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-style takeover defences, such as poison pills and staggered boards, but allows voting caps and pyramiding in their stead. Various … investors and mandatory takeover bids …
Persistent link: https://www.econbiz.de/10012462099
We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can reduce costs through either internal investment in building capital or through mergers. The model, which we solve computationally, allows firms to invest or propose mergers according...
Persistent link: https://www.econbiz.de/10012458613
Banks are in the business of taking calculated risks. Expanding the geographic footprint of an organization's profit-making activities changes the geographic pattern of its exposure to loss in ways that are hard for regulators and supervisors to observe. This paper tests and confirms the...
Persistent link: https://www.econbiz.de/10012463202
one large, universal bank remained. We explore the extent to which that merger resulted in monopoly rents for the combined …
Persistent link: https://www.econbiz.de/10012467332
We analyze data on fees paid to investment bankers and acquisition premia paid for targets in cash tender offers. Our results are broadly consistent with the predictions of a benign view of the role of investment banks in advising acquisition targets. Fees to investment banks are correlated with...
Persistent link: https://www.econbiz.de/10012467350
more bank mergers are subjected to higher interest rates, diminished local construction, lower prices, an influx of poorer … findings using state branching deregulation to instrument for bank competition …
Persistent link: https://www.econbiz.de/10012467681
merge and post-merger value creation and synergies? We compile comprehensive information on U.S. bank acquisitions from 1986 …
Persistent link: https://www.econbiz.de/10012455212
The prevalence of shirking within a large Italian bank appears to be characterized by significant regional …
Persistent link: https://www.econbiz.de/10012471366
We use exogenous variation in the degree of restrictions to bank competition across Italian provinces to study both the … effects of bank regulation and the impact of deregulation. We find that where entry was more restricted the cost of credit was … increase in bad loans. In provinces where restrictions to bank competition were most severe, the proportion of bad loans after …
Persistent link: https://www.econbiz.de/10012466164
disentangle loan supply from loan demand shift in the bank lending channel' literature. The results, derived from a sample of … the literature for Italy, interest rates on shortterm lending of liquid and well-capitalized banks react less to a … in the pass-through on the interest rate on current accounts depends mainly on banks' liability structure. Bank's size is …
Persistent link: https://www.econbiz.de/10012468399