Exchanges and other trading platforms are often vertically integrated to carry out trading, clearing and settlement as one operation. We show that such vertical silos can prevent efficiency gains from horizontal consolidation of trading and settlement platforms to be realized. Independent of the...

An unprecedented process of financial consolidation has taken place in the European Union over the past decade. Building on earlier US evidence, we examine the impact of strategic similarities between bidders and targets on post-merger financial performance. We find that, on average, bank...

The paper investigates small business lending as an information problem. It models the effects of information asymmetries within the bank combined with fixed wages. Two kinds of inefficiencies arise in equilibrium: the credit officer either sometimes shirks or he is occasionally fired. In both...

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...

Independent candidates remain marginal vote-getters in the vast majority of elections in which they compete. However, they do regularly win seats in legislative assemblies in a number of European countries, and occasionally achieve surprise victories in others. Half of the EU member states...

Polish politicians are increasingly often referring to the prospect of next yearu0092s elections to the European Parliament. Voters, however, are still unaware of the fact that these elections are to take place. Only 27% of Poles know that they will be choosing their representatives to the...

Some financial products facilitate (“Financial Instruments”’) the use of voting rights that can be considered questionable under the law (“Questionable Uses of Voting Rights”). These Questionable Uses of Voting Rights become apparent when, using the Financial Instruments, an investor...

Following each election in the European Parliament, the European Commission issues a report examining how EU citizens' rights were enforced and how the relevant EU rules were implemented by the Member States and assessing EU citizens' participation and the overall conduct of the elections. The...