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The Second Financial Reform and the Development of Financial Industry in Taiwan

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  • Wei-Hsiung Wu

    () (Department of Finance, National Taiwan University, 1 Sec. 4 Roosevelt Rd., Taipei 106, Taiwan)

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    Abstract

    All 11 cases of listed banks in Taiwan involved in merger and acquisition during 2000–2006 are examined. In this paper, the cumulative abnormal returns of acquiring banks two days after merger announcement are found to be negative, although target banks' shareholders enjoy higher abnormal returns. For acquiring banks, the post-merger cost efficiencies are not improved. State-owned banks are more efficient and profitable. Operating restrictions on banks and the recession during sample period are the major reasons. It is also suggested that several state-owned banks should be preserved as a means of improving social welfare.

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    Bibliographic Info

    Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Review of Pacific Basin Financial Markets and Policies.

    Volume (Year): 11 (2008)
    Issue (Month): 01 ()
    Pages: 75-97

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    Handle: RePEc:wsi:rpbfmp:v:11:y:2008:i:01:p:75-97

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    Related research

    Keywords: Second financial reform; distribution free approach; X-efficiencies; mergers and acquisitions;

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