Perspectives of Macrofinance Regulation of Banking M&A in the Context of the International Reform of Banking Regulation
Mergers and acquisitions (M&A) in the banking industry pose serious threat to the post-crisis recovery amid the increasing interconnectedness of credit institutions. Yet M&A remain one of the least manageable contributors to minimization of systemic risk, should post-M&A process run short of objectives and synergy. Financial markets externalities and adverse scenarios of macro-level dynamics put additional challenges to post-M&A integration, while shortage of macroprudential policy tools fails to empower regulators in designing a roadmap towards minimization of systemic risks built in the M&A processes. Guided by the objectives of the international banking regulation reform (Basel III) we pioneer a principally new idea extending risk-centered regulation over M&A specifics aiming at integrity of banking consolidations that is highly relevant and material for resilience of the banking sector, mitigation of financial markets volatility and ultimately for financial stability. We also propose a single conceptual platform of an M&A-related rulebook as well as an M&A risk matrix that would further shape the mechanism of systemic risk alarmism.
, Journal of Economic Perspectives 2019
Mergers and acquisitions (M&A) in the banking industry pose serious threat to the post-crisis recovery amid the increasing interconnectedness of credit institutions. Yet M&A remain one of the least manageable contributors to minimization of systemic risk, should post-M&A process run short of objectives and synergy. Financial markets externalities and adverse scenarios of macro-level dynamics put ...
Added: October 24, 2018
, The Banker Magazine / Financial Times, U.K. 2014 Vol. 163 No. 1059 P. 8-8
Added: January 2, 2017
, , Проблемы управления 2020 № 3 С. 40-48
The paper is devoted to the development of the mortgage securitization market in Russia. The aim of the study is to assess the average effect of mortgage securitization transactions on the performance of Russian banks that executed such transactions in the period from 2012 to 2018. The Propensity Score Matching methodology, which is applied for ...
Added: July 1, 2020
, Деньги и кредит 2016 № 2 С. 33-38
Starting from 2014 Russian commercial banks shifted to the estimation of a bank capital amount and its adequacy in accordance with the international capital standards of Basel III. Before the introduction of the new capital standards in RF banking practice, numerous experts pointed out the arising problem associated with the replacement of the capital sources ...
Added: February 26, 2016
, , Банковское дело 2014 № 9(249) С. 30-35
In modern scientific studies and discussions of practitioners the introduction of countercyclical asset loss provisions in the banking sector is most discussed problem of macroprudential regulation of financial sector. In this article the expediency of introducing of this instrument of regulation in Russia was considered, take into account procyclicality of the banking sector and the ...
Added: September 29, 2014
Фактор регионализации банковского регулирования в формировании евразийского механизма финансовой стабильности
, Деньги и кредит 2017 № 7 С. 31-40
The processes of Eurasian regional consolidation imply mainstreaming of the EAEU member state banks in the integration processes. However, strengthening their integration potential as a factor of financial stability will largely depend on the consistency and soundness of the regional model of banking regulation in the ‘mini-Basel III’ framework. Heterogeneity of national regulatory regimes, protectionism-centered ...
Added: June 20, 2017
, Вестник Московского университета. Серия 6: Экономика 2018 № 6 С. 98-117
Recently, the concept (концепция) of the countercyclical regulation in the financial sector has become key for the implementation of macroprudential policies in many countries, while a countercyclical capital buffer of banks is becoming a primary tool of regulation. The purpose of this research is to study the appropriateness and specifics of the countercyclical capital buffer ...
Added: December 18, 2018
, Экономическая политика 2017 Т. 12 № 1 С. 226-249
Being one item by definition investment is actually not homogenous: generally, there are two major types – capital investment and investment in M&A deals. In this paper we examine the relationship between new capital investments and investments in acquisitions in Russia using data for more than one hundred companies in 2004-2014. The period is split ...
Added: October 7, 2016
, The Effect of Ex Post Risks on Post-M&A Performance Efficiency / Social Science Research Network. Series SSRN Working Paper Series "SSRN Working Paper Series". 2018.
This article undertakes an empirical analysis of M&A-related risks based on evidence from eight listed U.S. bank holding companies over the period 2000-10. The research model is designed as an inter-domain risk matrix encompassing idiosyncratic and systematic risks underlying horizontal and conglomerate M&A. Risk impact is measured by critical performance metrics at corporate and environmental ...
Added: September 20, 2020
, М.: ИНФРА-М, 2020
The book is devoted to assessment and management of banking risks based on international approaches. The application of the methods of assessment, management and risk minimization in commercial banks is considered both in the context of adaptation of the international recommendations and standards in the banking sector of the Russian Federation, as well as in ...
Added: December 6, 2020
, , , Model Assisted Statistics and Applications 2016 Vol. 11 P. 39-59
This paper presents an empirical analysis of the Russian market of mergers and acquisitions (the largest market for corporate control in Central and Eastern Europe) in 2003-2012 in terms of the total volume and value of the merger and acquisition deals of the holding companies. This analysis allowed for the conclusion that, to assess and ...
Added: September 5, 2016
, , Finance Research Letters 2020 Vol. 36 P. 101454
The article focuses on models that can assess the efficiency of mergers and acquisitions (M&A) deals by evaluating their synergistic effect. Such studies are much needed in the modern society, which is demonstrated by the current state of the market and various integration processes, which produce quite different results. We analyze M&A deals in developed ...
Added: October 31, 2020
Сценарное моделирование влияния норматива достаточности капитала на отношение совокупных активов банковских секторов к ВВП государств-членов ЕАЭС
, , Экономика и управление: проблемы, решения 2017 Т. 4 (63) № 3 С. 59-63
The article deals with a model of the dynamics of aggregate banking assets to GDP in the Eurasian Economic Union member states based on the logistic equation. A fuzzy Mamdani model is applied to measure the extent to which this dynamics has an effect on Capital Adequacy Ration as a regulatory standard. Based on this ...
Added: June 20, 2017
Влияние внешних шоков на стоимость капитала банковского сектора РФ: оценка на основе модели векторной авторегрессии
, , Финансы и бизнес 2015 № 2 С. 105-114
At the present time the problem of managing the cost of capital in conditions of external economic shocks is particularly relevant. This occurs because of implementation in 2014 by Bank of Russia new requirements for the structure and capital adequacy of Russian banks in accordance with the Basel 3 capital standards. In this paper we ...
Added: October 19, 2015
Systemic risk, economic policy uncertainty and firm bankruptcies: Evidence from multivariate causal inference
, , Research in International Business and Finance 2020 Т. 52 С. 101172
The paper investigates causal relationships between systemic risk, economic policy uncertainty and firm bankruptcies, conditional on global volatility proxied by the VIX index, in a sample of 15 advanced and major emerging market economies during January 2008-June 2018. We test for Granger causality in time and frequency domains as well as dissect multivariate causal linkages ...
Added: August 22, 2020
, , Финансы и кредит 2009 № 3(339) С. 10-18
Анализируются преобразования отношений собственности в банковском секторе России и ведущих зарубежных стран в услвоиях финансового кризиса. ...
Added: December 26, 2012
, Мировая экономика и международные отношения 2015 Т. 59 № 11 С. 78-90
The article deals with the evolution of the Financial Stability Board (FSB) into a full-scale and sound authority of international banking regulation. Founded in 1999 as the Financial Stability Forum, the FSB has become an international body in 2009 overseeing the international fi nancial regulation reform, also known as Basel III. Nonetheless, FSB’s responsibilities and competence are still ...
Added: January 1, 2017
, Мировая экономика и международные отношения 2013 № 12 С. 74-83
The article is a pilot holistic study in Russian academia of foreign-funded banks operating or targeting Central Asian region and looks into the effect of exogenous and endogenous risks on banking performance and on regional banking sector at large. It is found that internationalization of banking regulation and supervision positively affects foreign-funded banks regardless of ...
Added: January 2, 2017
Опыт разработки системы раннего оповещения о финансовых кризисах и прогноз развития банковского сектора на 2011-2012 гг.
, , et al., Журнал Новой экономической ассоциации 2011 № 4(12) С. 41-76
В статье подводится промежуточный итог исследованиям в области создания систем раннего оповещения о финансовом кризисе, осуществляющихся в Центре макроэкономического анализа и краткосрочного прогнозирования (ЦМАКП) с 2005 г. Система состоит из трех блоков: опережающие индикаторы отдельных видов рисков и сводный опережающий индикатор системного банковского кризиса; среднесрочное сценарное прогнозирование основных макроэкономических и финансовых показателей; стресс-тестирование кредитных рисков ...
Added: December 28, 2012
The Effect of an Acquirer’s Life Cycle Stage on the Performance of M&As: Evidence from Mega and Non-Mega Deals in the US
, , Journal of Corporate Finance Research 2019 Vol. 13 No. 3 P. 7-18
A substantial body of academic literature continues to investigate whether M&A deals create or destroy shareholder value and what are the main determinants of M&A performance, but the results are still inconclusive. In this paper, we investigate the impact of corporate life cycle on M&A performance from the perspective of acquiring firms. We shed additional light on the ...
Added: October 31, 2019
, Деньги и кредит 2012 № 11 С. 46-52
This article undertakes an analysis of U.S. banking regulation reform exposure on merger and acquisition (M&A) processes involving American financial institutions. Risk management in the banking industry is emphasized as being a focal point of regulation paradigm shift ensuring macroeconomic stability. The primary driving forces of the M&A processes are studied; the factors underlying rethinking of corporate ...
Added: January 2, 2017
, , Финансы: теория и практика 2017 № 21 (5) С. 128-139
Introduction. In the age of economic globalization mergers and acquisitions acquire relevance in business as strategic development of companies. M&A deals are generally evaluated with respect to their efficiency for buying companies and/or target companies. There are quite many researches and empirical studies related to the above line of inquiry. However, most of them are ...
Added: December 6, 2017
, , et al., International Journal of Mechanical Engineering and Technology 2019 No. 10(2) P. 1085-1101
M&A on expenses R&D the method the difference of differences (DID – Difference-in-Difference) which founder Meyer B is considered is applied to assessment of the impact of transactions. . The ideas of this method comparison of the companies with various characteristics of expenses R&D before and after the transaction M&A lies. However, at simple comparison ...
Added: March 1, 2019
, Global Risk Regulator 2014 Vol. 12 No. 1 P. 19-19
Added: January 4, 2017