THE OVERALL GAINS FROM LARGE BANK MERGERS

被引：141

作者：

HOUSTON, JF

RYNGAERT, MD

机构：

[1] College of Business Administration, Department of Finance, University of Florida, Gainesville

来源：

JOURNAL OF BANKING & FINANCE | 1994年 / 18卷 / 06期

关键词：

BANK MERGERS; MERGERS AND ACQUISITIONS;

D O I：

10.1016/0378-4266(94)00065-4

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We demonstrate that the overall gains (the weighted average of gains to the bidder and target firms) from a recent sample of bank mergers are slightly positive, but statistically indistinguishable from zero. This lends support to recent studies which fail to find any significant cost savings resulting from bank mergers. We also demonstrate the characteristics of mergers that the market perceives as most valuable. These attributes include high prior levels of profitability for the bidder, considerable operations overlap between the target and the bidder, and a method of financing that reveals positive information about the bidder or the synergies likely to be created by the merger.

引用

页码：1155 / 1176

页数：22

共 20 条

[1]

BERGER A, 1992, IN PRESS ANTITRUST B, V33

[2]

BOYD JH, 1991, FEDERAL RESERVE BANK, V15, P3

[3] SYNERGISTIC GAINS FROM CORPORATE ACQUISITIONS AND THEIR DIVISION BETWEEN THE STOCKHOLDERS OF TARGET AND ACQUIRING FIRMS [J].