This paper examines abnormal stock returns for bidders and targets' shareholders of a sample of banking merger and acquisition transactions occurred in European Monetary Union (EMU) countries during the 1997-2001 period. Additionally, an explanation of such effects on bidder shareholders' wealth...

The paper examines theoretically and explores empirically the problem of the banking firm's capital structure (voluntary) decisions using a unique dataset gathered through a survey conducted to a sample of 89.5 percent of the Chief Executive Officers (CEOs) of Portuguese banks in office during...

The paper investigates firms' financing behavior, contrasting samples of members of active internal capital markets (ICM) and comparable stand-alone peers, in terms of cost of capital, capital structure, and the speed of adjustment towards preferred capital structure. Univariate results document...

The paper examines the capital allocative behavior of internal capital market (ICM) members and their comparable single-segment firms in the euro area. Results indicate that the ICM members exhibit lower investment-cash flow sensitivity, lower impact of financial flexibility, and lower levels of...

Building on the biological concept of a life cycle, the paper analyzes the issue of the strategic financing choice of firms through the lens of the life cycle framework. Using data for the 1994-2003 period, from a sample of Iberian firms the paper investigates 379 start-ups (789 firm year...

This paper investigates the value relevance of banks’ capital structure voluntary choices, their determinants, and preference in terms of funding mix policy models, using a unique survey-based dataset gathered through a face-to-face interview structured questionnaire, conducted to a sample of...

There are different explanations for the Banco Espírito Santo conglomerate’s fall in 2014. These explanations range from bad luck (a consequence of the financial meltdown in 2008) to some sort of last-minute regulatory failure and/or capture. Our empirical findings are consistent with a...

This paper examines several dimensions of the financing behavior of subsidiary of diversified firms and of their comparable single-segment firms. To investigate this, we use two balanced panels of 636-euro area firms each, over the 2004-2017 period. Our empirical analysis document that...

In this paper we investigate the link between corporate diversification relatedness and economic performance, through the resource plasticity channel. To investigate this, we estimate a dynamic panel on a data set of 2,396 diversified firms from the euro area over the 2010-2017 period. Our...

This paper estimates the impact of the Covid19 pandemic on the economic and financial performance of the Portuguese mainland hotel industry. For that purpose, we implement a novel empirical approach to gauge the impact of the pandemic during the 2020-2021 period in terms of the industry’s...