We examine a sample of 443 bank mergers between publicly traded banks announced during the 1990s to investigate empirically the role of full interstate banking deregulation. The pre-deregulation 1990s are characterized by value creation, with mergers involving a high degree of branch overlap...

Let X_k be a stationary time series and y_k=X_kM be the sub-sampled series corresponding to a fixed systematic sampling interval M 1. In this paper, we use a point process approach to study the effect of the sub sampling on the extremal properties of Y_k when X_k is a linear process with...

We examine whether firms utilize governance systems and increased monitoring mechanisms when information asymmetry and managerial discretion are limited. Given that such monitoring is costly, we expect regulated firms to use less monitoring if regulation substitutes for governance. Using data...

By investigating the extent to which target directors bargain in their own interests during negotiations between merging banks, we document a strong inverse relation between merger premium and target director retention. This relation holds for both executive (inside) directors and independent...

Our work provides refined tests of the source of merger gains in a neglected industry: utilities. Utilities offer fertile ground for analysis of traditional theories: synergy, collusion, hubris, and anticipation. Utility mergers create wealth for the combined firm, consistent with both the...

Although deregulation leads to changes in the duties of boards of directors, little is known about changes in their incentives. U.S. banking deregulation and associated changes during the 1990s lends itself to a natural experiment. These industry shocks forced bank directors to face expanded...

By investigating the extent to which target directors bargain in their own interests during negotiations between merging banks, we document a strong inverse relation between merger premium and target director retention. This relation holds for both executive (inside) directors and independent...