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Firm size and judicial efficacy: Evidence for the civil procedures in Spain
García-Posada, Miguel; Mora-Sanguinetti, Juan S. - Banco de España - 2013
The literature has found that the size of firms matters for innovation and productivity and, thus, for economic performance. It is therefore worth explaining why enterprises in Spain are small in international terms. Our findings indicate that the quality of the institutional environment plays a...
Persistent link: https://www.econbiz.de/10010678675
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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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Financing obstacles and growth: An analysis for euro area non-financial corporations
Coluzzi, Chiara; Ferrando, Annalisa; … - Banco de España - 2009
This paper investigates whether financial obstacles, and, more generally, financial pressure faced by firms, significantly affect firm growth. For this purpose, we use an unbalanced panel of about 1,000,000 observations for around 155,000 non-financial corporations in five euro area countries....
Persistent link: https://www.econbiz.de/10005155305
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Business demography in Spain: determinants of firm survival
López-García, Paloma; Puente, Sergio - Banco de España - 2006
Bank of Spain. We study the determinants of new firm survival using non parametric and parametric procedures especially …
Persistent link: https://www.econbiz.de/10005088298
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Firm productivity dynamics in Spain
López-García, Paloma; Puente, Sergio; Gómez, Ángel Luis - Banco de España - 2007
We have constructed a new database aimed at the study of the relation between firm demography and labour productivity, with a large number of Spanish firms from both industry and service sectors. This database allows us to analyze in detail the degree of dispersion and persistence of...
Persistent link: https://www.econbiz.de/10005088324