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The Competing Risks of Acquiring and Being Acquired: Evidence from Colombia´s Financial Sector

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Andrés Felipe García-Suaza ()
José Eduardo Gómez-González ()

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Abstract

This paper studies the determinants of the probability of participating in a process of merging or acquisition for financial institutions in Colombia. We use survival analysis techniques and competing risks models to estimate the probability of participating in such processes as an acquiring or acquired firm. Using an especially rich database containing financial information of Colombian banks for the period 1990 – 2007, we find that both macroeconomic and microeconomic variables are important determinants of such probability. However, there are differential effects for the acquiring firm and the acquired firm. Particularly, while firm size and solvency result significant determinants of the probability of being an acquiring firm, efficiency is an important determinant of the probability of being acquired. Also, the concentration index, that plays no role for acquiring firms, plays an important role in the probability of being acquired.

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Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 005676.

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Length: 23
Date of creation: 16 Jun 2009
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Handle: RePEc:col:000094:005676

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  1. Diaz, Belen Diaz & Olalla, Myriam Garcia & Azofra, Sergio Sanfilippo, 2004. "Bank acquisitions and performance: evidence from a panel of European credit entities," Journal of Economics and Business, Elsevier, vol. 56(5), pages 377-404. [Downloadable!] (restricted)
  2. M. Meschi, 1997. "Analytical Perspectives on Mergers and Acquisitions: A Survey," CIBS Research Papers in International Business 5-97, London South Bank University CIBS. [Downloadable!]
  3. Carree, Martin A., 2003. "A hazard rate analysis of Russian commercial banks in the period 1994-1997," Economic Systems, Elsevier, vol. 27(3), pages 255-269, September. [Downloadable!] (restricted)
  4. 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!]
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This page was last updated on 2009-11-20.

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