Impact of the financial crisis on cross-border mergers and acquisitions and concentration in the global banking industry

The global banking industry has seen dramatic changes in the past 40 years. Most recently, the financial liberalization of emerging markets and the global financial crisis have significantly impacted the market share of banks worldwide. This article investigates the impact of the 2007–2008 financial crisis on cross-border mergers and acquisitions (M&As) in the banking sector and emphasizes the role of emerging-market banks in the postcrisis consolidation trend. Using M&A data and concentration data over the period 2000–2013, our analysis indicates that the financial crisis had a significant impact on worldwide M&As, especially on the direction of the transactions. Emerging-market banks appear to be major acquirers in the postcrisis period, targeting both neighboring countries and developed economies in Europe. We also observe an increase in bank concentration in developed markets most hit by the financial crisis, especially in the United States and the United Kingdom, whereas bank concentration decreased in emerging markets.

A low complexity cross-correlation interference mitigation technique for GNSS

The finite length Gold codes used in satellite navigation systems limit their dynamic range, resulting in the introduction of unwanted peaks that can mask out signals of interest. In this paper, a novel cross-correlation interference mitigation technique dealing with this issue is introduced. A brief overview of the multiple access interference problem inherent in satellite navigation systems using the code division multiple access technique is followed by the details of the proposed method. Simulation case studies and analyses of the results detailing weak signal scenarios, carried out entirely using the Global Navigation System Scope, are presented. A comparison of the results is given in the conclusions section along with remarks on the performance of the proposed method and future work to be carried out.