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 attributes of transactions and target firms in ways that make sense if … banks are being paid for processing information. The more contingent (and, therefore, risky) the fees, the higher they tend …

one large, universal bank remained. We explore the extent to which that merger resulted in monopoly rents for the combined …The merger of Fleet and BankBoston in September 1999 resulted in a regional New England lending market in which only … merger, Fleet and BankBoston charged unusually low loan interest rates, reflecting their ability to realize economies of …

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 attributes of transactions and target firms in ways that make sense if … banks are being paid for processing information. The more contingent (and, therefore, risky) the fees, the higher they tend …

We examine changes in banks' market-to-book ratios over the last decade, focusing on the dramatic and persistent … affected the way investors value banks; prior to the crisis, higher leverage, ceteris paribus, was associated with greater …

specific acquisitions, it illustrates the remarkable range of contingencies involved in any merger attempt. The authors clearly … economic intangibles inherent in contemporary merger activity in a way that large-scale studies of mergers cannot …Mergers and Productivity offers probing analyses of high-profile mergers in a variety of industries. Focusing on …

financial crisis. Our valuation model recognizes that banks create value through the types of assets and liabilities that they … risk). The model also allows for heterogeneous bank income streams, dividend signaling effects, and changes in … changes in market pricing over time. We find that the declines in bank stock values since 2007 reflect declining values of …

bank failure rates in Michigan during the period 1932-1934, which includes the important Michigan banking crisis of early … 1933 and its aftermath. Using a new database on Michigan banks, we employ probit and survival duration analysis to examine … purchases (the policy tool employed after March 1933) on bank failure rates. Our estimates treat the receipt of RFC assistance …