The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function
The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function
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DOI：
10.2139/ssrn.8296
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发表时间：
1997-01
影响因子：
1.1
通讯作者：
Jalal D. Akhavein;Allen N. Berger;D. Humphrey
中科院分区：
文献类型：
--
作者：
Jalal D. Akhavein;Allen N. Berger;D. Humphrey
本文通过应用前沿利润函数对银行“巨型合并”的数据进行分析，考察了合并的效率和价格效应。我们发现，合并后的银行经历了一个统计显着的16个百分点的平均增长，利润效率排名相对于其他大型银行。大部分改善来自收入的增加，包括产出从证券转向贷款，这是一种价值更高的产品。合并前效率最低的银行的改进最大，因此它们的改进能力最大。相比之下，与合并有关的价格变化对利润的影响很小。
This paper examines the efficiency and price effects of mergers by applying a frontier profit function to data on bank ‘megamergers’. We find that merged banks experience a statistically significant 16 percentage point average increase in profit efficiency rank relative to other large banks. Most of the improvement is from increasing revenues, including a shift in outputs from securities to loans, a higher-valued product. Improvements were greatest for the banks with the lowest efficiencies prior to merging, who therefore had the greatest capacity for improvement. By comparison, the effects on profits from merger-related changes in prices were found to be very small.