that market discipline enhances the information content of market prices by reflecting the expected private cost of...

Persistent link: https://www.econbiz.de/10010693318

Testing for competition in the Spanish banking industry: The Panzar-Rosse approach revisited

Rozas, Luis Gutiérrez de - Banco de España - 2007

The aim of this paper is to assess the level of competition prevailing in the Spanish banking system. The current …

Persistent link: https://www.econbiz.de/10005022271

Demographic Maturity and Economic Performance: The Effect of Demographic Transitions on Per Capita GDP Growth

Gómez, Rafael; Cos, Pablo Hernández de - Banco de España - 2003

This paper estimates the response of per capita GDP growth to changes in the proportion of mature workers across countries. We define and estimate the effect of demographic maturity in two ways. First, a growing cohort of working age persons (15-64) is found to have a large positive effect on...

Persistent link: https://www.econbiz.de/10004980988

The reaction by industry insiders to M&As in the European financial industry

Campa, José M.; Hernando, Ignacio - Banco de España - 2007

This paper looks at the reaction by industry insiders, industry analysts and competing firms, to the announcement of M&As that took place in the European Union financial industry in the period 1998-2006. Analysts covering firms involved in an M&A transaction do not significantly alter their...

Persistent link: https://www.econbiz.de/10005022255

Cash, access to credit, and value creation in M&As

Campa, José Manuel; Hernando, Ignacio - Banco de España - 2009

The worldwide availability of easy external financing has been an essential driver of recent M&A activity and a growing perception exists that such conditions may have resulted in a large number of non-value increasing transactions. This paper evaluates the interaction between credit conditions,...

Persistent link: https://www.econbiz.de/10004969780

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