메뉴 건너뛰기




Volumn 56, Issue 5, 2004, Pages 377-404

Bank acquisitions and performance: Evidence from panel of European credit entities

Author keywords

Banking concentration; Long term performance; Panel data

Indexed keywords


EID: 4444261647     PISSN: 01486195     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jeconbus.2004.02.001     Document Type: Article
Times cited : (55)

References (66)
  • 1
    • 0003059836 scopus 로고    scopus 로고
    • The effects of bank megamergers on efficiency and prices, evidence from the profit function
    • Akhavein J.D. Berger A.N. Humphrey D.B. The effects of bank megamergers on efficiency and prices, evidence from the profit function Review of Industrial Organization 12 1997 95-139
    • (1997) Review of Industrial Organization , vol.12 , pp. 95-139
    • Akhavein, J.D.1    Berger, A.N.2    Humphrey, D.B.3
  • 4
    • 0042245340 scopus 로고    scopus 로고
    • The risk effects of combining banking, securities and insurance activities
    • Allen L. Jagtiani J. The risk effects of combining banking, securities and insurance activities Journal of Economics and Business 52 6 2000 485-497
    • (2000) Journal of Economics and Business , vol.52 , Issue.6 , pp. 485-497
    • Allen, L.1    Jagtiani, J.2
  • 5
    • 0030138203 scopus 로고    scopus 로고
    • Operational efficiency in banking, an international comparison
    • Allen L. Rai A. Operational efficiency in banking, an international comparison Journal of Banking and Finance 20 1996 665-672
    • (1996) Journal of Banking and Finance , vol.20 , pp. 665-672
    • Allen, L.1    Rai, A.2
  • 6
    • 0039412031 scopus 로고    scopus 로고
    • Economies of scale and scope in European banking
    • Altunbas Y. Molyneaux P. Economies of scale and scope in European banking Applied Financial Economics 6 4 1996 367-375
    • (1996) Applied Financial Economics , vol.6 , Issue.4 , pp. 367-375
    • Altunbas, Y.1    Molyneaux, P.2
  • 8
    • 84881844837 scopus 로고
    • Some tests of specification for panel data, Monte Carlo evidence and an application to employment equations?
    • Arellano M. Bond S. Some tests of specification for panel data, Monte Carlo evidence and an application to employment equations? Review of Economic Studies 58 1991 277-297
    • (1991) Review of Economic Studies , vol.58 , pp. 277-297
    • Arellano, M.1    Bond, S.2
  • 9
    • 0004191957 scopus 로고    scopus 로고
    • Banking systems around the globe, do regulation and ownership affect performance and stability?
    • (Working Papers, Domestic Finance, 2325) Washington, DC: World Bank
    • Barth, J. R., Caprio, G., Jr., Levine, R. (2000). Banking systems around the globe, do regulation and ownership affect performance and stability (Working Papers, Domestic Finance, 2325)? Washington, DC: World Bank
    • (2000)
    • Barth, J.R.1    Caprio Jr., G.2    Levine, R.3
  • 10
    • 4444260184 scopus 로고    scopus 로고
    • The integration of the financial services industry, where are the efficiencies?
    • Board of Governors of the Federal Reserve System
    • Berger, A. N. (2000). The integration of the financial services industry, where are the efficiencies? Board of Governors of the Federal Reserve System
    • (2000)
    • Berger, A.N.1
  • 11
    • 0033074730 scopus 로고    scopus 로고
    • The consolidation of the financial services industry, causes, consequences, and implications for the future
    • Berger A.N. Demsetz R.S. Strahan P.E. The consolidation of the financial services industry, causes, consequences, and implications for the future Journal of Banking and Finance 23 2-4 1999 135-194
    • (1999) Journal of Banking and Finance , vol.23 , Issue.2-4 , pp. 135-194
    • Berger, A.N.1    Demsetz, R.S.2    Strahan, P.E.3
  • 12
    • 0041861892 scopus 로고    scopus 로고
    • The effects of geographic expansion on bank efficiency
    • Board of Governors of the Federal Reserve System
    • Berger, A. N., & DeYoung, R. (2000). The effects of geographic expansion on bank efficiency. Board of Governors of the Federal Reserve System
    • (2000)
    • Berger, A.N.1    DeYoung, R.2
  • 13
    • 0001785178 scopus 로고    scopus 로고
    • Globalization of financial institutions, evidence from cross-border banking performance
    • Board of Governors of the Federal Reserve System
    • Berger, A. N., DeYoung, R., Genay, H., Udell, G. (2000). Globalization of financial institutions, evidence from cross-border banking performance. Board of Governors of the Federal Reserve System
    • (2000)
    • Berger, A.N.1    DeYoung, R.2    Genay, H.3    Udell, G.4
  • 14
    • 45949115356 scopus 로고
    • Competitive viability in banking, scale, scope, and product mix economies
    • Berger A.N. Hanweck G. Humphrey D.B. Competitive viability in banking, scale, scope, and product mix economies Journal of Monetary Economics 20 1987 501-520
    • (1987) Journal of Monetary Economics , vol.20 , pp. 501-520
    • Berger, A.N.1    Hanweck, G.2    Humphrey, D.B.3
  • 15
    • 0001381142 scopus 로고
    • Megamergers in banking and the use of cost efficiency as an antitrust defence
    • Autumn
    • Berger A.N. Humphrey D.B. Megamergers in banking and the use of cost efficiency as an antitrust defence Antitrust Bulletin 37 1992, Autumn 541-600
    • (1992) Antitrust Bulletin , vol.37 , pp. 541-600
    • Berger, A.N.1    Humphrey, D.B.2
  • 16
    • 0030295075 scopus 로고    scopus 로고
    • Do consumers pay for one-stop banking? Evidence from an alternative revenue function
    • Berger A.N. Humphrey D.B. Pulley L. Do consumers pay for one-stop banking? Evidence from an alternative revenue function Journal of Banking and Finance 20 9 1996 1601-1621
    • (1996) Journal of Banking and Finance , vol.20 , Issue.9 , pp. 1601-1621
    • Berger, A.N.1    Humphrey, D.B.2    Pulley, L.3
  • 17
    • 0031185036 scopus 로고    scopus 로고
    • Inside the black box, what explains differences in the efficiencies of financial institutions?
    • Berger A.N. Mester L.J. Inside the black box, what explains differences in the efficiencies of financial institutions? Journal of Banking and Finance 21 1997 895-947
    • (1997) Journal of Banking and Finance , vol.21 , pp. 895-947
    • Berger, A.N.1    Mester, L.J.2
  • 18
    • 0040936329 scopus 로고
    • The profitability and risk effects of allowing bank holding companies to merge with other financial firms, a simulation study
    • Boyd J.H. Graham S.L. The profitability and risk effects of allowing bank holding companies to merge with other financial firms, a simulation study Federal Reserve Bank of Minneapolis Quarterly Review 12 2 1988 3-20
    • (1988) Federal Reserve Bank of Minneapolis Quarterly Review , vol.12 , Issue.2 , pp. 3-20
    • Boyd, J.H.1    Graham, S.L.2
  • 19
    • 0002084660 scopus 로고
    • Bank holding companies mergers with nonbank financial firms, effects on the risk of failure
    • Boyd J.H. Graham S.L. Hewitt R.S. Bank holding companies mergers with nonbank financial firms, effects on the risk of failure Journal of Banking and Finance 17 1993 43-63
    • (1993) Journal of Banking and Finance , vol.17 , pp. 43-63
    • Boyd, J.H.1    Graham, S.L.2    Hewitt, R.S.3
  • 20
    • 0033074612 scopus 로고    scopus 로고
    • Causing the efficiency of bank consolidation during a merger wave
    • Calorimis C.W. Causing the efficiency of bank consolidation during a merger wave Journal of Banking and Finance 23 2-4 1999 615-621
    • (1999) Journal of Banking and Finance , vol.23 , Issue.2-4 , pp. 615-621
    • Calorimis, C.W.1
  • 21
    • 0003243614 scopus 로고    scopus 로고
    • Is the bank mergers wave of the 1990s efficient? Lessons from nine case studies
    • S. Kaplan (Ed)., Chicago: University of Chicago Press
    • Calorimis, C. W., & Karceski, J. (1998). Is the bank mergers wave of the 1990s efficient? Lessons from nine case studies. In S. Kaplan (Ed). Mergers and Productivity. Chicago: University of Chicago Press
    • (1998) Mergers and Productivity
    • Calorimis, C.W.1    Karceski, J.2
  • 22
    • 0009933769 scopus 로고    scopus 로고
    • Explaining the diversification discount
    • Campa J.M. Kedia S. Explaining the diversification discount Journal of Finance 57 2002 1731-1762
    • (2002) Journal of Finance , vol.57 , pp. 1731-1762
    • Campa, J.M.1    Kedia, S.2
  • 27
    • 0010948855 scopus 로고    scopus 로고
    • A cross-country comparison of market structures in European banking
    • (European Central Bank Working Paper Series 7)
    • De Bandt, O., & Davis, E. (1999). A cross-country comparison of market structures in European banking (European Central Bank Working Paper Series 7)
    • (1999)
    • De Bandt, O.1    Davis, E.2
  • 28
    • 0001301086 scopus 로고    scopus 로고
    • Stockholder gains form focusing versus diversifying bank mergers
    • DeLong G.L. Stockholder gains form focusing versus diversifying bank mergers Journal of Financial Economics 59 2001 221-252
    • (2001) Journal of Financial Economics , vol.59 , pp. 221-252
    • DeLong, G.L.1
  • 29
  • 30
    • 0039423231 scopus 로고
    • Determinants of Cost Efficiencies in bank mergers
    • (Economic and Policy Analysis Working Paper 93-1). Washington: Office of the Comptroller of the Currency
    • DeYoung, R. (1993). Determinants of Cost Efficiencies in bank mergers (Economic and Policy Analysis Working Paper 93-1). Washington: Office of the Comptroller of the Currency
    • (1993)
    • DeYoung, R.1
  • 31
    • 0031467205 scopus 로고    scopus 로고
    • The impact of acquisitions on company performance, evidence from a large panel of UK firms
    • Dickerson A.P. Gibson H.D. Tsakalotos E. The impact of acquisitions on company performance, evidence from a large panel of UK firms Oxford Economic Papers 49 1997 344-361
    • (1997) Oxford Economic Papers , vol.49 , pp. 344-361
    • Dickerson, A.P.1    Gibson, H.D.2    Tsakalotos, E.3
  • 32
    • 4444270003 scopus 로고    scopus 로고
    • ECB mergers and acquisitions involving the EU banking industry
    • European Central Bank, European Central Bank
    • European Central Bank. (2000). ECB mergers and acquisitions involving the EU banking industry. European Central Bank
    • (2000)
  • 33
    • 0001191224 scopus 로고    scopus 로고
    • The patterns of cross-border bank mergers and shareholdings in OECD countries
    • Focarelli D. Pozzolo A.F. The patterns of cross-border bank mergers and shareholdings in OECD countries Journal of Banking and Finance 25 2001 2305-2337
    • (2001) Journal of Banking and Finance , vol.25 , pp. 2305-2337
    • Focarelli, D.1    Pozzolo, A.F.2
  • 34
    • 0030527223 scopus 로고    scopus 로고
    • Commercial bank mutual fund activities, Implications for bank risk and profitability
    • Gallo J.G. Apilado V.P. Kolari J.W. Commercial bank mutual fund activities, Implications for bank risk and profitability Journal of Banking and Finance 20 1996 1775-1791
    • (1996) Journal of Banking and Finance , vol.20 , pp. 1775-1791
    • Gallo, J.G.1    Apilado, V.P.2    Kolari, J.W.3
  • 35
    • 85185427433 scopus 로고    scopus 로고
    • Is goodwill amortization value relevant for share prices? A European perspective
    • 25th Annual Congress of the European Accounting Association. Copenhagen
    • Giner, B., & Pardo, F. (2002). Is goodwill amortization value relevant for share prices? A European perspective. In 25th Annual Congress of the European Accounting Association. Copenhagen
    • (2002)
    • Giner, B.1    Pardo, F.2
  • 36
    • 0003470979 scopus 로고    scopus 로고
    • Report on consolidation in the financial sector
    • Group of Ten, [Online]. Available at: www.bis.org
    • Group of Ten (2001). Report on consolidation in the financial sector [Online]. Available at: www.bis.org
    • (2001)
  • 37
    • 0001502289 scopus 로고    scopus 로고
    • Where do merger gains come from? Bank mergers from the perspective of insiders an outsiders
    • Houston J.F. James C.M. Ryngaert M.D. Where do merger gains come from? Bank mergers from the perspective of insiders an outsiders Journal of Financial Economics 60 2001 285-331
    • (2001) Journal of Financial Economics , vol.60 , pp. 285-331
    • Houston, J.F.1    James, C.M.2    Ryngaert, M.D.3
  • 41
    • 34447504242 scopus 로고
    • The market for corporate control: The scientific evidence
    • Jensen M. Ruback R. The market for corporate control: The scientific evidence Journal of Financial Economics 11 1983 5-50
    • (1983) Journal of Financial Economics , vol.11 , pp. 5-50
    • Jensen, M.1    Ruback, R.2
  • 42
    • 0002823470 scopus 로고    scopus 로고
    • The securities activities by commercial banking firms' 20 subsidiaries, risk, return, and diversification benefits
    • Federal Reserve Bank of San Francisco
    • Kwan, S. (1998). The securities activities by commercial banking firms' 20 subsidiaries, risk, return, and diversification benefits. Federal Reserve Bank of San Francisco
    • (1998)
    • Kwan, S.1
  • 43
    • 0043088528 scopus 로고    scopus 로고
    • The potential diversification and failure reduction benefits of bank expansion into nonbank activities
    • (Federal Reserve Bank of San Francisco Working Paper)
    • Laderman, E. S. (2000). The potential diversification and failure reduction benefits of bank expansion into nonbank activities (Federal Reserve Bank of San Francisco Working Paper)
    • (2000)
    • Laderman, E.S.1
  • 44
    • 0040097391 scopus 로고
    • New data on the performance of nonbank subsidiaries of bank holding companies
    • Federal Reserve Staff Studies
    • Liang, N., & Savage, D. (1990). New data on the performance of nonbank subsidiaries of bank holding companies. Federal Reserve Staff Studies
    • (1990)
    • Liang, N.1    Savage, D.2
  • 47
    • 0000571489 scopus 로고
    • Long-term valuation effects of bank acquisitions
    • Matura J. Wiant K.J. Long-term valuation effects of bank acquisitions Journal of Banking and Finance 18 1994 1135-1154
    • (1994) Journal of Banking and Finance , vol.18 , pp. 1135-1154
    • Matura, J.1    Wiant, K.J.2
  • 48
    • 0038112726 scopus 로고    scopus 로고
    • How informative are earnings numbers that exclude goodwill amortization?
    • Moehrle S.R. Reynolds-Moehrle J.A. Wallace J.S. How informative are earnings numbers that exclude goodwill amortization? Accounting Horizons 15 3 2001 243-255
    • (2001) Accounting Horizons , vol.15 , Issue.3 , pp. 243-255
    • Moehrle, S.R.1    Reynolds-Moehrle, J.A.2    Wallace, J.S.3
  • 49
    • 0031520691 scopus 로고    scopus 로고
    • Do mergers improve the x-efficiency and scale efficiency of U.S. Banks? Evidence from the 1980s
    • Peristiani, S. (1997). Do mergers improve the x-efficiency and scale efficiency of U.S. Banks? Evidence from the 1980s. Journal of Money, Credit, and Banking, 29(3)
    • (1997) Journal of Money, Credit, and Banking , vol.29 , Issue.3
    • Peristiani, S.1
  • 50
    • 0041195241 scopus 로고    scopus 로고
    • Performance changes and shareholder wealth creation associated with mergers of publicly traded banking institution
    • Pilloff, S. J. (1996). Performance changes and shareholder wealth creation associated with mergers of publicly traded banking institution. Journal of Money, Credit, and Banking, 28(3)
    • (1996) Journal of Money, Credit, and Banking , vol.28 , Issue.3
    • Pilloff, S.J.1
  • 51
    • 0002417693 scopus 로고    scopus 로고
    • The value effects of bank mergers and acquisitions
    • Y. Amihud & G. Miller (Eds.), Kluwer Academic
    • Pilloff, S. J., & Santomero, A. M. (1998). The value effects of bank mergers and acquisitions.. In Y. Amihud & G. Miller (Eds.), Bank Mergers and Acquisitions (pp 59-78). Kluwer Academic
    • (1998) Bank Mergers and Acquisitions , pp. 59-78
    • Pilloff, S.J.1    Santomero, A.M.2
  • 52
    • 21144465405 scopus 로고
    • The role of fixed costs and cost complementarities in determining scope economies and the cost of narrow banking proposals
    • Pulley L. Humphrey D. The role of fixed costs and cost complementarities in determining scope economies and the cost of narrow banking proposals Journal of Business 66 3 1993 437-462
    • (1993) Journal of Business , vol.66 , Issue.3 , pp. 437-462
    • Pulley, L.1    Humphrey, D.2
  • 54
    • 4444287680 scopus 로고    scopus 로고
    • Dimensión Bancaria en la UE
    • Revel J. Dimensión Bancaria en la UE Papeles de Econoḿa Española 84/85 2000 108-117
    • (2000) Papeles de Econoḿa Española , vol.84-85 , pp. 108-117
    • Revel, J.1
  • 55
    • 38249003130 scopus 로고
    • The efficiency effects of (in-market) horizontal bank mergers
    • Rhoades S.A. The efficiency effects of (in-market) horizontal bank mergers Journal of Banking and Finance 17 2/3 1993 411-422
    • (1993) Journal of Banking and Finance , vol.17 , Issue.2-3 , pp. 411-422
    • Rhoades, S.A.1
  • 56
    • 4444257455 scopus 로고
    • The efficiency effects of bank mergers, rationale for a case study approach and preliminary findings
    • Federal Reserve Bank of Chicago
    • Rhoades, S.A. (1993). The efficiency effects of bank mergers, rationale for a case study approach and preliminary findings. In Proceedings of the 29th Annual Conference on Bank Structure and Competition (pp. 377-399). Federal Reserve Bank of Chicago
    • (1993) Proceedings of the 29th Annual Conference on Bank Structure and Competition , pp. 377-399
    • Rhoades, S.A.1
  • 57
    • 0006190542 scopus 로고
    • A summary of mergers performance studies in banking, 1980-93, and an assessment of the operating performance and event study methodologies
    • Board of Governors of the Federal Reserve System
    • Rhoades, S. A. (1994). A summary of mergers performance studies in banking, 1980-93, and an assessment of the operating performance and event study methodologies. Board of Governors of the Federal Reserve System
    • (1994)
    • Rhoades, S.A.1
  • 58
    • 0000890541 scopus 로고    scopus 로고
    • The efficiency effects of bank mergers, an overview of cases studies of nine mergers
    • Rhoades S.A. The efficiency effects of bank mergers, an overview of cases studies of nine mergers Journal of Banking and Finance 22 3 1998 273-291
    • (1998) Journal of Banking and Finance , vol.22 , Issue.3 , pp. 273-291
    • Rhoades, S.A.1
  • 61
    • 0003572094 scopus 로고
    • Cost savings associated with bank mergers
    • Federal Reserve Bank of Atlanta
    • Srinivasan, A., & Wall, L. D. (1992). Cost savings associated with bank mergers. Federal Reserve Bank of Atlanta
    • (1992)
    • Srinivasan, A.1    Wall, L.D.2
  • 63
    • 0030295258 scopus 로고    scopus 로고
    • The effect of mergers and acquisitions on the efficiency and profitability of EC credit institutions
    • Vander Vennet R. The effect of mergers and acquisitions on the efficiency and profitability of EC credit institutions Journal of Banking and Finance 20 1996 1531-1558
    • (1996) Journal of Banking and Finance , vol.20 , pp. 1531-1558
    • Vander Vennet, R.1
  • 64
    • 0002776770 scopus 로고    scopus 로고
    • Cost and profit efficiency of financial conglomerates and universal banks in Europe
    • (Working Paper), University of Ghent
    • Vander Vennet, R. (2000). Cost and profit efficiency of financial conglomerates and universal banks in Europe (Working Paper). University of Ghent
    • (2000)
    • Vander Vennet, R.1
  • 65
    • 0009091925 scopus 로고    scopus 로고
    • The coming transformation of continental European banking
    • (Bank For International Settlements Working Papers 54)
    • White, R.W. (1998). The coming transformation of continental European banking (Bank For International Settlements Working Papers 54)
    • (1998)
    • White, R.W.1
  • 66
    • 0000929051 scopus 로고    scopus 로고
    • Is it inefficient investment that causes the diversification discount?
    • Whited T. Is it inefficient investment that causes the diversification discount? Journal of Finance 56 2001 1667
    • (2001) Journal of Finance , vol.56 , pp. 1667
    • Whited, T.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.