This paper examines the main determinants of the bid premium and tender success under mandatory bid rule, viewed as a corporate governance mechanism in blockholder regimes. We explore a comprehensive dataset covering all the takeover bids organized on the Romanian market for corporate control...

The globalization triggers macro-regionalization, which, in its turn, generates micro-regionalization - the EU being a good example of both. Second, in virtually all scenarios of geopolitical future the recurrent theme is regionalism, which comes in various "shapes and sizes." That is why maybe...

We assess the extent to which capital buffers (the capital banks hold in excess of the regulatory minimum) exacerbate rather than reduce the cyclical behavior of credit. We empirically study the relationships between output gap, capital buffers and loan growth with firm-level data for French...

This study examines the reaction of private market participants to the enhancement of the "Too-Big-To-Fail" (TBTF) doctrine in the Japanese banking sector. The event justifying the use of the "TBTF" label occurred on May 17th, 2003, when the Japanese government decided to bailout Resona...

Les récentes propositions de réforme de la réglementation bancaire, initiées tant par la Banque des Règlements Internationaux que par le Système des Réserves Fédérales américain, incluent des éléments de discipline de marché qui complètent naturellement les instruments...

The academic literature has regularly argued that market discipline can support regulatory authority discipline to monitor banking sector stability. This includes, amongst other things, using forward-looking market prices to identify those credit institutions that are most at risk of failure....

We investigate the link between the regulation of control transactions and the institutional and corporate features of public companies, by analyzing the massive delisting activity in the Romanian capital market. The peculiar ownership reforms involving a large number of listed companies offer a...