“Decoupling” - the unbundling of the rights and obligations of equity and debt through derivatives and other means - has posed unique challenges for corporate and debt governance. Corporate governance mechanisms, including those related to shareholder voting and blockholder disclosure in...

The objective of this article is to highlight some of the key changes because of the transition from IFRS 4 to IFRS 17 and how the financial information presented by the insurance companies will transform from 1 January 2023

We analyse the wide array of rescue programmes adopted in several countries, following Lehman Brothers� default in September 2008, in order to support banks and other financial institutions. We first provide an overview of the programmes, comparing their characteristics, magnitudes and...

Wird durch M&A-Transaktionen in der europäischen Bankenindustrie Sharehol¬der Value generiert? Vor dem Hintergrund des scheinbaren Widerspruchs zwischen starker und jüngst erneut zunehmender M&A-Tätigkeit in der Bankenindustrie einerseits und der auf Basis der Forschung dokumentierten...

The M&A transactions represent a wide range of unique business optimization opportunities in the corporate transformation deals, which are usually characterized by the high level of total risk. The M&A transactions can be successfully implemented by taking to an account the size of investments,...

We examine how private placements of equity (PPEs) affect debtholder wealth. We find that banks charge higher loan spreads, require more collateral, and impose stricter covenants for firms conducting PPEs. The results are more pronounced for firms without a value-enhancing PPE feature,...

This work, consisting a part of a wider study on the determinants of the costs of the Italian credit system and on any scale scale and scope economies available in the same, reviews the Italian banking system, characterized in the past few decades by deep changes, mainly due to the new...

Following a global wave of consolidation in the banking industry, this study analyses 132 mergers and acquisitions (M&As) involving banks in emerging markets in Asia and Latin America between 1998 and 2009. An event study measures the change in shareholder value for acquirers and targets; and a...

We analyse the wide array of rescue programmes adopted in several countries, following Lehman Brothers' default in September 2008, in order to support banks and other financial institutions. We first provide an overview of the programmes, comparing their characteristics, magnitudes and...

This paper examines the shareholder wealth effects of mergers and acquisitions in the Greek banking industry from 1995 to 2001, using the “event study methodology”. The results suggest that targets’ shareholders earned significant abnormal returns upon the announcement of horizontal and...