Determinants of domestic and cross-border bank acquisition in the European Union
Determinants of domestic and cross-border bank acquisition in the European Union
复制标题
欧盟境内和跨境银行收购的决定因素
DOI：
--
复制
发表时间：
2008
期刊：
影响因子：
--
通讯作者：
M. Nieto
中科院分区：
文献类型：
--
作者：
Ignacio Hernando Castellet;L. Wall;M. Nieto
本文分析了 1997 年至 2004 年期间欧盟 25 国内部和国家之间银行收购的决定因素。本文的研究结果与该主题的学术文献基本一致，这些文献主要基于美国的经验。我们的结果表明，管理不善的 EU-25 银行（收入成本高）更有可能被同一国家的其他 EU-25 银行收购。然而，只有与市场中位数相比，目标银行的表现不佳才适用于跨境银行收购。较大的银行更有可能被同一国家的其他银行收购。在股票市场上市的银行被同一市场其他银行收购的概率更大，这与股票市场上市的纪律性是一致的。最后，在更加集中的市场中运营的银行不太可能被同一国家内运营的其他银行收购，但更有可能被其他欧盟 25 国的银行收购。
This paper analyzes the determinants of bank acquisitions both within and across countries in the EU-25 over the period 1997-2004. The findings of this paper are broadly in line with those of the academic literature on the subject, which are mainly based on the US experience. Our results suggest poorly managed EU-25 banks (high cost to income) are more likely to be acquired by other EU-25 banks, in the same country. Nevertheless, this underperformance of target banks does hold for cross border bank acquisitions only if compared to the median of the market. Larger banks are more likely to be acquired by other banks in the same country. The probability of being acquired by another bank in the same market is larger for banks that are quoted in the stock market, which is consistent with the disciplinary character of listing in the stock markets. Finally, banks operating in more concentrated markets are less likely to be acquired by other banks operating within the same country but are more likely to be acquired by banks in other EU-25 countries.