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The price of bank mergers in the 1990s

  • Elijah Brewer, III
  • William E. Jackson, III
  • Julapa A. Jagtiani
  • Thong Nguyen

This article examines the primary motivations for the massive wave of bank mergers in the U.S. during the 1990s by analyzing the prices paid for target banks. The authors find that these prices reflect both general market and firm-specific characteristics. For example, the lifting of regulatory restrictions on geographic markets for bank mergers has a significant impact on the average price paid. Additionally, more profitable target banks tend to command a significantly higher market price.

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Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (2000)
Issue (Month): Q I ()
Pages: 2-23

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Handle: RePEc:fip:fedhep:y:2000:i:qi:p:2-23:n:v.24no.1
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  1. Allen N. Berger & Robert DeYoung & Hesna Genay & Gregory F. Udell, 2000. "Globalization of financial institutions: evidence from cross-border banking performance," Finance and Economics Discussion Series 2000-04, Board of Governors of the Federal Reserve System (U.S.).
  2. Baradwaj, Babu G. & Fraser, Donald R. & Furtado, Eugene P. H., 1990. "Hostile bank takeover offers : Analysis and implications," Journal of Banking & Finance, Elsevier, vol. 14(6), pages 1229-1242, December.
  3. Binder, John J, 1988. "The Sherman Antitrust Act and the Railroad Cartels," Journal of Law and Economics, University of Chicago Press, vol. 31(2), pages 443-68, October.
  4. 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 777-88, August.
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