Acquistion Targets and Motives in the Banking Industry
Acquistion Targets and Motives in the Banking Industry
复制标题
银行业的收购目标和动机
DOI：
10.2139/ssrn.951211
复制
发表时间：
2006
期刊：
影响因子：
--
通讯作者：
Steven J. Pilloff
中科院分区：
文献类型：
--
作者：
Timothy H. Hannan;Steven J. Pilloff
本文使用1996年至2005年间观察到的单个银行组织的大样本来调查使它们更容易被收购的特征。我们使用了一个收购的定义，我们认为这比之前的许多文献中使用的更可取，并且我们采用了一个竞争风险风险模型，该模型揭示了依赖于收购方类型的重要差异。由于州际收购在此期间变得越来越多，我们还研究了州内和州外收购方之间收购决定因素的差异。我们还采用上市银行组织的子样本来调查管理层所有权在解释收购可能性方面的作用。收购有助于将资源从效率较低的地方转移到效率更高的地方，这一假设从我们的结果中得到了大量支持，其他一些相关假设也是如此。
This paper uses a large sample of individual banking organizations, observed from 1996 to 2005, to investigate the characteristics that made them more likely to be acquired. We use a definition of acquisition that we consider preferable to that used in much of the previous literature, and we employ a competing-risk hazard model that reveals important differences that depend on the type of acquirer. Since interstate acquisitions became more numerous during this period, we also investigate differences in the determinants of acquisition between in-state and out-of-state acquirers. We also employ a subsample of publicly traded banking organizations to investigate the role of managerial ownership in explaining the likelihood of acquisition. The hypothesis that acquisitions serve to transfer resources from less efficient to more efficient uses receives substantial support from our results, as do a number of other relevant hypotheses.
DOI：
--
发表时间：
1972
期刊：
--
影响因子：
--
作者：
D. Cox
通讯作者：
D. Cox