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Persistent link: https://www.econbiz.de/10001293205
New provisioning rules introduced by IFRS 9 are expected to reduce the procyclicality of provisioning. Heterogeneity among banks in the procyclicality of provisioning may not only reflect the formal accounting rules, but also variation in discretionary provisioning policies. This paper presents...
Persistent link: https://www.econbiz.de/10011755505
Persistent link: https://www.econbiz.de/10004551048
The paper describes the legal and economic environment of mergers and acquisitions in Germany and explores barriers to obtaining and executing corporate control. Various cases are used to demonstrate that resistance by different stakeholders including minority shareholders, organized labour and...
Persistent link: https://www.econbiz.de/10010298244
The paper explores factors that influence the design of financing contracts between venture capital investors and European venture capital funds. 122 Private Placement Memoranda and 46 Partnership Agreements are investigated in respect to the use of covenant restrictions and compensation...
Persistent link: https://www.econbiz.de/10010298250
We provide an assessment of the Basel Committee on Banking Supervision (BCBS) proposal to restrict the internal ratings-based approach on bank risk and to introduce risk-weighted asset floors. If well enforced, risk-sensitive capital regulation results in a more efficient credit allocation...
Persistent link: https://www.econbiz.de/10011558467
In this note, we first highlight different developments for banks under direct ECB supervision within the SSM that may prompt further investigation by supervisors. We find that banks that were weakly capitalized at the start of direct ECB supervision (1) still face elevated levels of...
Persistent link: https://www.econbiz.de/10011987475
We provide an assessment of the design and calibration of the 2018 EU-wide stress test. The adverse scenario for the 2018 stress test is more severe than for previous stress tests in terms of the assumed GDP decline in the EU area. However, the test is less severe in terms of the losses that...
Persistent link: https://www.econbiz.de/10011895535
We provide insights into determinants of the rating level of 371 issuers which defaulted in the years 1999 to 2003, and into the leader-follower relationship between Moody's and S&P. The evidence for the rating level suggests that Moody's assigns lower ratings than S&P for all observed periods...
Persistent link: https://www.econbiz.de/10010263316
This paper analyzes Special Purpose Acquisition Companies (SPACs) in Europe. We document various aspects associated with European SPACs by using a unique and hand-collected data sample encompassing all 19 SPACs which have been listed on European stock exchanges since 2005. The paper shows that...
Persistent link: https://www.econbiz.de/10011426902