We find that stricter merger control legislation increases abnormal announcement returns of targets in bank mergers by … other banks. Other merger properties, including the size and risk profile of targets, the geographic overlap of merging … banks and the stock market response of rivals appear unaffected. The evidence suggests that the strengthening of merger …

We quantify the impact of merger activity on productive efficiency. We develop and calibrate a dynamic industry …-equilibrium model that features mergers, entry, and exit by heterogeneous firms. Mergers affect productivity directly through realized … synergies, and indirectly through firms' incentives to enter or exit the industry. Merger activity increases average firm …

. Bank internal use of technology appears to be more relevant than use of technology by competitors. While large banks rely …Banks are closing branches at an unprecedented rate. In various countries up to four out of five branches have been … branch numbers across countries and the opening and closing of branches, bank fragility and consolidation are surprisingly at …

Mergers and acquisitions are often motivated by the intention of creating value from intangible assets. We develop a … novel word list of intangibles and apply it to takeover announcements. Deals presented with more “intangibles talk” complete … overoptimism. Overall, takeover announcements can provide important information regarding the quality of deals …

of mergers and acquisitions (M&A) on the firm size (external growth) is often not taken into consideration … the effect of mergers and acquisitions on the firm size distribution in terms of an integro-differential equation. This … quantifying that, in order to observe a significant influence of mergers and acquisitions on the firm size distribution, more …

I study a protectionist anti-takeover law introduced in 2014 that covers a subset of all firms in the economy. The law … decreased affected firms' likelihood of becoming the target of a merger or acquisition and had a negative impact on shareholder … takeover market by increasing the pay-for-performance sensitivity …

This paper uses mergers and acquisitions (M&A) and textual analysis of firms' financial filings to show that …

We investigate whether a bank’s performance during the 1998 crisis, which was viewed at the time as the most dramatic …. Another hypothesis is that a bank’s poor experience in a crisis is tied to aspects of its business model that are persistent … crisis since the Great Depression, predicts its performance during the recent financial crisis. One hypothesis is that a bank …

We develop a dynamic model of banking to assess the effects of liquidity and leverage requirements on banks' insolvency … risk. In this model, banks face taxation, flotation costs of securities, and default costs and maximize shareholder value … regulatory requirements. Our analytic characterization of the bank policy choices shows that imposing solely liquidity …