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Acquisition Targets and Motives in the Banking Industry

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Author Info
TIMOTHY H. HANNAN
STEVEN J. PILLOFF

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Abstract

This paper uses a large sample of individual banking organizations, observed from 1996 to 2005, to investigate the characteristics that made them more likely to be acquired. We use a definition of acquisition that we consider preferable to that used in much of the previous literature, and we employ a competing-risk hazard model that reveals important differences that depend on the type of acquirer. Since interstate acquisitions became more numerous during this period, we also investigate differences in the determinants of acquisition between in-state and out-of-state acquirers. We also employ a subsample of publicly traded banking organizations to investigate the role of managerial ownership in explaining the likelihood of acquisition. The hypothesis that acquisitions serve to transfer resources from less efficient to more efficient uses receives substantial support from our results, as do a number of other relevant hypotheses. Copyright (c) 2009 The Ohio State University
No claim to original US government works.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1538-4616.2009.00251.x
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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 41 (2009)
Issue (Month): 6 (09)
Pages: 1167-1187
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Handle: RePEc:mcb:jmoncb:v:41:y:2009:i:6:p:1167-1187

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Rotemberg, Julio J & Saloner, Garth, 1987. "The Relative Rigidity of Monopoly Pricing," American Economic Review, American Economic Association, vol. 77(5), pages 917-26, December. [Downloadable!] (restricted)
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  2. Richard J. Rosen & Scott B. Smart & Chad J. Zutter, 2005. "Why do firms go public? evidence from the banking industry," Working Paper Series WP-05-17, Federal Reserve Bank of Chicago. [Downloadable!]
  3. Aigbe Akhigbe & Jeff Madura & Ann Whyte, 2004. "Partial Anticipation and the Gains to Bank Merger Targets," Journal of Financial Services Research, Springer, vol. 26(1), pages 55-71, August. [Downloadable!] (restricted)
  4. Robert R. Moore, 1997. "Bank acquisition determinants: implications for small business credit," Financial Industry Studies Working Paper 97-2, Federal Reserve Bank of Dallas. [Downloadable!]
  5. Dean F. Amel & Stephen A. Rhoades, 1989. "Empirical Evidence on the Motives for Bank Mergers," Eastern Economic Journal, Eastern Economic Association, vol. 15(1), pages 17-27, Jan-Mar. [Downloadable!]
  6. David C. Wheelock & Paul W. Wilson, 2000. "Why do Banks Disappear? The Determinants of U.S. Bank Failures and Acquisitions," The Review of Economics and Statistics, MIT Press, vol. 82(1), pages 127-138, February. [Downloadable!] (restricted)
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  1. Ignacio Hernando & María J. Nieto & Larry D. Wall, 2008. "Determinants of domestic and cross-border bank acquisitions in the European Union," Working Paper 2008-26, Federal Reserve Bank of Atlanta. [Downloadable!]
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  2. Julapa Jagtiani, 2008. "Understanding the effects of the merger boom on community banks," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 29-48. [Downloadable!]
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