European banking after the euro: progress and problems

Templeton, William K.; Clark, Robert A.

doi:10.1108/03074350110767385

Cited by 7 publications

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“…Descriptively, a number of authors suggest that the euro impacted firm behaviour. BLANCO (2001), for example, suggests that the 'Euro stimulated [a] boom' in European deal-making (p. 42), while TEMPLETON and CLARK (2001) suggest that the euro led to a consolidation of European banking assets. CABRAL et al (2002) suggest that the euro altered the shape of the European banking industry.…”

Section: On the Firm-level Impact Of The Euromentioning

confidence: 99%

The Euro and its Impact on the Number, Size, Performance and Regional Spread of European Mergers and Acquisitions

McCarthy

Dolfsma

2015

Regional Studies

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The euro and its impact on the number, size, performance and regional spread of European mergers and acquisitions, Regional Studies. The macroeconomic effects of the euro have been extensively studied. The literature has, however, paid significantly less attention to the microeconomic consequences and few authors have considered if and how the euro has impacted firm-level decision-making. This paper explores if, how and in what way the euro has impacted one firm-level decision: whether to merge with or acquire another firm. This paper builds a sample of 19 362 acquisitions, announced in the period 1990-2014. It shows that the euro has dramatically increased the number, size and performance of European mergers and acquisitions. Importantly, it also notes that the euro has altered the geographic spread of European acquisitions. The paper reports that since the introduction of the euro, acquirers have made increasingly distant acquisitions and have preferred targets in peripheral regions to those in the core. The results also hint at the suggestion that the euro may have led acquirers to prefer Eurozone to non-Eurozone targets. From a policy perspective, it is concluded, therefore, that the euro has significantly impacted firm behaviour and has contributed, in a positive sense, to regional integration. Mergers and acquisitions Currency unions Euro Merger performance Merger spread Core and periphery MCCARTHY K. J. and DOLFSMA W. 欧元，及其对欧洲合併与收购的数量、规模、表现及区域扩散的影响，区域研究。欧元的钜观经济效应已受到广泛的研究。但这些文献却鲜少关注欧元的微观经济结果，亦少有作者考量欧元是否、以及如何影响企业层级的决策制定。本文探讨欧盟是否、如何、以及透过什麽方式，影响企业层级是否合併或收购其他企业的决定。本文以 1990 年至 2014 年间宣佈的 19,362 个收购案为案例，显示出欧元戏剧性地增加了欧洲合併与收购的数量、规模与表现。重要的是，欧元改变了欧洲收购的地理扩散。本文并记述，自从欧元引入后，收购者逐渐进行远距收购，并较核心区域而言，更偏好瞄准边陲区域。研究结果同时暗示以下提议：欧元或已使得收购者偏好欧元区的标的物更甚于非欧元区。本文因而于结论中主张，从政策的角度而言，欧元已显着地影响了企业行为，并在正面意义上，导致了区域整合。合併与收购货币联盟欧元合併表现合併扩散核心与边陲 MCCARTHY K. J. et DOLFSMA W. L'euro et son impact sur le parc, la taille, la performance et la répartition régionale des fusions et des acquisitions européennes, Regional Studies. Les effets macroéconomiques de l'euro ont été étudiés de façon approfondie. Cependant, la documentation a prêté beaucoup moins d'attention aux conséquences microéconomiques et rares sont les auteurs qui ont considéré si, oui ou non, l'euro a eu un impact sur la prise de décision au niveau de l'entreprise, et de quelle façon. Cet article cherche à examiner si l'euro a eu un impact sur une décision particulière au niveau de l'entreprise, comment et de quelle façon: à savoir, devrait-on fusionner avec ou acquérir une autre entreprise? Cet article développe un échantillon *Corresponding author.

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Section: On the Firm-level Impact Of The Euromentioning

confidence: 99%

The Euro and its Impact on the Number, Size, Performance and Regional Spread of European Mergers and Acquisitions

McCarthy

Dolfsma

2015

Regional Studies

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“…El escaso impacto de las fusiones y adquisiciones en los costes o la eficiencia puede deberse a la rigidez que presentan los mercados laborales europeos. Así, la legislación laboral de muchos países, no permite la realización de reajustes de personal que conduzcan al despido de un número relativamente elevado de trabajadores, por lo que se debe recurrir a las prejubilaciones y a una menor contratación para reducir los costes, lo que limita y retrasa las ganancias que se pueden obtener, por ejemplo, a través del cierre de oficinas solapadas geográficamente (Templeton y Clark, 2001).…”

Section: Conclusionesunclassified

Consecuencias de las Fusiones y Adquisiciones Entre las Entidades de Crédito de Europa Continental

Azofra

Olalla

2006

Spanish Journal of Finance and Accounting / Revista Española de

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RESUMENAunque tradicionalmente no se ha demostrado que las fusiones y adquisiciones entre entidades de crédito generen beneficios significativos, los cambios que han tenido lugar en los sistemas financieros han alterado las condiciones en las que se desarrollan estas operaciones, incrementando sus ganancias potenciales. En este sentido, realizamos un análisis del efecto que las fusiones y adquisiciones han tenido recientemente en la rentabilidad, los costes, la eficiencia y la cuota de mercado de las entidades de crédito de la Europa Continental durante el período comprendido entre 1993 y 2001 empleando una metodología de datos de panel dinámicos GMM. Los resultados obtenidos muestran moderados incrementos en la rentabilidad de las entidades adquirentes y las que participan en fusiones y únicamente ciertas reducciones de costes en las entidades adquiridas, en ambos casos más visibles a largo plazo, mientras que la cuota de mercado sólo mejoraría en las adquirentes. Palabras claveFusiones y adquisiciones, entidades de crédito europeas. ABSTRACTThe academic literature has not offered totally convincing economic arguments for carrying out mergers and acquisitions, since this type of operation does not generally lead to significant gains. However, over the last few decades, the financial sector has undergone substantial changes and the banking sector has experienced an unprecedented process of consolidation in most developed countries. In this sense, the aim of this paper is to further study the financial consolidation process analysing the consequences of banking merger and acquisitions, which took place in the period 1993-2001 (we use the GMM estimator). The results show an increase in the acquirers' long-term profitability and market share and a low reduction in targets' costs.

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“…7 Changes in the relative strength and varying strategies of the three French banks since the introduction of the euro are difficult to quantify at this time due to the lack of comprehensive data. However, Templeton and Clark (2001) report that for euro-zone banks as a whole, mergers and acquisitions have recently increased their average size by as much as 21 percent as compared to a mere 2 percent for those outside the zone.…”

mentioning

confidence: 99%

Efficiency and Resilience of French Multinational Banks: Evidence From the Pre‐Euro Era

Chotigeat

Kramer

Pyun

2004

Multinational Business Review

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Large French banks have restructured over the last two decades responding to the evolution of the French banking system, European union integration, and globalization. Using financial time‐series and cross‐sectional data of three major French banks (Societe Generale, BNP Paribas, and Credit Lyonnais) from 1993 to 1999, this paper analyzes their performance. Our findings indicate that the French banks’ performance (return on equity capital ratio) was influenced negatively by total assets, the efficiency ratio, the Tier‐1 capital ratio, and loan loss provisions, but not at all influenced by non‐interest income (contrary to our hypothesis). When the French banks were compared their global counterparts, common factors explaining the performance of these banks are efficiency and total assets in at least 3 of the 6 countries.

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European banking after the euro: progress and problems

Cited by 7 publications

References 0 publications

The Euro and its Impact on the Number, Size, Performance and Regional Spread of European Mergers and Acquisitions

The Euro and its Impact on the Number, Size, Performance and Regional Spread of European Mergers and Acquisitions

Consecuencias de las Fusiones y Adquisiciones Entre las Entidades de Crédito de Europa Continental

Efficiency and Resilience of French Multinational Banks: Evidence From the Pre‐Euro Era

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