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Deal size, bid prremium, and gains in bank mergers: The impact of managerial motivations

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Author Info
Atul Gupta (Bentley College)
Lalatendu Misra (University of Texas at San Antonio)
Abstract

Do relatively large members create more value? Do larger bid amounts represent wealth transfers or do they signal larger expected merger gains? We hypothesize that the relationship between aggregate merger gains, deal size, and bid premiums is asymmetric across mergers made by value-enhancing versus value-reducing managers. We use a large sample of bank mergers to test these predictions and find that the value response to different explanatory variables is asymmetric. Our findings provide new insights into how the market values merger bids.

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File URL: http://business.utsa.edu/wps/files/fin/0018FIN-092-2007.pdf
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Paper provided by College of Business, University of Texas at San Antonio in its series Working Papers with number 0018.

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Length: 42 pages
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Handle: RePEc:tsa:wpaper:0018

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Related research
Keywords: Bank mergers; Managerial motivations; merger gains;

Find related papers by JEL classification:
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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    Other versions:
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  6. Chaudhuri, Sarbajit, 2007. "Foreign capital, welfare and urban unemployment in the presence of agricultural dualism," Japan and the World Economy, Elsevier, vol. 19(2), pages 149-165, March. [Downloadable!] (restricted)
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  7. Marjit, Sugata & Kar, Saibal, 2005. "Emigration and wage inequality," Economics Letters, Elsevier, vol. 88(1), pages 141-145, July. [Downloadable!] (restricted)
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