Mergers and acquisitions in the US banking industry: evidence from the capital markets
Gespeichert in:
| Beteiligte Personen: | , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Amsterdam u.a.
North-Holland
1990
|
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003200195&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Beschreibung: | Literaturverz. S. 215 - 221 |
| Umfang: | XIII, 230 S. |
| ISBN: | 0444886397 |
Internformat
MARC
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| 100 | 1 | |a Hawawini, Gabriel A. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Mergers and acquisitions in the US banking industry |b evidence from the capital markets |c Gabriel A. Hawawini ; Itzhak Swary |
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Datensatz im Suchindex
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|---|---|
| adam_text | CONTENTS
I. INTRODUCTION: OVERVIEW AND REVIEW 1
1. Purpose of the study 1
2. The structure and regulation of the banking industry 3
2.1. Economies of scale and scope 3
2.2. Concentration, competition and performance 4
2.3. Interstate banking 6
2.4. Safety and diversification 7
2.5. The regulation of bank mergers 9
3. Review of previous studies 13
3.1. Horizontal mergers 13
3.2. Antitrust actions 14
3.3. Bank mergers 14
4. Overview of the study 16
Appendix: A state by state update of interstate banking legisla¬
tion (February 1989) 17
II. WHY DO FIRMS MERGE: ALTERNATIVE HY¬
POTHESES OF BANK MERGERS 23
1. Motives for merging 23
2. The manager utility maximization hypothesis 25
3. The hubris hypothesis 26
4. The information hypothesis 27
5. The market power hypothesis 30
6. The synergy hypothesis 31
7. The tax hypothesis 32
8. The inefficient management hypothesis 32
9. The diversification hypothesis 34
10. Summary and concluding remarks 36
III. DATA AND METHODOLOGY 37
1. Sample properties and sources of data 37
2. Characteristics of the sample of target and bidding banks 40
2.1. Distribution of target banks and bids by states 40
2.2. Distribution of bids according to the year made and whether
the takeover is interstate or intrastate 42
2.3. Size and capitalization ratio for the sample of target and
bidding banks 42
* 3. Methodology 43
3.1. Measuring the reaction of stock prices to new information 45
3.1.1. The market model 46
3.1.2. The mean adjusted return approach 48
3.2. Testing for the statistical significance of abnormal returns 49
3.2.1. Significance tests for mean returns 49
3.2.2. Significance tests for the difference between two mean
returns 51
3.3. Defining potential competitors 51
IV. BANK FAILURES, DIVERSIFICATION AND THE
PROHIBITION OF INTERSTATE BANKING 53
1. Why do banks fail? 53
2. Bank failures: The record by states from 1982 to 1986 56
3. Percentage of bank and deposit failures across states: Differences
among states 57
4. An examination of the cross correlation structure of bank com¬
mon stock returns 64
4.1. The structure of intrastate correlations 66
4.2. The structure of intra regional correlations 67
4.3. The structure of interstate correlations 70
5. Summary and concluding remarks 73
V. CAPITAL MARKET REACTION TO THE AN¬
NOUNCEMENTS OF BANK MERGERS AND THE
SUBSEQUENT RELEASE OF FEDERAL RESERVE
DECISIONS 75
1. Bank mergers and common stock prices 75
• 2. Behavior of the average abnormal returns of target banks during
the weeks surrounding the announcement of a merger proposal 79
• 3. Behavior of the average abnormal returns of bidding banks during
the weeks surrounding the announcement of a merger proposal: A
test of the manager utility maximization and hubris hypotheses 83
4. Do mergers create net aggregate wealth for bank shareholders?
Another look at the manager utility maximization and hubris
hypotheses 86
5. Market reaction to the Federal Reserve decision regarding the
merger proposal 89
5.1. Price behavior of bidder shares 89
5.2. Price behavior of target shares: A test of the information
hypothesis 92
• 6. Analysis of risk shifts due to mergers: A test of the diversification
hypothesis 94
6.1. Measuring the risk of bank stock prices 94
6.2. Empirical results 95
7. Some special cases: Cancelled mergers, multiple bids and in¬
solvent target banks 98
7.1. The case of cancelled mergers: Another test of the informa¬
tion hypothesis 99
7.2. The case of multiple bids 100
7.3. The case of insolvent target banks 102
8. Summary and concluding remarks 104
VI. EXPLAINING CAPITAL MARKET REACTION TO
MERGER ANNOUNCEMENTS 109
1. Introduction 109
2. Alternative explanatory variables 110
3. Market reaction to alternative means of payment in bank mergers:
Cash offers versus security offers 115
3.1. Why should cash offers differ from security offers? 117
3.2. Empirical evidence 122
4. Interstate versus intrastate mergers 124
4.1. Why should interstate mergers differ from intrastate
mergers? 125
4.2. Geographical effect 126
4.3. Legislative effect 130
5. Bank size and abnormal returns: A test of the synergy hypothesis 130
5.1. Is there an optimal bank size? 131
5.2. Absolute size effect 132
5.3. Relative size effect 132
• 6. Bank performance and abnormal returns: A test of the
inefficient management hypothesis 135
6.1. Measuring bank performance 135
6.2. Capitalization effect 136
6.3. Profitability effect 138
6.4. Market performance of target banks 141
6.5. Market performance of bidding banks 143
7. Target bidder returns correlation: A test of the diversification
hypothesis 145
• 8. Cross sectional regression analysis of target bank abnormal re¬
turns 146
8.1. Selection of independent variables 150
8.2. Empirical results 150
9. Cross sectional regression analysis of bidding bank abnormal re¬
turns 151
9.1. Selection of independent variables 151
__ 9.2. Empirical results 151
10. Market reaction of rival banks, potential bidders and alternative
targets 152
10.1. Evidence on the competitive effect: A test of the market
power hypothesis 156
10.2. Evidence on the corporate control effect 160
10.3. Regulatory effects 164
11. Summary and concluding remarks 167
Appendix I: Provisions of the Basle Accord 170
Appendix II: Role of current primary capital guidelines 183
VII. CAPITAL MARKET REACTION TO THE AN¬
NOUNCEMENT OF INTERSTATE BANKING
LEGISLATION: THE CASES OF TEXAS, ARIZONA
AND VIRGINIA 187
1. Introduction 187
2. Reaction of bank stock prices to announcements related to inter¬
state banking legislation in Texas 188
2.1. Chronology of events 190
2.2. Regression analysis results 191
2.3. Differences in stock price reaction 198
3. Reaction of bank stock prices to the announcement of interstate
banking legislation in Arizona 200
3.1. Regression analysis results 201
3.2. Cumulative abnormal returns 203
3.3. Differences in stock price reaction 203
4. Reaction of bank stock prices to the announcement of regional
banking legislation in Virginia 204
5. Summary and concluding remarks 206
VIII. CONCLUDING REMARKS 209
REFERENCES 215
INDEX OF SUBJECTS 223
INDEX OF NAMES 229
|
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| physical | XIII, 230 S. |
| publishDate | 1990 |
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| spellingShingle | Hawawini, Gabriel A. Swary, Itzhak Mergers and acquisitions in the US banking industry evidence from the capital markets Banques - Fusion - États-Unis Marché financier - États-Unis Bank mergers United States Capital market United States Unternehmenskauf (DE-588)4078600-6 gnd Fusion (DE-588)4071520-6 gnd Bank (DE-588)4004436-1 gnd |
| subject_GND | (DE-588)4078600-6 (DE-588)4071520-6 (DE-588)4004436-1 (DE-588)4078704-7 |
| title | Mergers and acquisitions in the US banking industry evidence from the capital markets |
| title_auth | Mergers and acquisitions in the US banking industry evidence from the capital markets |
| title_exact_search | Mergers and acquisitions in the US banking industry evidence from the capital markets |
| title_full | Mergers and acquisitions in the US banking industry evidence from the capital markets Gabriel A. Hawawini ; Itzhak Swary |
| title_fullStr | Mergers and acquisitions in the US banking industry evidence from the capital markets Gabriel A. Hawawini ; Itzhak Swary |
| title_full_unstemmed | Mergers and acquisitions in the US banking industry evidence from the capital markets Gabriel A. Hawawini ; Itzhak Swary |
| title_short | Mergers and acquisitions in the US banking industry |
| title_sort | mergers and acquisitions in the us banking industry evidence from the capital markets |
| title_sub | evidence from the capital markets |
| topic | Banques - Fusion - États-Unis Marché financier - États-Unis Bank mergers United States Capital market United States Unternehmenskauf (DE-588)4078600-6 gnd Fusion (DE-588)4071520-6 gnd Bank (DE-588)4004436-1 gnd |
| topic_facet | Banques - Fusion - États-Unis Marché financier - États-Unis Bank mergers United States Capital market United States Unternehmenskauf Fusion Bank USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003200195&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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