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Determinantes de las fusiones y adquisiciones en el sistema financiero colombiano. 1990-2007

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  • Andrés Garcia

    ()

  • José Gomez

    ()

Abstract

Para el caso colombiano se han analizado de manera amplia losefectos de la quiebra y la fusión de las instituciones financieras; sin embargo,no se contaba con un estudio microeconométrico para determinar los determinantesde este tipo de operaciones. Este documento se concentra en determinarcuales son las variables claves que incentivan la participación de las institucionesfinancieras en operaciones de integración, mediante la estimación demodelos de duración. Se encuentra que el buen desempeño de las firmas reducela probabilidad de fusión o adquisición de instituciones financieras y que variablesmacroeconómicas como el crecimiento y la concentración del mercado sondeterminantes de estas.**The effects of bank failures, and mergers and acquisitions (M & A)in Colombia have been thoroughly studied in the literature. However, there islimited evidence regarding microeconomic determinants of these events. Thispaper fills that gap by finding evidence about the significant determinantsthat take a financial institution to participate in such processes, using survivalanalysis techniques. Two important conclusions derive from our study: (i)the probability of participating in an M & A event is decreasing on banks'financial health; and, (ii) the included macroeconomic variables matter, aswell as market concentration.

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Bibliographic Info

Article provided by UNIVERSIDAD DEL ROSARIO in its journal REVISTA DE ECONOMÍA DEL ROSARIO.

Volume (Year): (2009)
Issue (Month): ()
Pages:

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Handle: RePEc:col:000151:006236

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Keywords: fusiones y adquisición; integración; sector financiero; modelosde duración.**Mergers and acquisitions; integration; financial sector; durationmodels.;

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References

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  1. Kwast, Myron L., 1999. "Bank mergers: What should policymakers do?," Journal of Banking & Finance, Elsevier, Elsevier, vol. 23(2-4), pages 629-636, February.
  2. Diaz, Belen Diaz & Olalla, Myriam Garcia & Azofra, Sergio Sanfilippo, 2004. "Bank acquisitions and performance: evidence from a panel of European credit entities," Journal of Economics and Business, Elsevier, Elsevier, vol. 56(5), pages 377-404.
  3. Dario Focarelli & Fabio Panetta & Carmelo Salleo, 1999. "Why Do Banks Merge?," Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area 361, Bank of Italy, Economic Research and International Relations Area.
  4. Benston, George J & Hunter, William C & Wall, Larry D, 1995. "Motivations for Bank Mergers and Acquisitions: Enhancing the Deposit Insurance Put Option versus Earnings Diversification," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 27(3), pages 777-88, August.
  5. Timothy H. Hannan & Steven J. Pilloff, 2006. "Acquisition targets and motives in the banking industry," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2006-40, Board of Governors of the Federal Reserve System (U.S.).
  6. Jalal D. Akhavein & Allen N. Berger & David B. Humphrey, 1996. "The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function," Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania 96-03, Wharton School Center for Financial Institutions, University of Pennsylvania.
  7. Dean F. Amel & Stephen A. Rhoades, 1989. "Empirical Evidence on the Motives for Bank Mergers," Eastern Economic Journal, Eastern Economic Association, Eastern Economic Association, vol. 15(1), pages 17-27, Jan-Mar.
  8. Worthington, Andrew C., 2004. "Determinants of merger and acquisition activity in Australian cooperative deposit-taking institutions," Journal of Business Research, Elsevier, Elsevier, vol. 57(1), pages 47-57, January.
  9. Sergio Clavijo, 2000. "Hacia La Multibanca En Colombia:Retos Y "Retazos Financieros"," BORRADORES DE ECONOMIA, BANCO DE LA REPÚBLICA 002780, BANCO DE LA REPÚBLICA.
  10. Dairo Estrada, 2005. "Efectos De Las Fusiones Sobre El Mercado Financiero Colombiano," BORRADORES DE ECONOMIA, BANCO DE LA REPÚBLICA 002424, BANCO DE LA REPÚBLICA.
  11. Focarelli, D. & Panetta, F. & Salleo, C., 1999. "Why do Banks Merge?," Papers, Banca Italia - Servizio di Studi 361, Banca Italia - Servizio di Studi.
  12. Oz Shy, 1996. "Industrial Organization: Theory and Applications," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262691795, December.
  13. Gregor Andrade & Mark Mitchell & Erik Stafford, 2001. "New Evidence and Perspectives on Mergers," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 15(2), pages 103-120, Spring.
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Cited by:
  1. Andrés Felipe García-Suaza & José Eduardo Goméz-Gonzáleza, . "The Competing Risks of Acquiring and Being Acquired: Evidence from Colombia´s Financial Sector," Borradores de Economia, Banco de la Republica de Colombia 567, Banco de la Republica de Colombia.
  2. José Eduardo Gómez Gónzalez & Jorge Marío Uribe Gil & Hernán Piñeros Gordo, . "Determinantes de la Rentabilidad de los Bancos en Colombia: ¿Importa la Tasa de Cambio?," Borradores de Economia, Banco de la Republica de Colombia 556, Banco de la Republica de Colombia.

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