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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 have measurable effects on takeover pricing. Stricter bank regulatory …
Persistent link: https://www.econbiz.de/10008620574
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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 …
Persistent link: https://www.econbiz.de/10010687526
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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
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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
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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 … border bank acquisitions only if compared to the median of the market. Larger banks are more likely to be acquired by other … banks in the same country. The probability of being acquired by another bank in the same market is larger for banks that are …
Persistent link: https://www.econbiz.de/10005022234
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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 tackle the demands of this new operating environment,...
Persistent link: https://www.econbiz.de/10005022295
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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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Value creation in European M&As
Campa, José Manuel; Hernando, Ignacio - Banco de España - 2002
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
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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
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Why do spanish firms rarely use the bankruptcy system? The role of the mortgage institution
García-Posada, Miguel; Mora-Sanguinetti, Juan S. - Banco de España - 2012
Taking advantage of a rich database of more than 1 million companies in Spain, France and the U.K., we propose and test a hypothesis to explain why Spain has one of the world’s lowest business bankruptcy rates, even during the current economic crisis and after controlling for market exit...
Persistent link: https://www.econbiz.de/10010678678