Cross-Border Bank Mergers: What Lures the Rare Animal?
Cross-Border Bank Mergers: What Lures the Rare Animal?
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DOI：
10.2139/ssrn.279312
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发表时间：
2002-02
期刊：
影响因子：
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通讯作者：
C. Buch;Gayle DeLong
中科院分区：
文献类型：
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作者：
C. Buch;Gayle DeLong
虽然金融服务业的国内合并和收购在过去20年中稳步增加，但国际合并和收购直到最近才相对罕见。本文使用了一个新的数据集，超过2,300合并，发生在1978年和2001年之间的国际银行合并的决定因素进行分析。我们测试的程度，信息成本和法规阻碍合并活动。我们的研究结果表明，在更受监管的环境中运营的银行不太可能成为国际银行合并的目标。因此，监管的解除可以刺激跨境银行合并的增长。此外，如果信息成本高，合并往往不那么频繁。
Although domestic mergers and acquisitions (M&As) in the financial services industry have increased steadily over the past two decades, international M&As were relatively rare until recently. This paper uses a novel dataset of over 2,300 mergers that took place between 1978 and 2001 to analyse the determinants of international bank mergers. We test the extent to which information costs and regulations hold back merger activity. Our results suggest that banks operating in more regulated environments are less likely to be the targets of international bank mergers. Hence, the lifting of regulations can spur growth in cross-border bank mergers. Also, mergers tend to be less frequent if information costs are high.