Begoña Torre Olmo

Firms’ Performance Under Different Bankruptcy Systems: A Europe–USA Empirical Analysis

This study empirically analyses the effect that the bankruptcy law has on firms’ performance based on its financial situation. To do this, we considered the different types of efficiency and their influence on firms’ value. The study was carried out for Germany, Spain, the United States, France and the United Kingdom. We applied System‐GMM estimation to dynamic panel data. The main results show that under creditor‐oriented systems, there is a decrease in the value of both financially distressed firms and those filing for bankruptcy.

Size, Target Performance and European Bank Mergers and Acquisitions

During the 1990s, the banking sector experienced an important consolidation process in most developed countries, where mergers and acquisitions (M&As) between credit institutions reached unprecedented levels. Financial deregulation and technological progress have played an important role in this process (Berger, Demsetz & Strahan 1999). These, among other factors, may have intensified the synergy derived from size and facilitated an improvement in the management of the acquired institutions. In order to evaluate the importance of these two factors, we carry out a multinomial logit analysis of the characteristics of continental European financial institutions prior to their participation in merger and/or acquisition operations between 1995 and 2001. Our results demonstrate that size is an important factor in mergers and acquisitions, but it is not clear that economies of scale are sought with these types of deals. In turn, improving the management of the acquired institutions has played an important role in this process.

Economic Valuation of the Efficiency of Bankruptcy Systems

The market valuation of corporate insolvency problems is conditioned by the attributes of bankruptcy laws, with different codes traditionally being oriented toward protecting the debtor or the creditor. Nevertheless, it is also necessary to address the objective of each concrete measure established in the legislation to try to resolve financial distress. This study carries out an approximation, taking into account the different types of efficiency in bankruptcy regulations, the antagonistic character that, on occasions, exists between them, and the market valuation of each one of these, by way of an international analysis undertaken within the main European Union countries.

Creditor Rights and the Bank Lending Channel of Monetary Policy

This article analyzes how creditor rights influence the loan supply reaction of banks to monetary policy through the bank lending channel. Additionally, we test whether the influence of creditor rights on lending is different before and after the crisis. Using a sample of 1096 listed banks from 36 countries between 2003 and 2015, we find that creditor rights do not directly influence loan supply, neither before nor after the crisis, but they play an important role during monetary shocks. In this regard, the bank lending channel of monetary policy is less effective in countries with stronger creditor rights.

Valoración económica de la eficiencia de los sistemas concursales: un análisis empírico internacional.

RESUMEN La valoración que el mercado realiza de los problemas de insolvencia empresarial se ve condicionada por las características de la legislación concursal, siendo tradicional la distinción entre normativas orientadas a la protección del deudor o de los acreedores. Sin embargo, resulta necesario atender también al propósito perseguido con cada medida concreta establecida en la legislación para tratar de solucionar las dificultades financieras. En el presente trabajo se realiza una aproximación considerando los diferentes tipos de eficiencia de la normativa concursal, el carácter antagónico que, en ocasiones, tienen entre sí, y la valoración que el mercado realiza de cada uno de ellos a través de un análisis internacional en los principales países de la Unión Europea.