Belén Díaz

Determinants of premiums paid in European banking mergers and acquisitions

This study is aimed at analysing the determinants of premiums paid in European banking mergers and acquisitions (M&A). This analysis will highlight the reasons for the wave of bank M&A during the 1990s. The empirical study analyses a sample of 81 European banking M&A from 1994 to 2000. The results show that there are different variables that make the target bank attractive to the acquirer, such as the percentage of equity, the percentage of loans and financial profitability. However, geographical and product diversification have not been considered by the acquirers as a reason to pay higher premiums.

Shareholder wealth responses to European legislation on bank executive compensation

This paper uses an event study approach to investigate the shareholder wealth responses to European legislation on bank executive compensation. Using a sample of 124 banks over 2009–2010 and over 20 legislative and related events, we find that in early stages bank shareholders react positively to broad discussion at the EU level on executive pay. When plans to regulate the pay process are considered, however, this results in a negative stockholder reaction. We also find that large bank shareholders are most affected by remuneration policy.

An Empirical Analysis of Monitoring Behaviour and Private Benefits of Investors in the Spanish Market

The objective of our study is to look for anequilibrium among three factors: the privatebenefits that main shareholders can obtain fromthe firm, the social benefits derived from acertain ownership structure (such assupervision and alignment of interests) and thecosts derived from ownership concentration(such as loss of liquidity and riskdiversification). Our empirical analysis allowsus to conclude that the supervisory role ofownership is more intense in firms where thepotential conflict of interest betweenshareholders and managers is greater, andtherefore the value of the firm can beincreased through a specific composition of itsshareholders.The objective of our study is to look for anequilibrium among three factors: the privatebenefits that main shareholders can obtain fromthe firm, the social benefits derived from acertain ownership structure (such assupervision and alignment of interests) and thecosts derived from ownership concentration(such as loss of liquidity and riskdiversification). Our empirical analysis allowsus to conclude that the supervisory role ofownership is more intense in firms where thepotential conflict of interest betweenshareholders and managers is greater, andtherefore the value of the firm can beincreased through a specific composition of itsshareholders. Copyright Kluwer Academic Publishers 2002

Corporate Governance in Europe: Has the Crisis Affected Corporate Governance Policies?

The research on Corporate Governance (CG) has evolved over the last three decades. However, board composition and its effectiveness, as well as compensation policy, remain at the centre of policy debates and CG research.

Ekonomski učinak domova za starije osobe i osobe s invaliditetom u Španjolskoj: vrednovanje za regiju Kantabrije

Since the 20th century, Europe and Spain have been experiencing an important demographic change characterized by demographic ageing, decline of fertility and internationalization of the population process by in-migration. According to Birg (2009), the economic impact of demographic change is a reduction of wealth, caused by a lower growth rate of the national product and by reduction of growth rate of the per capita income.

Banking Performance in Domestic and Cross-Border Acquisitions

During the 1990s, the banking sector experienced an unprecedented process of consolidation in most developed countries, in which mergers and acquisitions between credit institutions reached previously unknown levels. Bank concentration became relevant in the 1980s in the USA, becoming a world-wide phenomenon with increasing intensity during the 1990s. In fact, the number of mergers and acquisitions (M&As) among financial institutions in Europe rose from 330 in 1990 to 1,072 in 2000, and those carried out by banks rose from 97 in 1990 to 269 in 2000 (Thomson Financial, 2001).

Cambios en la propiedad accionarial y el gobierno de la empresa: una revisión.

La evidencia empirica ha puesto de manifiesto el efecto positivo que se deriva de las reestructuraciones accionariales cuando se espera una mejor supervision y gobierno de la empresa con la nueva estructura de propiedad resultante (hipotesis de supervision). Asi, tanto en operaciones que suponen un cambio directo en ia propiedad accionaria1 (exclusion de bolsa, OPA, venta de bloque accionarial, OPVs, privatizaciones) como un cambio indirecto (splits, recompra de acciones y desregulacion), la hipotesis de supervision condiciona el precio de la operacion a priori y el rendimiento obtenido a posteriori. La revision realizada en este estudio permite extraer dos conclusiones principales: i) la estructura accionarial existente antes y despues de determinadas operaciones en el mercado de capitales afecta a la valoracion de las mismas, y u) la estructura accionarial resulta relevante no solo por sus consecuencias sobre el «gobierno» de la empresa sino tambien por los efectos informativos que supone.

Is Corporate Governance Different in Financial Firms than in Non-Financial Firms? Evidence for the Pre- and Post-Crisis Period in Europe

The financial crisis revealed the lack of effectiveness of corporate governance (CG) principles in the financial services sector. During recent years, several aspects of corporate governance have been subject to hard law regulation in the European Union for the benefit of shareholders, such as remuneration (Directive 2010/76/EU), shareholder rights (Directive 2007/36/EC) and transparency/nonfinancial information disclosure (Directive 2014/95/EU). However, some questions remain unanswered. Are governance structures the same in financial and non-financial firms? Are the same CG recommendations applicable to both sectors? Has the crisis changed the way financial and non-financial firms are governed? Without a deep knowledge of these issues, governance policies cannot be fully developed. This paper considers the differences in CG across Europe, analysing 33 variables that measure policies related to corporate governance, including the areas of board structure and functioning, committees, compensation policy, anti-takeover devices, shareholder rights and Corporate Social Responsibility. Our analysis focuses on a sample of 206 enterprises that belong to the main stock market indexes of Spain (IBEX 35), France (DAX), Germany (CAC-40) and the United Kingdom (FTSE-100), dividing the sample into financial and non-financial firms and considering the pre- and postcrisis period. The results show sector-based differences in CG in six variables in 2007 and in eight variables in 2013 for the full sample. Therefore, financial firms were not worse governed than non-financial firms before the crisis, and since the crisis financial firms have also been similarly governed to non-financial firms. The crisis has affected almost half of the CG variables analysed in financial firms. There were also country-based differences in CG in 19 variables in financial firms. These differences between countries show the difficulty in developing common governance recommendations for all European countries without considering their own specific characteristics.

Key Corporate Social Responsibility Initiatives: An Empirical Evidence from Spain

Although 43 % of Spanish enterprises consider CSR to be valuable to their organizations, only 15.5 % systematically implement Social Responsibility initiatives (Foretica (2011). The evolution of social responsibility among Spanish business.).

Corporate Social Responsibility: Current and Future Perspectives in Spain

Spain is ranked seventh in the world for CSR implementation (KPMG. International survey of corporate responsibility reporting, 2011). Although the CSR phenomenon reached Spain later than it did the northern European countries, public and private institutions have embraced sustainable development since its introduction there in the late 1990s.