Cross-border bank mergers: What lures the rare animal?
Claudia M. Buch, G. DeLong
Journal of Banking and Finance,
Nr. 9,
2004
Abstract
Although domestic mergers and acquisitions (M&As) in the financial services industry have increased steadily over the past two decades, international M&As were until recently relatively rare. Moreover, the share of cross-border mergers in the banking industry is low compared with other industries. This paper uses a novel dataset of over 3000 mergers that took place between 1985 and 2001 to analyze the determinants of international bank mergers. We test the extent to which information costs and regulations hold back merger activity. Our results suggest that information costs significantly impede cross-border bank mergers. Regulations also influence cross-border bank merger activity. Hence, policy makers can create environments that encourage cross-border activity, but information cost barriers must be overcome even in (legally) integrated markets.
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Competition Policy in Central Eastern Europe in the Light of EU Accession
Jens Hölscher
Journal of Common Market Studies,
Nr. 2,
2004
Abstract
This study reviews the progress made in EU accession candidates on competition policy. The analysis shows that institution-building and legislation are well under way and that anti-trust practice is not too lax. Due to the diversity among the accession countries under review, the study finds that the strictly rule-based frame work of the EU might not be the most favourable solution for some candidates: firstly, the small and open economies of most candidates make it particularly difficult to define the ‘relevant market’ in competition cases. Secondly, the traditionally intense vertical integration of production in accession states calls for a reassessment of ‘vertical restraints’. The policy implications of this study suggest that the EU competition task force should take a proactive, case-by-case approach vis-à-vis its new members.
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Effects of Urban Renewal on Non-subsidised Property Owners: Evidence from East Germany
Martin T. W. Rosenfeld, Dominik Weiß
Town Planning Review,
Nr. 3,
2015
Abstract
Programme zur Stadtsanierung greifen in lokale Wohnungsmärkte u.a. über zwei Kategorien von Subventionen ein: Subventionen zur Verbesserung des lokalen Umfelds; Subventionen zum Rückbau von Wohnungen. Der vorliegende Artikel untersucht die (indirekten) Effekte solcher Subventionen auf die Eigentümer von Mietwohnungen, die nicht unmittelbare Empfänger der Subventionen sind. Bislang gibt es hierzu keine gesicherten Erkenntnisse. Auf der Basis der Realoptionstheorie wird davon ausgegangen, dass es durch die Stadtsanierung zu einer Erhöhung der Optionsprämien kommt; in der Folge werden Wohnungseigentümer zu Investitionen veranlasst. Diese Hypothese wird auf der Basis empirischer Daten für das Programm „Stadtumbau Ost“ überprüft.
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Does the ECB Act as a Lender of Last Resort During the Subprime Lending Crisis?: Evidence from Monetary Policy Reaction Models
Stefan Eichler, K. Hielscher
Journal of International Money and Finance,
Nr. 3,
2012
Abstract
We investigate whether the ECB aligns its monetary policy with financial crisis risk in EMU member countries. We find that since the outbreak of the subprime crisis the ECB has significantly increased net lending and reduced interest rates when banking and sovereign debt crisis risk in vulnerable EMU countries (Greece, Ireland, Italy, Portugal, and Spain) increases, while no significant effect is identified for the pre-crisis period and relatively tranquil EMU countries (Austria, Belgium, France, Germany, and the Netherlands). These findings suggest that the ECB acts as a Lender of Last Resort for vulnerable EMU countries.
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Financial Crisis Risk, ECB “Non-standard“ Measures, and the External Value of the Euro
Stefan Eichler
Quarterly Review of Economics and Finance,
Nr. 3,
2012
Abstract
I study the impact of banking and sovereign debt crisis risk of EMU member states on the external value of the euro. Using a regime switching model, I find that the external value of the euro has significantly responded to financial crisis risk during the period of November 2008–November 2011, while no significant effect is found for the period from February 2006 to October 2008. This suggests that the monetary expansion and interest rate cuts associated with the ECB's “non-standard” measures may have reduced the external value of the euro.
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Die Principal-Agent-Theorie und ihre Implikationen für die Entwicklung von Softwareagenten
H. Czap, Makram El-Shagi
Proceedings des 2. Kolloquium des DFG Schwerpunktprogramms: „Intelligente Softwareagenten und betriebswirtschaftliche Anwendungsszenarien“,
2000
Abstract
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Der Ordnungsbezug der Informationsökonomik
Uwe Vollmer, Diemo Dietrich
Ordnungstheorie und Ordnungspolitik, Schriften zu Ordnungsfragen der Wirtschaft, Band 64,
2000
Abstract
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Financial Development in Eastern Europe: The First Ten Years
Johannes Stephan, A. Winkler
TU Spektrum,
Nr. 2,
2000
Abstract
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Wo stehen wir mit dem kooperativen Föderalismus in Deutschland?, Referat im Rahmen der 62. Wissenschaftlichen Tagung der Arbeitsgemeinschaft deutscher wirtschaftswissenschaftlicher Forschungsinstitute e. V. am 29. und 30. April 1999 in Bonn
Martin T. W. Rosenfeld
Applied Economics Quarterly Supplement,
2000
Abstract
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Long term appointment of central bankers: Costs and benefits
Axel Lindner
European Journal of Political Economy,
Nr. 4,
2000
Abstract
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