This paper examines the results of material mergers between bank holding companies (BHCs). Merged BHCs experience post-merger profitability below the industry average. The market reaction to the merger announcements is significantly negative. The most important causes of the poor post-merger...

This paper examines the results of material mergers between bank holding companies. Merged bank holding companies experience post-merger profitability below the industry average. The market reaction to the merger announcements is significantly negative. The most important causes of the poor...