Bank acquisitions of security firms: The early evidence

Applied Financial Economics

Volumn 14, Issue 7, 2004, Pages 485-496

  Akhigbe, Aigbe ^a   Madura, Jeff ^b  

^a UNIVERSITY OF AKRON   (United States)

^b FLORIDA ATLANTIC UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

BANKING; FINANCIAL SERVICES; INDUSTRIAL PRACTICE; MERGER;

EID: 1942434666     PISSN: 09603107     EISSN: None     Source Type: Journal    
DOI: 10.1080/0960310042000216042     Document Type: Article

References (28)

1. Apilado, V., Gallo, J. and Lockwood, L. (1993) Expanded securities underwriting implications for bank risk and return, Journal of Economics and Business, 45, 143-58.
2. Aharony, J. and Swary, I., (1996) Additional evidence on the information-based contagion effects of bank failures, Journal of Banking and Finance, 20, 57-69.
3. Bae, S. C. (1990) Interest rate changes and common stock returns of financial institutions: revisited, Journal of Financial Research, 13, 71-9.
4. Barber, B. M. and Lyon, J. D. (1997) Detecting long-run abnormal stock returns: the empirical power and specification of test statistics, Journal of Financial Economics, 43, 341-72.
5. Berger, A. N., Demsetz, R. S. and Strahan, P. E. (1999) The consolidation of the financial services industry: causes, consequences, and implications for the future, Journal of Banking and Finance, 23, 135-94.
6. Bhargava, R. and Fraser, D. R. (1998) On the wealth and risk effects of commercial bank expansion into securities underwriting: an analysis of section 20 subsidiaries, Journal of Banking and Finance, 22, 447-65.
7. Boyd, J. H. and Graham, S. L. (1986) Risk, regulation, and bank holding company expansion into nonbanking, Federal Reserve Bank of Minneapolis, Quarterly Review, 10, 2-17.
8. Boyd, J. H., Graham, S. L. and Hewitt, R. S. (1993) Bank holding company mergers with nonbank financial firms, Journal of Banking and Finance, 17, 43-63.
9. Brewer, E. (1989) Relationship between bank holding company risk and nonbank activity, Journal of Economics and Business, 41, 337-54.
10. Cornett, M. M. and Tehranian, H. (1992) Changes in corporate performance associated with bank acquisitions, Journal of Financial Economics, 31, 211-34.
11. Felgran, S. (1984) Bank entry in securities brokerage: competitive and legal aspects, New England Economic Review, 6, 12-33.
12. Gallo, J. G., Apilado, V. and Kolari, J. W. (1996) Commercial bank mutual fund activities: implications for bank risk and profitability, Journal of Banking and Finance, 1775-91.
13. Houston, J. F., James, C. M. and Ryngaert, M. D. (2001) Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders, Journal of Financial Economics, 60, 285-331.
14. Johnston, J. and Madura, J. (2000) Valuing the potential transformation of banks into financial service conglomerates: evidence from the Citigroup merger, Financial Review, 42, 17-36.
15. Kane, E. J. and Unal, H. (1988) Change in market assessments of deposit-institution riskiness, Journal of Financial Services Research, 1, 207-29.
16. Kwan, M. L. (1998) Securities activities by commercial banking firms' Section 20 subsidiaries: risk, return, and diversification benefits, Federal Reserve Bank of San Francisco, Working Paper 98-10.
17. Kwast, M. (1989) The impact of underwriting and dealing on bank return and risk, Journal of Banking and Finance, 13, 101-25.
18. Lyon, J. D., Barber, B. M. and Tsai, C. (1999) Improved methods for tests or long-run abnormal stock returns, Journal of Finance, 54, 165-201.
19. Madura, J. and Wiant, K. (1994) Long-term valuation effects of bank acquisitions, Journal of Banking and Finance, 18, 1135-54.
20. Mester, L. (1992) Traditional and non-traditional banking: an information-theoretic approach, Journal of Banking and Finance, 16, 545-66.
21. Mikkelson, W. H. and Partch, M. M. (1989) Managers' voting rights and corporate control, Journal of Financial Economics, 25, 263-90.
22. Mishkin, F. S. (1999) Financial consolidation: dangers and opportunities, Journal of Banking and Finance, 23, 675-91.
23. Reichert, A. K. and Wall, L. D. (2000) The potential for portfolio diversification in financial services, Economic Review, 85, 35-51.
24. Saunders, A. and Smirlock, M. (1987) Intra-and interindustry effects of bank securities market activities: the case of discount brokerage, Journal of Financial and Quantitative Analysis, 22, 467-81.
25. Saunders, A., Strock, E. and Travlos, N. G. (1990) Ownership structure, deregulation, and bank risk taking, Journal of Finance, 45, 643-54.
26. Sushka, M. E. and Bendeck, Y. (1988) Bank acquisitions and stockholders' wealth, Journal of Banking and Finance, 12, 551-62.
27. Unal, H. and Kane, E. J. (1988) Two approaches to assessing the interest rate sensitivity of deposit-institutions' equity returns, Research in Finance, 7, 113-38.
28. Whalen, G. (1999) Trends in organizational form and their relationship to performance: the case of foreign securities subsidiaries of US banking organizations, Journal of Financial Services Research, 16, 181-218.