메뉴 건너뛰기




Volumn 36, Issue 2, 2009, Pages 87-110

Mergers and acquisitions of financial institutions: A review of the post-2000 literature

Author keywords

Banks; Financial institutions; Literature review; Mergers and acquisitions

Indexed keywords


EID: 70350412471     PISSN: 09208550     EISSN: None     Source Type: Journal    
DOI: 10.1007/s10693-009-0066-7     Document Type: Article
Times cited : (270)

References (185)
  • 2
    • 34147143862 scopus 로고    scopus 로고
    • Who competes with whom? The case of depository institutions
    • Adams RM, Brevoort KP, Kiser EK (2007) Who competes with whom? The case of depository institutions. J Ind Econ 55:141-167.
    • (2007) J Ind Econ , vol.55 , pp. 141-167
    • Adams, R.M.1    Brevoort, K.P.2    Kiser, E.K.3
  • 3
    • 3042744009 scopus 로고    scopus 로고
    • Partial anticipation and the gains to bank merger targets
    • Akhigbe AJ, Madura J, Whyte AM (2004) Partial anticipation and the gains to bank merger targets. J Financ Serv Res 26:55-71.
    • (2004) J Financ Serv Res , vol.26 , pp. 55-71
    • Akhigbe, A.J.1    Madura, J.2    Whyte, A.M.3
  • 4
    • 0042245340 scopus 로고    scopus 로고
    • The risk effects of combining bank, securities, and insurance activities
    • Allen L, Jagtiani J (2000) The risk effects of combining bank, securities, and insurance activities. J Econ Bus 52:485-497.
    • (2000) J Econ Bus , vol.52 , pp. 485-497
    • Allen, L.1    Jagtiani, J.2
  • 5
    • 44249121092 scopus 로고    scopus 로고
    • Mergers and acquisitions and bank performance in Europe. The role of strategic similarities
    • Altunbas Y, Marques D (2008) Mergers and acquisitions and bank performance in Europe. The role of strategic similarities. J Econ Bus 60:204-222.
    • (2008) J Econ Bus , vol.60 , pp. 204-222
    • Altunbas, Y.1    Marques, D.2
  • 6
    • 4544383507 scopus 로고    scopus 로고
    • Consolidation and efficiency in the financial sector: A review of the international evidence
    • Amel D, Barnes C, Panetta F, Salleo C (2004) Consolidation and efficiency in the financial sector: a review of the international evidence. J Bank Financ 28:2493-2519.
    • (2004) J Bank Financ , vol.28 , pp. 2493-2519
    • Amel, D.1    Barnes, C.2    Panetta, F.3    Salleo, C.4
  • 7
    • 0742286742 scopus 로고    scopus 로고
    • Bank mergers, the market for bank CEOs, and managerial incentives
    • Anderson C, Becher D, Campbell T (2004) Bank mergers, the market for bank CEOs, and managerial incentives. J Financ Intermed 13:6-27.
    • (2004) J Financ Intermed , vol.13 , pp. 6-27
    • Anderson, C.1    Becher, D.2    Campbell, T.3
  • 9
    • 3142746923 scopus 로고    scopus 로고
    • Bank consolidation and the provision of banking services: Small commercial loans
    • Avery RB, Samolyk KA (2004) Bank consolidation and the provision of banking services: small commercial loans. Journal of Financial Services Research 25:291-325.
    • (2004) Journal of Financial Services Research , vol.25 , pp. 291-325
    • Avery, R.B.1    Samolyk, K.A.2
  • 10
    • 34249752152 scopus 로고    scopus 로고
    • Does the stock market value bank diversification?
    • Baele L, De Jonghe O, Vander Vennet R (2007) Does the stock market value bank diversification? J Bank Financ 31:1999-2023.
    • (2007) J Bank Financ , vol.31 , pp. 1999-2023
    • Baele, L.1    de Jonghe, O.2    Vander Vennet, R.3
  • 11
    • 70349488491 scopus 로고    scopus 로고
    • The effects of mergers on credit union performance
    • (in press)
    • Bauer KJ, Miles LL, Nishikawa T (2009) The effects of mergers on credit union performance. J Bank Financ (in press).
    • (2009) J Bank Financ
    • Bauer, K.J.1    Miles, L.L.2    Nishikawa, T.3
  • 12
    • 70350376780 scopus 로고    scopus 로고
    • M&A Operations and performance in banking
    • (this issue)
    • Beccalli E, Frantz P (2009) M&A Operations and performance in banking. J Financ Serv Res (this issue).
    • (2009) J Financ Serv Res
    • Beccalli, E.1    Frantz, P.2
  • 13
    • 0041912985 scopus 로고    scopus 로고
    • The valuation effects of bank mergers
    • Becher DA (2000) The valuation effects of bank mergers. J Corp Finance 6:189-214.
    • (2000) J Corp Finance , vol.6 , pp. 189-214
    • Becher, D.A.1
  • 14
    • 57749094119 scopus 로고    scopus 로고
    • Bidder returns and merger anticipation: Evidence from banking deregulation
    • Becher DA (2009) Bidder returns and merger anticipation: evidence from banking deregulation. J Corp Finance 15:85-98.
    • (2009) J Corp Finance , vol.15 , pp. 85-98
    • Becher, D.A.1
  • 15
    • 14844322205 scopus 로고    scopus 로고
    • Interstate banking deregulation and the changing nature of bank mergers
    • Becher DA, Campbell TL (2005) Interstate banking deregulation and the changing nature of bank mergers. J Financ Res 28:1-20.
    • (2005) J Financ Res , vol.28 , pp. 1-20
    • Becher, D.A.1    Campbell, T.L.2
  • 18
    • 0037386484 scopus 로고    scopus 로고
    • The economic effects of technological progress: Evidence from the banking industry
    • Berger AN (2003) The economic effects of technological progress: evidence from the banking industry. J Money, Credit Bank 35:141-176.
    • (2003) J Money, Credit Bank , vol.35 , pp. 141-176
    • Berger, A.N.1
  • 19
    • 34249732126 scopus 로고    scopus 로고
    • Obstacles to a global banking system: 'Old Europe' versus 'New Europe'
    • Berger AN (2007) Obstacles to a global banking system: 'Old Europe' versus 'New Europe'. J Bank Financ 31:1955-1973.
    • (2007) J Bank Financ , vol.31 , pp. 1955-1973
    • Berger, A.N.1
  • 21
    • 0035631190 scopus 로고    scopus 로고
    • The effects of geographic expansion on bank efficiency
    • Berger AN, De Young R (2001) The effects of geographic expansion on bank efficiency. J Financ Serv Res 19:163-184.
    • (2001) J Financ Serv Res , vol.19 , pp. 163-184
    • Berger, A.N.1    de Young, R.2
  • 22
    • 33748540736 scopus 로고    scopus 로고
    • Technological progress and the geographic expansion of the banking industry
    • Berger AN, De Young R (2006) Technological progress and the geographic expansion of the banking industry. J Money, Credit Bank 38:1483-1513.
    • (2006) J Money, Credit Bank , vol.38 , pp. 1483-1513
    • Berger, A.N.1    de Young, R.2
  • 23
    • 34250162911 scopus 로고    scopus 로고
    • Entry into banking markets and the early-mover advantage
    • Berger AN, Dick AE (2007) Entry into banking markets and the early-mover advantage. J Money, Credit Bank 39:775-807.
    • (2007) J Money, Credit Bank , vol.39 , pp. 775-807
    • Berger, A.N.1    Dick, A.E.2
  • 24
    • 0032382856 scopus 로고    scopus 로고
    • The efficiency cost of market power in the banking industry: A test of the 'quiet life' and related hypotheses
    • Berger AN, Hannan TH (1998) The efficiency cost of market power in the banking industry: a test of the 'quiet life' and related hypotheses. Rev Econ Stat 80:454-465.
    • (1998) Rev Econ Stat , vol.80 , pp. 454-465
    • Berger, A.N.1    Hannan, T.H.2
  • 25
    • 0001381142 scopus 로고
    • Megamergers in banking and the use of cost efficiency as an antitrust defense
    • Berger AN, Humphrey DB (1992) Megamergers in banking and the use of cost efficiency as an antitrust defense. Antitrust Bull 37:541-600.
    • (1992) Antitrust Bull , vol.37 , pp. 541-600
    • Berger, A.N.1    Humphrey, D.B.2
  • 26
    • 0000000874 scopus 로고    scopus 로고
    • The effects of bank mergers and acquisitions on small business lending
    • Berger AN, Saunders A, Scalise JM, Udell GF (1998) The effects of bank mergers and acquisitions on small business lending. J Financ Econ 50:187-229.
    • (1998) J Financ Econ , vol.50 , pp. 187-229
    • Berger, A.N.1    Saunders, A.2    Scalise, J.M.3    Udell, G.F.4
  • 27
    • 0033074730 scopus 로고    scopus 로고
    • The consolidation of the financial services industry: Causes, consequences, and implications for the future
    • Berger AN, Demsetz RS, Strahan PE (1999) The consolidation of the financial services industry: causes, consequences, and implications for the future. J Bank Financ 23:135-194.
    • (1999) J Bank Financ , vol.23 , pp. 135-194
    • Berger, A.N.1    Demsetz, R.S.2    Strahan, P.E.3
  • 29
    • 85040408683 scopus 로고    scopus 로고
    • Efficiency barriers to the consolidation of the European financial services industry
    • Berger AN, De Young R, Udell GF (2001) Efficiency barriers to the consolidation of the European financial services industry. Eur Financ Manag 7:117-130.
    • (2001) Eur Financ Manag , vol.7 , pp. 117-130
    • Berger, A.N.1    de Young, R.2    Udell, G.F.3
  • 30
    • 15744388444 scopus 로고    scopus 로고
    • The dynamics of market entry: The effects of mergers and acquisitions on entry in the banking industry
    • Berger AN, Bonime SD, Goldberg LG, White LJ (2004a) The dynamics of market entry: the effects of mergers and acquisitions on entry in the banking industry. J Bus 77:797-834.
    • (2004) J Bus , vol.77 , pp. 797-834
    • Berger, A.N.1    Bonime, S.D.2    Goldberg, L.G.3    White, L.J.4
  • 31
    • 1842554288 scopus 로고    scopus 로고
    • Exporting financial institutions management via foreign direct investment mergers and acquisitions
    • Berger AN, Buch CM, DeLong GL, De Young R (2004b) Exporting financial institutions management via foreign direct investment mergers and acquisitions. J Int Money Financ 22:333-366.
    • (2004) J Int Money Financ , vol.22 , pp. 333-366
    • Berger, A.N.1    Buch, C.M.2    DeLong, G.L.3    de Young, R.4
  • 32
    • 33845297616 scopus 로고    scopus 로고
    • Does market size structure affect competition? The case of small business lending
    • Berger AN, Rosen RJ, Udell GF (2007) Does market size structure affect competition? The case of small business lending. J Bank Financ 31:11-33.
    • (2007) J Bank Financ , vol.31 , pp. 11-33
    • Berger, A.N.1    Rosen, R.J.2    Udell, G.F.3
  • 33
    • 0036839235 scopus 로고    scopus 로고
    • Competition, concentration and their relationship: An empirical analysis of the banking industry
    • Bikker JA, Haaf K (2002) Competition, concentration and their relationship: an empirical analysis of the banking industry. J Bank Financ 26:2191-2214.
    • (2002) J Bank Financ , vol.26 , pp. 2191-2214
    • Bikker, J.A.1    Haaf, K.2
  • 34
    • 0035402415 scopus 로고    scopus 로고
    • CEO compensation and bank mergers
    • Bliss R, Rosen R (2001) CEO compensation and bank mergers. J Financ Econ 61:107-138.
    • (2001) J Financ Econ , vol.61 , pp. 107-138
    • Bliss, R.1    Rosen, R.2
  • 35
    • 33947266441 scopus 로고    scopus 로고
    • Winners or losers? The effects of banking consolidation on corporate borrowers
    • Bonaccorsi di Patti E, Gobbi G (2007) Winners or losers? The effects of banking consolidation on corporate borrowers. J Finance 62:669-695.
    • (2007) J Finance , vol.62 , pp. 669-695
    • Bonaccorsi di Patti, E.1    Gobbi, G.2
  • 36
    • 0003139440 scopus 로고    scopus 로고
    • Relationship banking: What do we know?
    • Boot AWA (2000) Relationship banking: what do we know? J Financ Interm 9:7-25.
    • (2000) J Financ Interm , vol.9 , pp. 7-25
    • Boot, A.W.A.1
  • 37
    • 0039012108 scopus 로고    scopus 로고
    • Can relationship banking survive competition?
    • Boot AWA, Thakor AV (2000) Can relationship banking survive competition? J Finance 55:679-713.
    • (2000) J Finance , vol.55 , pp. 679-713
    • Boot, A.W.A.1    Thakor, A.V.2
  • 40
    • 1842512825 scopus 로고    scopus 로고
    • Cross-border bank mergers: What lures the rare animal?
    • Buch CM, DeLong GL (2004) Cross-border bank mergers: what lures the rare animal? J Bank Financ 28:2077-2102.
    • (2004) J Bank Financ , vol.28 , pp. 2077-2102
    • Buch, C.M.1    DeLong, G.L.2
  • 44
    • 33746646117 scopus 로고    scopus 로고
    • M&As performance in the European financial industry
    • Campa JM, Hernando I (2006) M&As performance in the European financial industry. J Bank Financ 30:3367-3392.
    • (2006) J Bank Financ , vol.30 , pp. 3367-3392
    • Campa, J.M.1    Hernando, I.2
  • 45
    • 0842325175 scopus 로고    scopus 로고
    • Predicted and actual costs from individual bank mergers
    • Carbó VS, Humphrey DB (2004) Predicted and actual costs from individual bank mergers. J Econ Bus 56:137-157.
    • (2004) J Econ Bus , vol.56 , pp. 137-157
    • Carbó, V.S.1    Humphrey, D.B.2
  • 50
    • 33745154478 scopus 로고    scopus 로고
    • Bank competition, concentration and efficiency in the single European market
    • Casu B, Girardone C (2006) Bank competition, concentration and efficiency in the single European market. Manch Sch 74:441-468.
    • (2006) Manch Sch , vol.74 , pp. 441-468
    • Casu, B.1    Girardone, C.2
  • 51
    • 4344614815 scopus 로고    scopus 로고
    • Market structure and market definition: The case of small market banks and thrifts
    • Cohen AM (2004) Market structure and market definition: the case of small market banks and thrifts. Econ Lett 85:77-83.
    • (2004) Econ Lett , vol.85 , pp. 77-83
    • Cohen, A.M.1
  • 53
    • 3042537975 scopus 로고    scopus 로고
    • Cookie cutter vs. character: The micro structure of small business lending by large and small banks
    • Cole RA, Goldberg LG, White LJ (2004) Cookie cutter vs. character: the micro structure of small business lending by large and small banks. J Financ Quant Anal 39:227-251.
    • (2004) J Financ Quant Anal , vol.39 , pp. 227-251
    • Cole, R.A.1    Goldberg, L.G.2    White, L.J.3
  • 55
    • 0042172941 scopus 로고    scopus 로고
    • Bank performance around the introduction of a Section 20 subsidiary
    • Cornett MM, Örs E, Tehranian G (2002) Bank performance around the introduction of a Section 20 subsidiary. J Finance 57:501-521.
    • (2002) J Finance , vol.57 , pp. 501-521
    • Cornett, M.M.1    Örs, E.2    Tehranian, G.3
  • 56
    • 0037211101 scopus 로고    scopus 로고
    • The impact of the manager-shareholder conflict on acquiring bank returns
    • Cornett MM, Hovakimian G, Palia D, Tehranian H (2003) The impact of the manager-shareholder conflict on acquiring bank returns. J Bank Financ 27:103-131.
    • (2003) J Bank Financ , vol.27 , pp. 103-131
    • Cornett, M.M.1    Hovakimian, G.2    Palia, D.3    Tehranian, H.4
  • 57
    • 33745938367 scopus 로고    scopus 로고
    • Performance changes around bank mergers: Revenue enhancements versus cost reductions
    • Cornett MM, McNutt JJ, Tehranian H (2006) Performance changes around bank mergers: revenue enhancements versus cost reductions. J Money, Credit Bank 38:1013-1050.
    • (2006) J Money, Credit Bank , vol.38 , pp. 1013-1050
    • Cornett, M.M.1    McNutt, J.J.2    Tehranian, H.3
  • 58
    • 70350366910 scopus 로고    scopus 로고
    • Cross-border bank acquisitions: Is there a performance effect?
    • (this issue)
    • Correa R (2009) Cross-border bank acquisitions: is there a performance effect? J Financ Serv Res (this issue).
    • (2009) Financ Serv Res
    • Correa, R.1
  • 59
    • 0036839195 scopus 로고    scopus 로고
    • Bank concentration and retail interest rates
    • Corvoisier S, Gropp R (2002) Bank concentration and retail interest rates. J Bank Financ 26:2155-2189.
    • (2002) J Bank Financ , vol.26 , pp. 2155-2189
    • Corvoisier, S.1    Gropp, R.2
  • 60
    • 70350381134 scopus 로고    scopus 로고
    • Bank mergers and the dynamics of deposit interest rates
    • (this issue)
    • Craig BR, Dinger V (2009) Bank mergers and the dynamics of deposit interest rates. J Financ Serv Res (this issue).
    • (2009) J Financ Serv Res
    • Craig, B.R.1    Dinger, V.2
  • 61
    • 33947510128 scopus 로고    scopus 로고
    • The impact of bank consolidation on small business credit availability
    • Craig SG, Hardee P (2007) The impact of bank consolidation on small business credit availability. J Bank Financ 31:1237-1263.
    • (2007) J Bank Financ , vol.31 , pp. 1237-1263
    • Craig, S.G.1    Hardee, P.2
  • 63
    • 0000126911 scopus 로고    scopus 로고
    • Mergers and shareholder wealth in European banking
    • Cybo-Ottone A, Murgia M (2000) Mergers and shareholder wealth in European banking. J Bank Financ 24:831-859.
    • (2000) J Bank Financ , vol.24 , pp. 831-859
    • Cybo-Ottone, A.1    Murgia, M.2
  • 64
    • 34047202670 scopus 로고    scopus 로고
    • Explanatory factors of market power in the banking system
    • De Guevara JF, Maudos J (2007) Explanatory factors of market power in the banking system. Manch Sch 75:275-296.
    • (2007) Manch Sch , vol.75 , pp. 275-296
    • de Guevara, J.F.1    Maudos, J.2
  • 66
    • 0036102119 scopus 로고    scopus 로고
    • Systemic risk and financial consolidation. Are they related?
    • De Nicolo G, Kwast M (2002) Systemic risk and financial consolidation. Are they related? J Bank Financ 26:861-880.
    • (2002) J Bank Financ , vol.26 , pp. 861-880
    • de Nicolo, G.1    Kwast, M.2
  • 69
    • 0001301086 scopus 로고    scopus 로고
    • Stockholder gains from focusing versus diversifying bank mergers
    • DeLong GL (2001) Stockholder gains from focusing versus diversifying bank mergers. J Financ Econ 59:221-252.
    • (2001) J Financ Econ , vol.59 , pp. 221-252
    • DeLong, G.L.1
  • 70
    • 0345327414 scopus 로고    scopus 로고
    • Does long-term performance of mergers match market expectations? Evidence from the U.S. banking industry
    • DeLong GL (2003) Does long-term performance of mergers match market expectations? Evidence from the U.S. banking industry. Financial Management 32:5-25.
    • (2003) Financial Management , vol.32 , pp. 5-25
    • DeLong, G.L.1
  • 71
    • 33846251198 scopus 로고    scopus 로고
    • Learning by observing: Information spillovers in the execution and valuation of commercial bank M&As
    • DeLong GL, De Young R (2007) Learning by observing: Information spillovers in the execution and valuation of commercial bank M&As. J Finance 62:181-216.
    • (2007) J Finance , vol.62 , pp. 181-216
    • DeLong, G.L.1    de Young, R.2
  • 72
    • 33645808906 scopus 로고    scopus 로고
    • European banking integration: Don't put the cart before the horse
    • Dermine J (2006) European banking integration: don't put the cart before the horse. Financ Mark, Inst Instrum 15:57-106.
    • (2006) Financ Mark, Inst Instrum , vol.15 , pp. 57-106
    • Dermine, J.1
  • 73
    • 70350408944 scopus 로고    scopus 로고
    • The limits of information technology: How much will the banking industry change?
    • Bank of Finland
    • De Young R (2007a) The limits of information technology: how much will the banking industry change? In Technology-driven Efficiencies in Financial Markets, Bank of Finland 35-46.
    • (2007) In Technology-driven Efficiencies in Financial Markets , pp. 35-46
    • de Young, R.1
  • 74
    • 84860468514 scopus 로고    scopus 로고
    • Safety, soundness, and the evolution of the U.S. banking industry
    • De Young R (2007b) Safety, soundness, and the evolution of the U.S. banking industry. Fed Reserve Bank of Atlanta Quart Rev 92:41-66.
    • (2007) Fed Reserve Bank of Atlanta Quart Rev , vol.92 , pp. 41-66
    • de Young, R.1
  • 75
    • 0001488466 scopus 로고    scopus 로고
    • The impact of out-of-state entry on the efficiency of local banks
    • De Young R, Hasan I, Kirchhoff B (1998) The impact of out-of-state entry on the efficiency of local banks. J Econ Bus 50:191-204.
    • (1998) J Econ Bus , vol.50 , pp. 191-204
    • de Young, R.1    Hasan, I.2    Kirchhoff, B.3
  • 76
    • 3042592810 scopus 로고    scopus 로고
    • The past, present, and probable future for community banks
    • De Young R, Hunter WC, Udell GF (2004) The past, present, and probable future for community banks. J Financ Serv Res 25:85-133.
    • (2004) J Financ Serv Res , vol.25 , pp. 85-133
    • de Young, R.1    Hunter, W.C.2    Udell, G.F.3
  • 77
    • 4444261647 scopus 로고    scopus 로고
    • Bank acquisitions and performance: Evidence from a panel of European credit entities
    • Diaz B, Olalla M, Azorfa S (2004) Bank acquisitions and performance: evidence from a panel of European credit entities. J Econ Bus 56:377-404.
    • (2004) J Econ Bus , vol.56 , pp. 377-404
    • Diaz, B.1    Olalla, M.2    Azorfa, S.3
  • 80
    • 33646251123 scopus 로고    scopus 로고
    • The effects of bank consolidation on risk capital allocation and market liquidity
    • D'Souza C, Lai A (2006) The effects of bank consolidation on risk capital allocation and market liquidity. J Financ Res 29:271-291.
    • (2006) J Financ Res , vol.29 , pp. 271-291
    • D'Souza, C.1    Lai, A.2
  • 82
    • 61849099972 scopus 로고    scopus 로고
    • The Euro and the changing face of European banking: Evidence from mergers and acquisitions
    • Ekkayokkaya M, Holmes P, Paudyal K (2009) The Euro and the changing face of European banking: evidence from mergers and acquisitions. Eur Financ Manag 15:451-476.
    • (2009) Eur Financ Manag , vol.15 , pp. 451-476
    • Ekkayokkaya, M.1    Holmes, P.2    Paudyal, K.3
  • 84
    • 0345868380 scopus 로고    scopus 로고
    • The impact of banks expanded securities powers on small business lending
    • Ely DP, Robinson KJ (2004) The impact of banks expanded securities powers on small business lending. Rev Financ Econ 13:79-102.
    • (2004) Rev Financ Econ , vol.13 , pp. 79-102
    • Ely, D.P.1    Robinson, K.J.2
  • 85
    • 3242876258 scopus 로고    scopus 로고
    • Reducing the risk at small community banks: Is it size or geographic diversification that matters?
    • Emmons WR, Gilbert RA, Yeager TY (2004) Reducing the risk at small community banks: is it size or geographic diversification that matters? J Financ Serv Res 25:259-281.
    • (2004) J Financ Serv Res , vol.25 , pp. 259-281
    • Emmons, W.R.1    Gilbert, R.A.2    Yeager, T.Y.3
  • 87
    • 0041902195 scopus 로고    scopus 로고
    • Mixing and matching: Prospective financial sector mergers and market valuation
    • Estrella A (2001) Mixing and matching: Prospective financial sector mergers and market valuation. J Bank Financ 25:2367-2392.
    • (2001) J Bank Financ , vol.25 , pp. 2367-2392
    • Estrella, A.1
  • 89
    • 47749142800 scopus 로고    scopus 로고
    • The competitive dynamics of geographic deregulation in banking: Implications for productive efficiency
    • Evanoff DD, Örs E (2008) The competitive dynamics of geographic deregulation in banking: Implications for productive efficiency. J Money, Credit Bank 40:897-928.
    • (2008) J Money, Credit Bank , vol.40 , pp. 897-928
    • Evanoff, D.D.1    Örs, E.2
  • 91
    • 65449117165 scopus 로고    scopus 로고
    • Patterns and determinants of entry in rural county banking markets
    • Feinberg RM (2009) Patterns and determinants of entry in rural county banking markets. J Ind Compet Trade 9:101-115.
    • (2009) J Ind Compet Trade , vol.9 , pp. 101-115
    • Feinberg, R.M.1
  • 92
    • 3042578628 scopus 로고    scopus 로고
    • Are mergers beneficial to consumers? Evidence from the market for bank deposits
    • Focarelli D, Panetta F (2003) Are mergers beneficial to consumers? Evidence from the market for bank deposits. Am Econ Rev 93:1152-1172.
    • (2003) Am Econ Rev , vol.93 , pp. 1152-1172
    • Focarelli, D.1    Panetta, F.2
  • 93
    • 0001191224 scopus 로고    scopus 로고
    • The patterns of cross-border bank mergers and shareholdings in OECD countries
    • Focarelli D, Pozzolo AF (2001a) The patterns of cross-border bank mergers and shareholdings in OECD countries. J Bank Financ 25:2305-2337.
    • (2001) J Bank Financ , vol.25 , pp. 2305-2337
    • Focarelli, D.1    Pozzolo, A.F.2
  • 94
    • 70350427374 scopus 로고    scopus 로고
    • Focarelli D, Pozzolo AF (2001b) Where do banks expand abroad? Bank of Italy Working Paper.
  • 96
    • 2442687834 scopus 로고    scopus 로고
    • Empirical studies of financial innovation: Lots of talk, little action?
    • Frame WS, White LJ (2004) Empirical studies of financial innovation: lots of talk, little action? J Econ Lit 42:116-144.
    • (2004) J Econ Lit , vol.42 , pp. 116-144
    • Frame, W.S.1    White, L.J.2
  • 97
    • 46749152269 scopus 로고    scopus 로고
    • Bank consolidation and new business formation
    • Francis B, Hasan I, Wang H (2008) Bank consolidation and new business formation. J Bank Financ 32:1598-1612.
    • (2008) J Bank Financ , vol.32 , pp. 1598-1612
    • Francis, B.1    Hasan, I.2    Wang, H.3
  • 99
    • 33644919136 scopus 로고    scopus 로고
    • Bank mergers and crime: The real and social effects of credit market competition
    • Garmaise MJ, Moskowitz TJ (2006) Bank mergers and crime: the real and social effects of credit market competition. J Finance 61:495-538.
    • (2006) J Finance , vol.61 , pp. 495-538
    • Garmaise, M.J.1    Moskowitz, T.J.2
  • 100
    • 70350374058 scopus 로고    scopus 로고
    • Goddard J, McKillop D, Wilson JOS (2009) Why credit unions are acquired. J FinancServ Res (this issue).
  • 101
  • 102
    • 84989770271 scopus 로고    scopus 로고
    • Deal size, bid premium, and gains in bank mergers: The impact of managerial motivations
    • Gupta A, Misra L (2007) Deal size, bid premium, and gains in bank mergers: the impact of managerial motivations. Financ Rev 42:373-400.
    • (2007) Financ Rev , vol.42 , pp. 373-400
    • Gupta, A.1    Misra, L.2
  • 103
    • 0033074731 scopus 로고    scopus 로고
    • The role of managerial incentives in bank acquisitions
    • Hadlock C, Houston J, Ryngaert M (1999) The role of managerial incentives in bank acquisitions. J Bank Financ 3:221-249.
    • (1999) J Bank Financ , vol.3 , pp. 221-249
    • Hadlock, C.1    Houston, J.2    Ryngaert, M.3
  • 104
    • 70350382438 scopus 로고    scopus 로고
    • Post-merger strategy and performance: Evidence from the US and European banking industries
    • (in press)
    • Hagendorff J, Keasey K (2009) Post-merger strategy and performance: evidence from the US and European banking industries. Account Finance (in press).
    • (2009) Account Finance
    • Hagendorff J.Keasey, K.1
  • 107
    • 3042695546 scopus 로고    scopus 로고
    • The competitive implications of multimarket bank branching
    • Hannan TH, Prager R (2004) The competitive implications of multimarket bank branching. J Bank Financ 28:1889-1914.
    • (2004) J Bank Financ , vol.28 , pp. 1889-1914
    • Hannan, T.H.1    Prager, R.2
  • 108
    • 33747880934 scopus 로고    scopus 로고
    • Competition and strategic information acquisition in credit markets
    • Hauswald R, Marquez R (2006) Competition and strategic information acquisition in credit markets. Rev Financ Stud 19:967-1000.
    • (2006) Rev Financ Stud , vol.19 , pp. 967-1000
    • Hauswald, R.1    Marquez, R.2
  • 111
    • 33845440459 scopus 로고    scopus 로고
    • Winners and losers as financial service providers converge: Evidence from the Financial Modernization Act of 1999
    • Hendershott RJ, Lee DE, Tompkins JG (2002) Winners and losers as financial service providers converge: evidence from the Financial Modernization Act of 1999. Financ Rev 37:53-72.
    • (2002) Financ Rev , vol.37 , pp. 53-72
    • Hendershott, R.J.1    Lee, D.E.2    Tompkins, J.G.3
  • 112
    • 3042650913 scopus 로고    scopus 로고
    • The cost of using bank mergers as defensive mechanisms against takeover threats
    • Henock L (2004) The cost of using bank mergers as defensive mechanisms against takeover threats. J Bus 77:295-310.
    • (2004) J Bus , vol.77 , pp. 295-310
    • Henock, L.1
  • 113
    • 62749084940 scopus 로고    scopus 로고
    • Determinants of domestic and cross-border bank acquisitions in the European Union
    • Hernando I, Nieto MJJ, Wall LD (2009) Determinants of domestic and cross-border bank acquisitions in the European Union. J Bank Financ 32:1022-1032.
    • (2009) J Bank Financ , vol.32 , pp. 1022-1032
    • Hernando, I.1    Nieto, M.J.J.2    Wall, L.D.3
  • 115
    • 0000173709 scopus 로고
    • The overall gains from large bank mergers
    • Houston JF, Ryngaert M (1994) The overall gains from large bank mergers. J Bank Financ 18:1155-1176.
    • (1994) J Bank Financ , vol.18 , pp. 1155-1176
    • Houston, J.F.1    Ryngaert, M.2
  • 116
    • 0001502289 scopus 로고    scopus 로고
    • Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders
    • Houston JF, James C, Ryngaert M (2001) Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders. J Financ Econ 60:285-331.
    • (2001) J Financ Econ , vol.60 , pp. 285-331
    • Houston, J.F.1    James, C.2    Ryngaert, M.3
  • 117
    • 21344446764 scopus 로고    scopus 로고
    • Stockholders and international acquisitions of financial firms: An emphasis on banking
    • Hudgins S, Seifert B (1996) Stockholders and international acquisitions of financial firms: an emphasis on banking. J Financ Serv Res 10:163-180.
    • (1996) J Financ Serv Res , vol.10 , pp. 163-180
    • Hudgins, S.1    Seifert, B.2
  • 118
    • 0037367301 scopus 로고    scopus 로고
    • Do bankers sacrifice value to build empires? Managerial incentives, industry consolidation, and financial performance
    • Hughes J, Lang W, Mester L, Moon CG, Pagano M (2003) Do bankers sacrifice value to build empires? Managerial incentives, industry consolidation, and financial performance. J Bank Financ 27:417-447.
    • (2003) J Bank Financ , vol.27 , pp. 417-447
    • Hughes, J.1    Lang, W.2    Mester, L.3    Moon, C.G.4    Pagano, M.5
  • 120
    • 2442664196 scopus 로고    scopus 로고
    • Scale economies, bank mergers, and electronic payments: A spline function approach
    • Humphrey DB, Vale B (2004) Scale economies, bank mergers, and electronic payments: a spline function approach. J Bank Financ 28:1671-1696.
    • (2004) J Bank Financ , vol.28 , pp. 1671-1696
    • Humphrey, D.B.1    Vale, B.2
  • 121
  • 122
    • 0042671202 scopus 로고    scopus 로고
    • An analysis of the determinants and shareholder wealth effects of mutual fund mergers
    • Jayaraman N, Khorana A, Nelling E (2002) An analysis of the determinants and shareholder wealth effects of mutual fund mergers. J Finance 57:1521-1551.
    • (2002) J Finance , vol.57 , pp. 1521-1551
    • Jayaraman, N.1    Khorana, A.2    Nelling, E.3
  • 123
    • 33847770206 scopus 로고    scopus 로고
    • Births, deaths, and marriages in the U.S. commercial banking industry
    • Jeon Y, Miller SM (2007) Births, deaths, and marriages in the U.S. commercial banking industry. Economic Inquiry 45:324-341.
    • (2007) Economic Inquiry , vol.45 , pp. 324-341
    • Jeon, Y.1    Miller, S.M.2
  • 124
    • 34249828934 scopus 로고    scopus 로고
    • Consolidation in the U.S. banking industry: Is the 'long, strange trip' about to end?
    • Jones KD, Critchfield T (2005) Consolidation in the U.S. banking industry: is the 'long, strange trip' about to end? FDIC Bank Rev 17:31-61.
    • (2005) FDIC Bank Rev , vol.17 , pp. 31-61
    • Jones, K.D.1    Critchfield, T.2
  • 127
    • 0000696585 scopus 로고    scopus 로고
    • Incentives for banking megamergers: What motives might regulators infer from event-study evidence?
    • Kane EJ (2000) Incentives for banking megamergers: what motives might regulators infer from event-study evidence? J Money, Credit Bank 32:671-701.
    • (2000) J Money, Credit Bank , vol.32 , pp. 671-701
    • Kane, E.J.1
  • 128
    • 33947547033 scopus 로고    scopus 로고
    • Is universal banking justified? Evidence from bank underwriting of corporate bonds in Japan
    • Kang J-K, Liu W-L (2007) Is universal banking justified? Evidence from bank underwriting of corporate bonds in Japan. J Financ Econ 84:142-186.
    • (2007) J Financ Econ , vol.84 , pp. 142-186
    • Kang, J.-K.1    Liu, W.-L.2
  • 129
    • 12844271164 scopus 로고    scopus 로고
    • Market structure, efficiency and rising consolidation of the banking industry in the euro area
    • Kapopoulos P, Siokis F (2005) Market structure, efficiency and rising consolidation of the banking industry in the euro area. Bull Econ Res 57:67-91.
    • (2005) Bull Econ Res , vol.57 , pp. 67-91
    • Kapopoulos, P.1    Siokis, F.2
  • 130
    • 23944451587 scopus 로고    scopus 로고
    • The impact of bank consolidation on commercial borrower welfare
    • Karceski J, Ongena S, Smith DC (2005) The impact of bank consolidation on commercial borrower welfare. J Finance 60:2043-2082.
    • (2005) J Finance , vol.60 , pp. 2043-2082
    • Karceski, J.1    Ongena, S.2    Smith, D.C.3
  • 131
    • 0012488892 scopus 로고    scopus 로고
    • Are mergers responsible for the surge in new bank charters?
    • Keeton WR (2000) Are mergers responsible for the surge in new bank charters? Fed Reserve Bank Kansas City Econ Rev 85:21-41.
    • (2000) Fed Reserve Bank Kansas City Econ Rev , vol.85 , pp. 21-41
    • Keeton, W.R.1
  • 132
    • 37649017047 scopus 로고    scopus 로고
    • Post-merger performance of bank-holding companies 1987-1998
    • Knapp M, Gart A, Becher D (2005) Post-merger performance of bank-holding companies 1987-1998. Financ Rev 40:549-574.
    • (2005) Financ Rev , vol.40 , pp. 549-574
    • Knapp, M.1    Gart, A.2    Becher, D.3
  • 133
    • 33750892400 scopus 로고    scopus 로고
    • The impact of mean reversion of bank profitability on post-merger performance in the banking industry
    • Knapp M, Gart A, Chaudhry M (2006) The impact of mean reversion of bank profitability on post-merger performance in the banking industry. J Bank Financ 30:3503-3517.
    • (2006) J Bank Financ , vol.30 , pp. 3503-3517
    • Knapp, M.1    Gart, A.2    Chaudhry, M.3
  • 134
    • 70350422038 scopus 로고    scopus 로고
    • Deutsche Bundesbank Discussion Paper Series 2: Bank Financ Stud 2005-12
    • Koetter M (2005) Evaluating the German bank merger wave, Deutsche Bundesbank Discussion Paper Series 2: Bank Financ Stud 2005-12.
    • (2005) Evaluating the German Bank Merger Wave
    • Koetter, M.1
  • 136
    • 0042726194 scopus 로고    scopus 로고
    • Market perception of eficiency in bank holding company mergers: The roles of the DEA and SFA models in capturing merger potential
    • Kohers T, Huang M, Kohers N (2000) Market perception of eficiency in bank holding company mergers: the roles of the DEA and SFA models in capturing merger potential. Rev Financ Econ 9:101-120.
    • (2000) Rev Financ Econ , vol.9 , pp. 101-120
    • Kohers, T.1    Huang, M.2    Kohers, N.3
  • 138
    • 33645867626 scopus 로고    scopus 로고
    • Hidden cost reduction in bank mergers: Accounting for more productive banks
    • edited by Andrew H. Chen, Elsevier Press
    • Kwan S, Wilcox J (2002) Hidden cost reduction in bank mergers: accounting for more productive banks. Res Finance 19:109-124 edited by Andrew H. Chen, Elsevier Press.
    • (2002) Res Finance , vol.19 , pp. 109-124
    • Kwan, S.1    Wilcox, J.2
  • 139
    • 34447637109 scopus 로고    scopus 로고
    • Is there a diversification discount in financial conglomerates?
    • Laeven L, Levine R (2007) Is there a diversification discount in financial conglomerates? J Financ Econ 85:331-367.
    • (2007) J Financ Econ , vol.85 , pp. 331-367
    • Laeven, L.1    Levine, R.2
  • 140
    • 3042671199 scopus 로고    scopus 로고
    • Diversification versus specialization: An event study of M&As in the European banking industry
    • Lepetit L, Patry S, Rous P (2004) Diversification versus specialization: an event study of M&As in the European banking industry. Appl Financ Econ 14:663-669.
    • (2004) Appl Financ Econ , vol.14 , pp. 663-669
    • Lepetit, L.1    Patry, S.2    Rous, P.3
  • 141
    • 21144467888 scopus 로고
    • Bank mergers: Integration and profitability
    • Linder JC, Crane DB (1993) Bank mergers: integration and profitability. J Financ Serv Res 7:35-55.
    • (1993) J Financ Serv Res , vol.7 , pp. 35-55
    • Linder, J.C.1    Crane, D.B.2
  • 145
    • 0041403009 scopus 로고    scopus 로고
    • A welfare analysis of Canadian chartered bank mergers
    • McIntosh J (2002) A welfare analysis of Canadian chartered bank mergers. Can J Econ 35:457-475.
    • (2002) Can J Econ , vol.35 , pp. 457-475
    • McIntosh, J.1
  • 146
    • 70350365069 scopus 로고    scopus 로고
    • Bank market structure, competition, and SME financing relationships in European regions
    • (this issue)
    • Mercieca S, Schaeck K, Wolfe S (2009) Bank market structure, competition, and SME financing relationships in European regions. J Financ Serv Res (this issue).
    • (2009) J Financ Serv Res
    • Mercieca, S.1    Schaeck, K.2    Wolfe, S.3
  • 147
    • 33847370320 scopus 로고    scopus 로고
    • How big a problem is too big to fail?
    • Mishkin FS (2006) How big a problem is too big to fail? J Econ Lit 44:988-1004.
    • (2006) J Econ Lit , vol.44 , pp. 988-1004
    • Mishkin, F.S.1
  • 151
    • 29244459394 scopus 로고    scopus 로고
    • A new application of sustainable growth: A multi-dimensional framework for evaluating the long run performance of bank mergers
    • Olson GT, Pagano MS (2005) A new application of sustainable growth: a multi-dimensional framework for evaluating the long run performance of bank mergers. J Bus Finance Account 32:1995-2036.
    • (2005) J Bus Finance Account , vol.32 , pp. 1995-2036
    • Olson, G.T.1    Pagano, M.S.2
  • 152
    • 65649138470 scopus 로고    scopus 로고
    • Do mergers improve information? Evidence from the loan market
    • Panetta F, Schivardi F, Shum M (2009) Do mergers improve information? Evidence from the loan market. J Money, Credit Bank 41:673-710.
    • (2009) J Money, Credit Bank , vol.41 , pp. 673-710
    • Panetta, F.1    Schivardi, F.2    Shum, M.3
  • 154
    • 34249743240 scopus 로고    scopus 로고
    • The identification of acquisition targets in the EU banking industry: An application of multicriteria approaches
    • Pasiouras F, Tanna S, Zopounidis C (2007) The identification of acquisition targets in the EU banking industry: an application of multicriteria approaches. Int Rev Financ Analy 16:262-281.
    • (2007) Int Rev Financ Analy , vol.16 , pp. 262-281
    • Pasiouras, F.1    Tanna, S.2    Zopounidis, C.3
  • 155
    • 9944260283 scopus 로고    scopus 로고
    • Gains in bank mergers: Evidence from the bond market
    • Penas MF, Unal H (2004) Gains in bank mergers: evidence from the bond market. J Financ Econ 74:149-179.
    • (2004) J Financ Econ , vol.74 , pp. 149-179
    • Penas, M.F.1    Unal, H.2
  • 156
    • 0041195241 scopus 로고    scopus 로고
    • Performance changes and shareholder wealth creation associated with mergers of publicly traded banking institutions
    • Pilloff SJ (1996) Performance changes and shareholder wealth creation associated with mergers of publicly traded banking institutions. J Money, Credit Bank 28:294-310.
    • (1996) J Money, Credit Bank , vol.28 , pp. 294-310
    • Pilloff, S.J.1
  • 159
    • 38249003130 scopus 로고
    • Efficiency effects of horizontal (in-market) bank mergers
    • Rhoades SA (1993) Efficiency effects of horizontal (in-market) bank mergers. J Bank Financ 17:411-22.
    • (1993) J Bank Financ , vol.17 , pp. 411-22
    • Rhoades, S.A.1
  • 160
    • 0141688286 scopus 로고    scopus 로고
    • The performance of universal banks: Evidence from Switzerland
    • Rime B, Stiroh KJ (2003) The performance of universal banks: evidence from Switzerland. J Bank Financ 27:2121-2150.
    • (2003) J Bank Financ , vol.27 , pp. 2121-2150
    • Rime, B.1    Stiroh, K.J.2
  • 161
    • 70349348579 scopus 로고    scopus 로고
    • Do CRA-related events affect shareholder wealth? The case of bank mergers
    • Robinson BL, Schweitzer RL, Bostic RW, Black HA (2005) Do CRA-related events affect shareholder wealth? The case of bank mergers. Financ Rev 40:575-586.
    • (2005) Financ Rev , vol.40 , pp. 575-586
    • Robinson, B.L.1    Schweitzer, R.L.2    Bostic, R.W.3    Black, H.A.4
  • 162
    • 0002537125 scopus 로고
    • The hubris hypothesis of corporate takeovers
    • Roll R (1986) The hubris hypothesis of corporate takeovers. J Bus 59:197-216.
    • (1986) J Bus , vol.59 , pp. 197-216
    • Roll, R.1
  • 164
    • 0011238685 scopus 로고    scopus 로고
    • The effects of banking mergers on loan contracts
    • Sapienza P (2002) The effects of banking mergers on loan contracts. J Finance 57:29-67.
    • (2002) J Finance , vol.57 , pp. 29-67
    • Sapienza, P.1
  • 166
    • 61449268115 scopus 로고    scopus 로고
    • Do financial conglomerates create or destroy economic value?
    • Schmid MM, Walter I (2009) Do financial conglomerates create or destroy economic value? J Financ Intermed 18:193-216.
    • (2009) J Financ Intermed , vol.18 , pp. 193-216
    • Schmid, M.M.1    Walter, I.2
  • 168
    • 38249001335 scopus 로고
    • Can megamergers improve bank efficiency?
    • Shaffer S (1993) Can megamergers improve bank efficiency?. J Bank Financ 17:423-36.
    • (1993) J Bank Financ , vol.17 , pp. 423-36
    • Shaffer, S.1
  • 171
    • 70350382431 scopus 로고    scopus 로고
    • Federal Reserve Bank of Boston Public Policy Discussion Paper No. 04-7, October, Available at SSRN
    • Stavins J (2004) Do bank mergers affect Federal Reserve check volume? Federal Reserve Bank of Boston Public Policy Discussion Paper No. 04-7, October, Available at SSRN: http://ssrn.com/abstract=887930.
    • (2004) Do Bank Mergers Affect Federal Reserve Check Volume?
    • Stavins, J.1
  • 172
    • 0032355203 scopus 로고    scopus 로고
    • An adverse-selection model of bank asset and liability management with implications for the transmission of monetary policy
    • Stein J (1998) An adverse-selection model of bank asset and liability management with implications for the transmission of monetary policy. Rand J Econ 29:466-87.
    • (1998) Rand J Econ , vol.29 , pp. 466-87
    • Stein, J.1
  • 174
    • 33746008542 scopus 로고    scopus 로고
    • The dark side of diversification: The case of U.S. financial holding companies
    • Stiroh KJ, Rumble A (2006) The dark side of diversification: the case of U.S. financial holding companies. J Bank Financ 30:2131-2161.
    • (2006) J Bank Financ , vol.30 , pp. 2131-2161
    • Stiroh, K.J.1    Rumble, A.2
  • 177
    • 64049110679 scopus 로고    scopus 로고
    • Consolidation in banking and financial stability in Europe: Empirical evidence
    • Uhde A, Heimeshoff U (2009) Consolidation in banking and financial stability in Europe: empirical evidence. J Bank Financ 33:1299-1311.
    • (2009) J Bank Financ , vol.33 , pp. 1299-1311
    • Uhde, A.1    Heimeshoff, U.2
  • 178
    • 33751117266 scopus 로고    scopus 로고
    • The role of regulatory capital in international bank mergers and acquisitions
    • Valkanov E, Kleimeier S (2007) The role of regulatory capital in international bank mergers and acquisitions. Res Int Bus Finance 21:50-68.
    • (2007) Res Int Bus Finance , vol.21 , pp. 50-68
    • Valkanov, E.1    Kleimeier, S.2
  • 179
    • 70349479176 scopus 로고    scopus 로고
    • Do financial conglomerates create or destroy value? Evidence for the EU
    • (in press)
    • van Lelyveld I, Knot K (2009) Do financial conglomerates create or destroy value? Evidence for the EU. J Bank Financ (in press).
    • (2009) J Bank Financ
    • van Lelyveld, I.1    Knot, K.2
  • 182
    • 33745154710 scopus 로고    scopus 로고
    • On the relationship between competition and efficiency in the EU banking sector
    • Weill L (2004) On the relationship between competition and efficiency in the EU banking sector. Kredit Kap 37:329-352.
    • (2004) Kredit Kap , vol.37 , pp. 329-352
    • Weill, L.1
  • 183
    • 0034406343 scopus 로고    scopus 로고
    • Why do banks disappear? The determinants of U.S. bank failures and acquisitions
    • Wheelock DC, Wilson PW (2000) Why do banks disappear? The determinants of U.S. bank failures and acquisitions. Rev Econ Stat 82:127-138.
    • (2000) Rev Econ Stat , vol.82 , pp. 127-138
    • Wheelock, D.C.1    Wilson, P.W.2
  • 184
    • 0346499165 scopus 로고    scopus 로고
    • Consolidation in U.S. banking: Which banks engage in mergers?
    • Wheelock DC, Wilson PW (2004) Consolidation in U.S. banking: which banks engage in mergers? Rev Financ Econ 13:7-39.
    • (2004) Rev Financ Econ , vol.13 , pp. 7-39
    • Wheelock, D.C.1    Wilson, P.W.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.