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State-owned banks in the market for corporate control

Author

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  • Emanuele Bacchiocchi
  • Matteo Ferraris
  • Massimo Florio
  • Daniela Vandone

Abstract

We study the pre-deal characteristics of state-owned banks acquiring other companies, relative to their private counterparts. We build a unique international data-set of 3682 deals in the years 2003–2013. Econometric results highlight that those state-owned banks that are acting as acquirers have an ex-ante performance similar to their private benchmarks. The results are driven by the role of development banks. This new finding points to the recent evolution of some types of contemporary state-owned financial players.

Suggested Citation

  • Emanuele Bacchiocchi & Matteo Ferraris & Massimo Florio & Daniela Vandone, 2019. "State-owned banks in the market for corporate control," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 22(2), pages 120-147, April.
    • Handle: RePEc:taf:jecprf:v:22:y:2019:i:2:p:120-147
    DOI: 10.1080/17487870.2017.1336437
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    Cited by:

    1. Clò, Stefano & Frigerio, Marco & Vandone, Daniela, 2022. "Financial support to innovation: The role of European development financial institutions," Research Policy, Elsevier, vol. 51(10).

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