Carletti, Elena; Ongena, Steven; Siedlarek, Jan-Peter; … - 2015
We study the impact on bank merger activity of the strengthening in merger control legislation introduced in Europe … between 1989 and 2004. We find that strengthening merger control increases the abnormal returns on bank target stocks in the … days around the merger announcement by 7 percentage points relative to before the new legislation. We discuss several …