The recent global financial crisis has emerged causing a strong impact on the growth of the main European economies. This crisis is producing extremely adverse effects on the real activity of the economy through diverse channels. Among these is the effect wealth, which supposes that the...

This paper examines five possible explanations for the Great Recession of 2008 and 2009, using data for the United States and the eurozone. Of these five hypotheses, four are not supported by the data, while the fifth appears reasonable.

We identify 72 bank Mergers and Acquisitions (M&As), in which US banks acquired other financial institutions. We focus on the role of timing at M&A in the context of boom phase and financial crisis. Applying event study methodology, we examine: value generation to bank shareholders; value...

This paper examines the response of Stock Prices (SPs) in Germany, Italy, and the UK to shocks to US Stock Prices (USSPs) using Vector Error Correction Models (VECMs) and cross-country stock return correlations. Our results yield clear implications. Positive shocks to USSPs lead to significant,...

The recent financial crisis has plagued banking institutions around the world. Using a non-parametric (data envelopment analysis) approach, we measure operating and profit efficiency of 21 commercial banks from four countries during 2004-2010. The results suggest that for the most part there is...