并购立法对银行并购的影响

E. Carletti, S. Ongena, Jan-Peter Siedlarek, G. Spagnolo
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引用次数: 2

摘要

研究发现,严格的并购管制立法使银行并购目标的异常公告收益率提高了7个百分点。分析这一结果的潜在解释,我们记录了并购目标在并购前盈利能力的增加,收购方规模的缩小,以及银行被其他银行收购的交易份额的减少。其他并购属性,包括收购目标的规模和风险状况、合并银行的地域重叠,以及竞争对手的股市反应,似乎没有受到影响。有证据表明,加强合并控制会导致更有效率和更具竞争力的交易。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Impact of Merger Legislation on Bank Mergers
We find that stricter merger control legislation increases abnormal announcement returns of targets in bank mergers by 7 percentage points. Analyzing potential explanations for this result, we document an increase in the pre-merger profitability of targets, a decrease in the size of acquirers, and a decreasing share of transactions in which banks are acquired by other banks. Other merger properties, including the size and risk profile of targets, the geographic overlap of merging banks, and the stock market response of rivals appear unaffected. The evidence suggests that the strengthening of merger control leads to more efficient and more competitive transactions.
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