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Mergers and Acquisitions in the Spanish Banking Industry: some Empirical Evidence

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  • Ignacio Fuentes
  • Teresa Sastre
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    Abstract

    Since the late eighties, the Spanish banking system has been undergoing major changes that have affected both its structure and the nature of strategic interaction among banking institutions. Various different strategies have been adopted to tackle the demands of this new operating environment, one such strategy having been consolidation via mergers and acquisitions. This paper attempts to provide some empirical evidence on the impact of the consolidation process on the monetary transmission mechanism, the degree of competition in banking markets and the performance of banking institutions.

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    File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/99/Fic/dt9924e.pdf
    File Function: First version, 1999
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    Bibliographic Info

    Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 9924.

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    Length: 53 pages
    Date of creation: 1999
    Date of revision:
    Handle: RePEc:bde:wpaper:9924

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    Related research

    Keywords: MONETARY POLICY ; BANKS ; INDUSTRY ; MONEY;

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    References

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    1. Luis Orea Sánchez & Rafael Álvarez Cuesta, 1998. "- Firm-Specific Temporal Variation In Technical Efficency Results Of: A Stochastic Output Distance Function," Working Papers. Serie EC 1998-27, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    2. Jaumandreu, Jordi & Lorences, Joaquin, 2002. "Modelling price competition across many markets (An application to the Spanish loans market)," European Economic Review, Elsevier, vol. 46(1), pages 93-115, January.
    3. Tobin, James, 1982. " The Commercial Banking Firm: A Simple Model," Scandinavian Journal of Economics, Wiley Blackwell, vol. 84(4), pages 495-530.
    4. Mark Bils, 1989. "Cyclical Pricing of Durable Goods," NBER Working Papers 3050, National Bureau of Economic Research, Inc.
    5. Abbott, Thomas III, 1994. "Observed price dispersion: Product heterogeneity, regional markets, or local market power?," Journal of Economics and Business, Elsevier, vol. 46(1), pages 21-37, February.
    6. Rhoades, Stephen A., 1998. "The efficiency effects of bank mergers: An overview of case studies of nine mergers," Journal of Banking & Finance, Elsevier, vol. 22(3), pages 273-291, March.
    7. Joaquín Maudos, 1996. "Eficiencia, cambio técnico y productividad en el sector bancario español: una aproximación de frontera estocástica," Investigaciones Economicas, Fundación SEPI, vol. 20(3), pages 339-358, September.
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    Cited by:
    1. Valverde, Santiago Carbo & Humphrey, David B., 2004. "Predicted and actual costs from individual bank mergers," Journal of Economics and Business, Elsevier, vol. 56(2), pages 137-157.
    2. Valverde, S. Carbo & Humphrey, David B. & Fernandez, F. Rodriguez, 2003. "Bank deregulation is better than mergers," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 13(5), pages 429-449, December.

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