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Bank Governance and Acquisition Performance

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  • Jens Hagendorff

    (Leeds University Business School)

  • Michael Collins

    (Leeds University Business School)

  • Kevin Keasey

Abstract

Given the pivotal role of banks in modern economies, the worldwide phenomenon of a high level of bank M&A activity and the consensus view in empirical studies that bank mergers destroy value for acquiring bank shareholders, it is highly surprising that the influence of corporate governance on the outcomes of bank acquisitions has received very little academic scrutiny. The recent wave of consolidation in the financial services industry, with its generally unfavourable wealth implications for the shareholders of acquiring institutions, points to the impact of poor bank governance structures. Moreover, the banking sector warrants a separate agency analysis because it is unusual, if not unique, in terms of the opaque nature of many of its main activities and in terms of the pervasive role of regulation in the industry. Both of these attributes may weaken well-established monitoring mechanisms as safeguards of shareholder interests. Copyright (c) 2007 The Authors; Journal compilation (c) 2007 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Corporate Governance: An International Review.

Volume (Year): 15 (2007)
Issue (Month): 5 (09)
Pages: 957-968

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Handle: RePEc:bla:corgov:v:15:y:2007:i:5:p:957-968

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1

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Cited by:
  1. Ghosh, Chinmoy & Petrova, Milena, 2013. "Does deregulation induce competition in the market for corporate control? The special case of banking," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 5220-5235.
  2. Alessandro Carretta & Vincenzo Farina & Paola Schwizer, 2010. "Assessing effectiveness and compliance of banking boards," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 18(4), pages 356-369, November.
  3. Hagendorff, Jens & Collins, Michael & Keasey, Kevin, 2008. "Investor protection and the value effects of bank merger announcements in Europe and the US," Journal of Banking & Finance, Elsevier, vol. 32(7), pages 1333-1348, July.
  4. Robert DeYoung & Douglas Evanoff & Philip Molyneux, 2009. "Mergers and Acquisitions of Financial Institutions: A Review of the Post-2000 Literature," Journal of Financial Services Research, Springer, vol. 36(2), pages 87-110, December.

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