The authors investigate the relationship between a company's dividend strategy and its risk of takeover. Their results from a large panel of U.K. quoted companies suggest that higher dividend payments are associated with a significantly lower conditional probability (hazard) of takeover....

This paper investigates the impact of acquisitions on company performance using a large panel of U.K.-quoted companies observed over a long time period. The results indicate that acquisitions have a detrimental impact on company performance and that company growth through acquisition yields a...

This paper examines the capital flow experience of transition economies who are also prospective EU members with a view to shedding light on the likely problems they might encounter with exchange rate policy in the run up to euro area membership. We show that they have been experiencing fairly...

This paper examines the problem of capital flight in Europe. The authors calculate the volume of capital flight experienced by five European countries--France, Greece, Italy, Portugal, and Spain--and discuss its importance. A model of the short-run determinants of capital flight is developed,...

This paper provides a unifying framework in which identified offset and sterilization equations can be derived and estimated. The theoretical model suggests that, in the case where the central bank cares about both external and internal goals and capital is less than perfectly mobile, there will...

In this Paper we analyse the current state, past performance, and future prospects of the Greek banking system. Greek banking is in a period of rapid transformation, reflecting the impact of national, European and international forces. Deregulation and European integration are already...