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Determinants of domestic and cross-border bank acquisitions in the European Union
Hernando, Ignacio; Nieto, María J.; Wall, Larry D. - 2008
This paper analyzes the determinants of bank acquisitions both within and across 25 members of the European Union (EU …
Persistent link: https://www.econbiz.de/10010292345
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Creditor Rights, Country Governance, and Corporate Cash Holdings
Seifert, Bruce; Faleye, Olubunmi; Gonenc, Halit - 2012
This study examines the impact of creditor rights on cash holdings using a sample of firms from 48 countries. We argue that creditor rights affect the willingness of lenders to provide credit, which in turn affects the need for internal liquidity and cash holdings. Consistent with this, we find...
Persistent link: https://www.econbiz.de/10010500217
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The Effect of Mergers and Acquisitions on Bank Performance in Egypt
Badreldin, Ahmed Mohamed; Kalhöfer, Christian - 2021
, and provide weak evidence to support their constructive role in improved bank profitability and economic restructure …
Persistent link: https://www.econbiz.de/10013245488
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International Integration, Common Exposure and Systemic Risk in the Banking Sector: An Empirical Investigation
Allenspach, Nicole; Monnin, Pierre - Institut für Schweizerisches Bankwesen <Zürich> - 2007
This paper analyzes the impact of ongoing financial integration and increase in crossborder activities on banks’ common exposure to shocks and on banking sector systemic risk. For that, we study the evolution of correlations between large international banks’ asset-to-debt ratios over...
Persistent link: https://www.econbiz.de/10005858331
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Disentangling the effect of private and public cash flows on firm value
Scherrer, Cristina Mabel; Fernandes, Marcelo - 2016
This paper presents a simple model for dual-class stock shares, in which common shareholders receive both public and private cash flows (i.e. dividends and any private benefit of holding voting rights) and preferred shareholders only receive public cash flows (i.e. dividends). The dual-class...
Persistent link: https://www.econbiz.de/10011796524
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Private Equity Investors as Corporate Governance Mechanism in Continental Europe
Achleitner, Ann-Kristin; Betzer, André; … - Center for Entrepreneurial and Financial Studies <München> - 2009
This paper investigates the strategy of private equity investors to take public companiesprivate in blockholder-based economies. Drawing on a unique dataset, we providestrong evidence that private equity investors buy companies in order to mitigatepotential agency problems and hence to improve...
Persistent link: https://www.econbiz.de/10005870306
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What do premiums paid for bank M&As reflect? The case of the European Union
Hagendorff, Jens; Hernando, Ignacio; Nieto, Maria J.; … - 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 and of deposit insurance regimes in Europe has measurable effects on takeover pricing. Stricter bank regulatory …
Persistent link: https://www.econbiz.de/10010292291
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The safety and soundness effects of bank M&A in the EU
Hagendorff, Jens; Nieto, Maria J.; Wall, Larry D. - 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/10010292358
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Structure and determinants of financial covenants in leveraged buyouts - evidence from an economy with strong creditor rights
Achleitner, Ann-Kristin; Braun, Reiner; Tappeiner, Florian - 2009
We apply control rights theory to explain the structure and determinants of financial covenants in private equity backed leveraged buyouts. We analyze 130 German transactions from 2000 to 2008, covering about 40 percent of the LBO market during this period. We consider Germany to be a superior...
Persistent link: https://www.econbiz.de/10010305733
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Small business credit scoring and credit availability
Berger, Allen N.; Frame, W. Scott; Berger, Allen N.; … - 2005
U.S. commercial banks are increasingly using credit scoring models to underwrite small business credits. This paper discusses this technology, evaluates the research findings on the effects of this technology on small business credit availability, and links these findings to a number of research...
Persistent link: https://www.econbiz.de/10010397703