政策不确定性对股东财富的影响：来自银行并购的证据

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability Pub Date : 2025-02-01 DOI:10.1016/j.jfs.2024.101361

Nikolaos Kiosses , Stergios Leventis , Demetres Subeniotis , Ioannis Tampakoudis

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引用次数: 0

摘要

我们研究了政策不确定性（PU）对银行并购经济影响的影响（M&；A）。以1986年至2020年间美国银行公布的3142笔交易为样本，我们发现收购回报率对收购方短期和长期市值都有显著的正向影响。并购收益对收购方并购后的会计绩效也有正向影响，并增加了协同效应驱动的银行并购的激励。在这种情况下，收购者会避免纯股票融资交易，推迟交易完成，并支付更高的出价溢价。我们的结果对于控制PU、内生性、资产定价模型和围绕交易公告的事件窗口的不同代理的模型规范具有鲁棒性。

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The impact of policy uncertainty on shareholder wealth: Evidence from bank M&A

We investigate the impact of policy uncertainty (PU) on the economic impact of bank mergers and acquisitions (M&A). Using a sample of 3142 deals announced by US banks between 1986 and 2020, we find a significant positive effect of PU on acquirer short- and long-term market value. PU also positively affects acquirer post-merger accounting performance and increases the incentives for synergy-driven bank M&A. Amid PU, acquirers avoid stock-only financed deals, delay deal completion, and pay higher bid premiums. Our results are robust to model specifications that control for different proxies of PU, endogeneity, asset pricing models, and event windows surrounding deal announcements.

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来源期刊

Journal of Financial Stability Multiple-

CiteScore

7.70

自引率

9.30%

发文量

审稿时长

34 days

期刊介绍： The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.