in 2005 made shareholders better-off. This implies the post merger and acquisition desire of bank managements to reward …; customer tastes, habits and demand; and input supply changes. Changes in these require adjustments in the bank’s operations …. Coping with these require finance and instant expansion which are both expensive and difficult. Merger and acquisition has …

of various bank-risk, bank-specific, and macroeconomic variables. This study finds that cost efficiency gains, credit … risk and bank size are the most important factors in explaining the shareholder value creation in Japanese banking. Cost …