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The price of bank mergers in the 1990s

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Author Info

  • Elijah Brewer, III
  • William E. Jackson, III
  • Julapa A. Jagtiani
  • Thong Nguyen

Abstract

This article examines the primary motivations for the massive wave of bank mergers in the U.S. during the 1990s by analyzing the prices paid for target banks. The authors find that these prices reflect both general market and firm-specific characteristics. For example, the lifting of regulatory restrictions on geographic markets for bank mergers has a significant impact on the average price paid. Additionally, more profitable target banks tend to command a significantly higher market price.

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File URL: http://www.chicagofed.org/digital_assets/publications/economic_perspectives/2000/Epartl1.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (2000)
Issue (Month): Q I ()
Pages: 2-23

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Handle: RePEc:fip:fedhep:y:2000:i:qi:p:2-23:n:v.24no.1

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Related research

Keywords: Bank mergers;

References

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  1. 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, vol. 27(3), pages 777-88, August.
  2. Baradwaj, Babu G. & Fraser, Donald R. & Furtado, Eugene P. H., 1990. "Hostile bank takeover offers : Analysis and implications," Journal of Banking & Finance, Elsevier, vol. 14(6), pages 1229-1242, December.
  3. Allen N. Berger & Robert DeYoung & Hesna Genay & Gregory F. Udell, 2000. "Globalization of financial institutions: evidence from cross-border banking performance," Finance and Economics Discussion Series 2000-04, Board of Governors of the Federal Reserve System (U.S.).
  4. Binder, John J, 1988. "The Sherman Antitrust Act and the Railroad Cartels," Journal of Law and Economics, University of Chicago Press, vol. 31(2), pages 443-68, October.
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Cited by:
  1. Ingo Walter & Markus M. Schmid, 2006. "Do Financial Conglomerates Create or Destroy Economic Value?," Working Papers 06-28, New York University, Leonard N. Stern School of Business, Department of Economics.
  2. Carow, Kenneth A. & Cox, Steven R. & Roden, Dianne M., 2004. "Mutual holding companies: Evidence of conflicts of interest through disparate dividends," Journal of Banking & Finance, Elsevier, vol. 28(2), pages 277-298, February.
  3. Elijah Brewer, III & William E. Jackson, III & Julapa Jagtiani, 2010. "Corporate governance structure and mergers," Working Papers 10-26, Federal Reserve Bank of Philadelphia.
  4. Hunter, William C. & Jagtiani, Julapa, 2003. "An analysis of advisor choice, fees, and effort in mergers and acquisitions," Review of Financial Economics, Elsevier, vol. 12(1), pages 65-81.

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