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Changes in Interstate Banking Laws: The Impact of Shareholder Wealth

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  • Black, Harold A
  • Fields, M Andrew
  • Schweitzer, Robert L
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    Abstract

    This study examines the impact on shareholder wealth of changes in interstate banking laws. The research demonstrates that changes in state statutes that allow interstate banking have a positive impact on the stock prices of regional banking organizations and a negative impact on the stock prices of money center banks. Interstate banking statutes initially exclude those states in which the money center banks are headquartered. The findings provide evidence that, by excluding money center banks from expansion across state lines, the competition from the regional banks may have an adverse competitive effect on the money center banks. Copyright 1990 by American Finance Association.

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    Bibliographic Info

    Article provided by American Finance Association in its journal Journal of Finance.

    Volume (Year): 45 (1990)
    Issue (Month): 5 (December)
    Pages: 1663-71

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    Handle: RePEc:bla:jfinan:v:45:y:1990:i:5:p:1663-71

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    Cited by:
    1. Carow, Kenneth A. & Heron, Randall A., 1998. "The interstate banking and branching efficiency act of 1994: A wealth event for acquisition targets," Journal of Banking & Finance, Elsevier, vol. 22(2), pages 175-196, February.
    2. Carow, Kenneth A. & Kane, Edward J., 2002. "Event-study evidence of the value of relaxing long-standing regulatory restraints on banks, 1970-2000," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(3), pages 439-463.
    3. Carow, Kenneth A. & Lee, Winson B., 1997. "State passage of interstate banking legislation: An analysis of firm, legislative, and economic characteristics," Journal of Banking & Finance, Elsevier, vol. 21(7), pages 1017-1043, July.
    4. Becher, David A., 2009. "Bidder returns and merger anticipation: Evidence from banking deregulation," Journal of Corporate Finance, Elsevier, vol. 15(1), pages 85-98, February.
    5. Amoako-Adu, Ben & Smith, Brian F., 1995. "The wealth effects of deregulation of Canadian financial institutions," Journal of Banking & Finance, Elsevier, vol. 19(7), pages 1211-1236, October.

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