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Bank mergers in the financial crisis : a competition policy perspective
Hellwig, Michael; Laser, Falk Hendrik - 2019
We analyze a large merger in the Dutch banking market during the financial crisis using disaggregated data. Based on a … merger simulation model, we evaluate merger-induced changes in the interest rates for savings accounts. We find that the …
Persistent link: https://www.econbiz.de/10012118754
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The value of a loss : the impact of restricting tax loss transfers
Bührle, Anna Theresa; Casi-Eberhard, Elisa; Stage, Barbara - 2023 - This version: August 2023
We study the economic consequences of anti-loss trafficking rules, which disallow the use of loss carry-forwards as tax shield after a substantial ownership change. Using staggered changes to these rules, we find that limiting the transfer of tax losses reduces the number of M&As with...
Persistent link: https://www.econbiz.de/10014384444
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What moves markets?
Kerssenfischer, Mark; Schmeling, Maik - 2022
What share of asset price movements is driven by news? We build a large, time-stamped event database covering scheduled macro news as well as unscheduled events. We find that news account for about 50% of all bond and stock price movements in the United States and euro area since 2002,...
Persistent link: https://www.econbiz.de/10013202601
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Effects of the ECB's communication on government bond spreads
Camarero Garcia, Sebastian; Neugebauer, Frederik; … - 2023
This paper investigates the financial market effects of the ECB's communication on the Pandemic Emergency Purchase Programme (PEPP). Using data for 10 euro area countries, we first analyse the impact of different communication channels such as press releases, ECB blog contributions, speeches and...
Persistent link: https://www.econbiz.de/10014330976
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The impact of Central Bank announcements on asset prices in real time : testing the efficiency of the Euribor futures market
Rosa, Carlo (contributor); Verga, Giovanni (contributor) - 2006
Persistent link: https://www.econbiz.de/10003397403
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Toothless tiger with claws? : financial stability communication, expectations, and risk-taking
Beutel, Johannes; Metiu, Norbert; Stockerl, Valentin - 2021
We study the effects of central bank communication about financial stability on individuals’ expectations and risk-taking. Using a randomized information experiment, we show that communication causally affects individuals’ beliefs and investment behavior, consistent with an expectations...
Persistent link: https://www.econbiz.de/10012489541
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Effects of mergers on network models of the financial system
Nevermann, Daniel; Heckmann, Lotta - 2023
assumptions, e.g. connectivity, contagion channel and the merger process, on different static and dynamic stability measures. We … systems. Our main finding is that merger activities can stabilize or destabilize the modelled financial network, depending on … various details such as the connectivity of the network and the assumed merger process. Merger activities can increase …
Persistent link: https://www.econbiz.de/10014435357
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Do financial markets react to Bank of England communication?
Reeves, Rachel (contributor); Sawicki, Michael (contributor) - 2005
The effectiveness of a central bank’s monetary policymaking is determined by the merit of its policy actions and their perceived credibility. Since the 1990s central banks have placed more emphasis on clear communications and transparency as additional levers to help achieve their goals. In...
Persistent link: https://www.econbiz.de/10003384156
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Resource-based theory and mergers & acquisitions success
Grill, Polina; Bresser, Rudi K. F. - 2011
Mergers & acquisitions (M&A) are most popular external growth strategies. While the number of M&A has been increasing during the past decades, on average, only the shareholders of target firms gain value during the acquisitions process, while acquirers do not receive abnormal positive returns....
Persistent link: https://www.econbiz.de/10009405099
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Theories of industrial organisation and competition policy : what are the links?
Jacquemin, Alexis - 1996
Persistent link: https://www.econbiz.de/10000930158