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Bank mergers and American bank competitiveness
1998In this paper we attempt to elaborate on the observation that “the common environmental feature that underlies mergers and acquisitions throughout the U.S. economy is increased competition.”1 Motivating this paper is the sharp contrast between the high cost of bank mergers and acquisitions and the large number of such transactions.
Jonathan R. Macey, Geoffrey P. Miller
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Bank Mergers: Competition versus Banking Factors
Southern Economic Journal, 1963The Bank Merger Act of 1960 (Public Law 86-463, 86th Congress) requires the appropriate regulatory agency (Comptroller, the Federal Reserve Board of Governors, or FDIC), in considering an application for a bank merger to take into account two sets of factors: the effect on competition (including any tendency toward monopoly) and the effect on the ...
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Gains in bank mergers: Evidence from the bond markets
Journal of Financial Economics, 2003This paper presents evidence that merging banks' bond adjusted returns are positive and significant in premerger and announcement months. Also, the acquiring banks' credit spreads on new debt issues are lower after the merger. Diversification and incremental size attained in the merger are significant determinants of the bond returns and the decline in
Penas, M.F., Unal, H.
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2015
Abstract This chapter examines the consequences of foreign bank mergers achieved under the law of another country but which may have consequences in the UK. It discusses the recognition of the merger; the transferred assets and liabilities; consequences for the transferor; consequences for transactions; consequences for transaction ...
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Abstract This chapter examines the consequences of foreign bank mergers achieved under the law of another country but which may have consequences in the UK. It discusses the recognition of the merger; the transferred assets and liabilities; consequences for the transferor; consequences for transactions; consequences for transaction ...
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CEO Compensation and Bank Mergers
SSRN Electronic Journal, 2000Recent bank mergers generally did not improve relative operating performance or produce positive abnormal returns to acquiring bank shareholders. We examine the relationship between mergers and CEO compensation during 1986-1995, a period marked by overcapacity and frequent mergers. We find that mergers have a net positive effect on compensation, mainly
Richard T. Bliss, Richard J. Rosen
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Bank Mergers and Insider Nontrading
Financial Review, 2004AbstractInsiders with nonpublic information that their firms are acquisition targets can profit by purchasing their firms' stock or by delaying planned sales of their firms' stock. Under current securities laws, insiders who execute the former strategy expose themselves to civil and criminal liability, whereas insiders who execute the latter strategy ...
Tom Madison +2 more
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Bank mergers in spatially differentiated markets
Journal of Economics and Business, 2009[Abstract] This paper studies the incentives of banks to merge when competing in differentiated markets. Localized competition effects and spatial competition variables can play a key role in defining the patterns of consolidation in this sector. We consider a model where banks compete in distinct spaces of depositor's characteristics.
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1998
Introduction. 1. Bank Mergers and Acquisitions: An Introduction and an Overview Y. Amihud, G. Miller. Part One. 2. Bank Consolidation: A Central Banker's Perspective F. Mishkin. 3. Global Patterns of Mergers and Acquisition Activity in the Financial Services Industry R.C. Smith, I. Walter. 4.
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Introduction. 1. Bank Mergers and Acquisitions: An Introduction and an Overview Y. Amihud, G. Miller. Part One. 2. Bank Consolidation: A Central Banker's Perspective F. Mishkin. 3. Global Patterns of Mergers and Acquisition Activity in the Financial Services Industry R.C. Smith, I. Walter. 4.
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Inexperienced banks and interstate mergers
Journal of Economics and Business, 2002Abstract This paper implements an event study, operational performance study, and a financial market accuracy study with respect to interstate bank mergers in general and interstate mergers vis-a-vis the Riegle–Neal Interstate Banking Act. The focus is on banks inexperienced in the merger process.
Jeffrey R. Hart, Vince P. Apilado
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