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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
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Local versus aggregate lending channels: the effects of securitization on corporate credit supply
Jiménez, Gabriel; Mian, Atif; Peydró, José-Luis; … - Banco de España - 2011
While banks may change their credit supply due to bank balance-sheet shocks (the local lending channel), firms can … realestate assets on credit supply for non real-estate firms in Spain over 2000-2010. We show that firm-level equilibrium … dynamics nullify the strong local (bank-level) lending channel of securitization on credit quantity for firms with multiple …
Persistent link: https://www.econbiz.de/10009319591
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The effects of national discretions on banks
Argimón, Isabel; Ruiz, Jenifer - Banco de España - 2010
The EU's transposition of Basel II into European law has been done through the Capital Requirements Directive (CRD). Although the Directive establishes, in general, uniform rules to set capital requirements across European countries, there are some areas where the Directive allows some...
Persistent link: https://www.econbiz.de/10008643700
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Credit supply: identifying balance-sheet channels with loan applications and granted loans
Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - Banco de España - 2010
To identify credit availability we analyze the extensive and intensive margins of lending with loan applications and … resultant credit restriction by turning to other banks. Importantly the bank-lending channel is notably stronger when we account …
Persistent link: https://www.econbiz.de/10008676892
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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
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The distribution of debt across euro area countries: the role of individual characteristics, institutions and credit conditions
Bover, Olympia; Casado, Jose Maria; Villanueva, Ernesto; … - Banco de España - 2013
The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics. We consider three different outcomes: the probability of holding debt, the amount...
Persistent link: https://www.econbiz.de/10010862266
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The effect of foreclosure regulation: Evidence for the US mortgage market at state level
Vicente, Fernando López - Banco de España - 2013
bring about lower foreclosure rates. Lenders seem to ration credit to mitigate costly protective laws, thereby reducing …
Persistent link: https://www.econbiz.de/10010862277
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Assessing the risk-return trade-off in loans portfolios
Mencía, Javier - Banco de España - 2009
compensation for borrowers' credit risk under absence of arbitrage opportunities and I use these rates as a benchmark to interpret …
Persistent link: https://www.econbiz.de/10004969766
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What explains the low profitability of Chinese banks?
García-Herrero, Alicia; Gavilá, Sergio; … - Banco de España - 2009
This paper analyzes empirically what explains the low profitability of Chinese banks for the period 1997-2004. We find that better capitalized banks tend to be more profitable. The same is true for banks with a relatively larger share of deposits and for more X-efficient banks. In addition, a...
Persistent link: https://www.econbiz.de/10004969781
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Dilatoriness of the banking enterprise debt in Spain, 1992-2003
Ruano-Pardo, Sonia; Salas-Fumás, Vicente - Banco de España - 2006
Credit Register of Banco de Espana. The methodological approach is an application of Heckman's selection model. Results …
Persistent link: https://www.econbiz.de/10005590729