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Determinantes de las fusiones y adquisiciones en el sistema financiero colombiano. 1990-2007

Author

Listed:
  • Andrés Garcia

    ()

  • José Gomez

    ()

Abstract

Para el caso colombiano se han analizado de manera amplia losefectos de la quiebra y la fusión de las instituciones financieras; sin embargo,no se contaba con un estudio microeconométrico para determinar los determinantesde este tipo de operaciones. Este documento se concentra en determinarcuales son las variables claves que incentivan la participación de las institucionesfinancieras en operaciones de integración, mediante la estimación demodelos de duración. Se encuentra que el buen desempeño de las firmas reducela probabilidad de fusión o adquisición de instituciones financieras y que variablesmacroeconómicas como el crecimiento y la concentración del mercado sondeterminantes de estas.**The effects of bank failures, and mergers and acquisitions (M & A)in Colombia have been thoroughly studied in the literature. However, there islimited evidence regarding microeconomic determinants of these events. Thispaper fills that gap by finding evidence about the significant determinantsthat take a financial institution to participate in such processes, using survivalanalysis techniques. Two important conclusions derive from our study: (i)the probability of participating in an M & A event is decreasing on banks'financial health; and, (ii) the included macroeconomic variables matter, aswell as market concentration.

Suggested Citation

  • Andrés Garcia & José Gomez, 2009. "Determinantes de las fusiones y adquisiciones en el sistema financiero colombiano. 1990-2007," REVISTA DE ECONOMÍA DEL ROSARIO, UNIVERSIDAD DEL ROSARIO, May.
  • Handle: RePEc:col:000151:006236
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    File URL: http://revistas.urosario.edu.co/index.php/economia/article/view/1134/1028
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    References listed on IDEAS

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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.
    2. Jalal D. Akhavein & Allen N. Berger & David B. Humphrey, 1996. "The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function," Center for Financial Institutions Working Papers 96-03, Wharton School Center for Financial Institutions, University of Pennsylvania.
    3. Timothy H. Hannan & Steven J. Pilloff, 2009. "Acquisition Targets and Motives in the Banking Industry," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(6), pages 1167-1187, September.
    4. Focarelli, D. & Panetta, F. & Salleo, C., 1999. "Why do Banks Merge?," Papers 361, Banca Italia - Servizio di Studi.
    5. Dario Focarelli & Fabio Panetta & Carmelo Salleo, 1999. "Why Do Banks Merge?," Temi di discussione (Economic working papers) 361, Bank of Italy, Economic Research and International Relations Area.
    6. Kwast, Myron L., 1999. "Bank mergers: What should policymakers do?," Journal of Banking & Finance, Elsevier, vol. 23(2-4), pages 629-636, February.
    7. Sergio Clavijo, 2000. "Hacia La Multibanca En Colombia:Retos Y "Retazos Financieros"," BORRADORES DE ECONOMIA 002780, BANCO DE LA REPÚBLICA.
    8. Oz Shy, 1996. "Industrial Organization: Theory and Applications," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691795, January.
    9. Benston, George J & Hunter, William C & Wall, Larry D, 1995. "Motivations for Bank Mergers and Acquisitions: Enhancing the Deposit Insurance Put Option versus Earnings Diversification," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(3), pages 777-788, August.
    10. Gregor Andrade & Mark Mitchell & Erik Stafford, 2001. "New Evidence and Perspectives on Mergers," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 103-120, Spring.
    11. Dean F. Amel & Stephen A. Rhoades, 1989. "Empirical Evidence on the Motives for Bank Mergers," Eastern Economic Journal, Eastern Economic Association, vol. 15(1), pages 17-27, Jan-Mar.
    12. Dairo Estrada, 2005. "Efectos de las fusiones sobre el mercado financiero colombiano," Borradores de Economia 329, Banco de la Republica de Colombia.
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    Cited by:

    1. José Eduardo Gómez Gónzlaez & Jorge Mario Uribe Gil & Hernán Piñeros Gordo, 2009. "Determinantes de la Rentabilidad de los Bancos en Colombia: ¿Importa la Tasa de Cambio?," BORRADORES DE ECONOMIA 005405, BANCO DE LA REPÚBLICA.
    2. García-Suaza, Andrés Felipe & Gómez-González, José E., 2010. "The competing risks of acquiring and being acquired: Evidence from Colombia's financial sector," Economic Systems, Elsevier, vol. 34(4), pages 437-449, December.

    More about this item

    Keywords

    fusiones y adquisición; integración; sector financiero; modelosde duración.**Mergers and acquisitions; integration; financial sector; durationmodels.;

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance
    • C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables

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