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Organisational Structure as a Driver of Mergers and Acquisitions in the European Banking Sector

Lebastard, Laura - 2022

This paper studies the bilateral drivers of mergers and acquisitions (M&As) between European banks. Two findings document that banks use M&A as a device to leverage their expertise rather than to diversify. (i) Following the literature on matrimonial matching by using a binary logit model, the...

Persistent link: https://www.econbiz.de/10013405075

The Economic Impact of Merger Control : What is Special about Banking?

Carletti, Elena; Hartmann, Philipp; Ongena, Steven - 2021

-oriented regime for merger control increases banks' stock prices, whereas it decreases those of non-financial firms. Moreover, bank … merger targets become more profitable and larger. A major determinant of the positive bank returns, after controlling inter … institutional setup for supervisory bank merger reviews. Thus strengthening competition policy in banking may generate positive …

Persistent link: https://www.econbiz.de/10013316912

Financial Exposure and Bank Mergers : Micro and Macro Evidence from the EU

Lebastard, Laura - 2022

This paper studies for the first time the links between interbank liability and equity markets (financial exposure), and mergers and acquisitions (M&As) in the European banking sector, both at the micro and macro level. Using a binary logit model, the paper first examines – at the micro level...

Persistent link: https://www.econbiz.de/10014239697

Interbank Market Integration, Loan Rates, and Firm Leverage

Ongena, Steven - 2010

We study the effect of interbank market integration on small firm finance in the build-up to the 2007-2008 financial crisis. We use a comprehensive data set that contains contract terms on individual loans to 6,047 firms across 14 European countries between 1998:01 and 2005:12. We account for...

Persistent link: https://www.econbiz.de/10013137713

The determinants of bank capital structure

Gropp, Reint E.; Heider, Florian - 2009

The paper shows that mispriced deposit insurance and capital regulation were of second order importance in determining the capital structure of large U.S. and European banks during 1991 to 2004. Instead, standard cross-sectional determinants of non-financial firms’ leverage carry over to...

Persistent link: https://www.econbiz.de/10011605142

The Determinants of Bank Capital Structure

Gropp, Reint - 2009

Persistent link: https://www.econbiz.de/10013156092

Too Levered for Pigou : Carbon Pricing, Financial Constraints, and Leverage Regulation

Döttling, Robin; Rola-Janicka, Magdalena - 2023

We analyze jointly optimal carbon pricing and leverage regulation in a model with financial constraints and endogenous climate-related transition and physical risks. The socially optimal emissions tax is below the Pigouvian benchmark (equal to the direct social cost of emissions) when emissions...

Persistent link: https://www.econbiz.de/10014354928

Got Rejected? Real Effects of Not Getting a Loan

Berg, Tobias - 2016

Using a lender cut-off rule that generates plausibly exogenous variation in credit supply, I analyze real effects of loan rejections in a sample of small and medium-sized enterprises. I find that loan rejections reduce asset growth, investments, and employment, and these effects are concentrated...

Persistent link: https://www.econbiz.de/10012983084

Investor-Driven Corporate Finance : Evidence from Insurance Markets

Kubitza, Christian - 2023

I study the causal effect of bond investor demand on the financing and investment decisions of nonfinancial firms using granular data on the bond transactions of U.S. insurance companies. Liquidity inflows from insurance premiums combined with insurers’ persistent investment preferences...

Persistent link: https://www.econbiz.de/10014350690

Growth Strategies and Value Creation : What Works Best for Stock Exchanges?

Hasan, Iftekhar - 2010

protection, accounting standards and capital market development in the partner exchange's country, the higher the merger and …

Persistent link: https://www.econbiz.de/10013143336