This paper examines the common stock returns of three groups of bidders that purchased brokerage houses. Only in the cases of horizontal mergers, one brokerage house purchasing another, are there abnormal returns associated with the purchase. Neither bank holding company bidders nor non-financial bidders gain significantly when purchasing a brokerage house. Bank holding company bidders face considerable regulatory delays, and these economic disturbances may eliminate their gains. Bank holding company expansion into these non-bank activities does not appear, at the time of announcement, to either hurt or benefit them; hence, this expansion does not appear to further the loss exposure of the Federal Deposit Insurance Corporation. Copyright 1994 by MIT Press.
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Article provided by Eastern Finance Association in its journal The Financial Review.
Volume (Year): 29 (1994) Issue (Month): 1 (February) Pages: 77-96 Download reference. The following formats are available: HTML
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