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Performance Changes and Shareholder Wealth Creation Associated with Mergers of Publicly Traded Banking Institutions

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Author Info
Pilloff, Steven J
Abstract

This paper examines the mean and cross-sectional behavior of performance changes and consolidated abnormal returns among a sample of forty-eight mergers occurring from 1982 to 1991 involving publicly traded banking institutions. Although both merger-related performance changes and consolidated abnormal returns are small or nonexistent, these measures show a great deal of cross-sectional variation. However, the dispersion in performance changes and abnormal returns is related to different factors suggesting that expectations and outcomes are influenced by different variables. Further strengthening this notion that expectations and outcomes are unrelated are insignificant correlations of abnormal returns and performance changes. Copyright 1996 by Ohio State University Press.

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File URL: http://links.jstor.org/sici?sici=0022-2879%28199608%2928%3A3%3C294%3APCASWC%3E2.0.CO%3B2-W&origin=bc
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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 28 (1996)
Issue (Month): 3 (August)
Pages: 294-310
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Handle: RePEc:mcb:jmoncb:v:28:y:1996:i:3:p:294-310

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  1. Valkanov,Emil & Kleimeier,Stefanie, 2005. "The Role of Regulatory Capital in International Bank Mergers and Acquisitions," Research Memoranda 017, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
    Other versions:
  2. Gayle DeLong & Robert DeYoung, 2004. "Learning by observing: information spillovers in the execution and valuation of commercial bank M&As," Working Paper Series WP-04-17, Federal Reserve Bank of Chicago. [Downloadable!]
  3. J. Christina Wang, 2003. "Merger-related cost savings in the production of bank services," Working Papers 03-8, Federal Reserve Bank of Boston. [Downloadable!]
  4. Joe Peek & Eric S. Rosengren, 1997. "Bank consolidation and small business lending: it's not just bank size that matters," Working Papers 97-1, Federal Reserve Bank of Boston. [Downloadable!]
    Other versions:
  5. H.P. Huizinga & J.H.M. Nelissen & R. Vander Vennet, 2001. "Efficiency Effects of Bank Mergers and Acquisitions," Tinbergen Institute Discussion Papers 01-088/3, Tinbergen Institute. [Downloadable!]
  6. Erel, Isil, 2007. "The Effect of Bank Mergers on Loan Prices: Evidence from the U.S," Working Paper Series 2006-19, Ohio State University, Charles A. Dice Center for Research in Financial Economics. [Downloadable!]
  7. Campa, José Manuel & Hernando, Ignacio, 2005. "M&As Performance in the European Financial Industry," CEPR Discussion Papers 5204, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  8. Peter Egger & Franz R. Hahn, 2006. "Endogenous Bank Mergers and Their Impact on Banking Performance," WIFO Working Papers 271, WIFO. [Downloadable!]
  9. Jacinto Vidigal da Silva & Miguel Diz, 2005. "Mergers And Acquisitions In The Portuguese Banking Industry: Is It There A Process Of Value Creation?," Finance 0503002, EconWPA. [Downloadable!]
  10. Jalal D. Akhavein & Allen N. Berger & David B. Humphrey, 1997. "The effects of megamergers on efficiency and prices: evidence from a bank profit function," Finance and Economics Discussion Series 1997-9, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  11. Fabio Panetta & Dario Focarelli, 2003. "Are Mergers Beneficial to Consumers? Evidence from the Italian Market for Bank Deposits," CEIS Research Paper 10, Tor Vergata University, CEIS. [Downloadable!]
  12. Raj Aggarwal & Aigbe Akhigbe & James McNulty, 2006. "Are Differences in Acquiring Bank Profit Efficiency Priced in Financial Markets?," Journal of Financial Services Research, Springer, vol. 30(3), pages 265-286, December. [Downloadable!] (restricted)
  13. Verónica Durán-Carbó & Charles ReVelle & Daniel Serra, 2006. "Spatial market expansion through mergers," Economics Working Papers 960, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  14. Timothy Hannan & Robin Prager, 1998. "The Relaxation of Entry Barriers in the Banking Industry: An Empirical Investigation," Journal of Financial Services Research, Springer, vol. 14(3), pages 171-188, December. [Downloadable!] (restricted)
  15. Douglas D. Evanoff & Larry D. Wall, 2000. "Subordinated debt and bank capital reform," Working Paper 2000-24, Federal Reserve Bank of Atlanta. [Downloadable!]
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  16. Asli Demirguc-Kunt & Luc Laeven & Ross Levine, 2003. "Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation," NBER Working Papers 9890, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  17. Lili Xie, 2007. "Bank Consolidation and Loan Pricing," Working Papers 200706, Ball State University, Department of Economics, revised Nov 2007. [Downloadable!]
  18. Joseph P. Hughes & William Lang & Loretta J. Mester & Choon-Geol Moon, 1998. "The Dollars and Sense of Bank Consolidation," Center for Financial Institutions Working Papers 99-04, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
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  19. Edward J. Green & Jose A. Lopez & Zhenyu Wang, 2001. "The Federal Reserve banks' imputed cost of equity capital," Working Papers in Applied Economic Theory 2001-01, Federal Reserve Bank of San Francisco. [Downloadable!]
  20. Edward J. Green & Jose A. Lopez & Zhenyu Wang, 2003. "Formulating the imputed cost of equity capital for priced services at Federal Reserve banks," Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 55-81. [Downloadable!]
  21. Allen N. Berger, 2000. "The integration of the financial services industry: where are the efficiencies?," Finance and Economics Discussion Series 2000-36, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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