메뉴 건너뛰기




Volumn 25, Issue 3, 2016, Pages 498-515

Bi-level Programing Merger Evaluation and Application to Banking Operations

Author keywords

banking operations; bi level programing; DEA; incentive compatible; merger; multi methodological approach; risk; series chain

Indexed keywords


EID: 84960261708     PISSN: 10591478     EISSN: 19375956     Source Type: Journal    
DOI: 10.1111/poms.12205     Document Type: Article
Times cited : (46)

References (53)
  • 1
    • 0003059836 scopus 로고    scopus 로고
    • The effects of megamergers on efficiency and prices: Evidence from a bank profit function
    • Akhavein, J. D., A. N. Berger, D. B. Humphrey,. 1997. The effects of megamergers on efficiency and prices: Evidence from a bank profit function. Rev. Ind. Organ. 12 (1): 95-139.
    • (1997) Rev. Ind. Organ. , vol.12 , Issue.1 , pp. 95-139
    • Akhavein, J.D.1    Berger, A.N.2    Humphrey, D.B.3
  • 2
    • 0032337398 scopus 로고    scopus 로고
    • A social dilemma perspective on cooperative behavior in organizations: The effects of scarcity, communication, and unequal access on the use of a shared resource
    • Aquino, K., A. Reed,. 1998. A social dilemma perspective on cooperative behavior in organizations: The effects of scarcity, communication, and unequal access on the use of a shared resource. Group Organ. Manag. 23 (4): 390-413.
    • (1998) Group Organ. Manag. , vol.23 , Issue.4 , pp. 390-413
    • Aquino, K.1    Reed, A.2
  • 3
    • 0025700930 scopus 로고
    • An application of AHP to bank strategic planning: The merger and acquisitions process
    • Arbel, A., Y. E. Orger,. 1990. An application of AHP to bank strategic planning: The merger and acquisitions process. Eur. J. Oper. Res. 48 (1): 27-37.
    • (1990) Eur. J. Oper. Res. , vol.48 , Issue.1 , pp. 27-37
    • Arbel, A.1    Orger, Y.E.2
  • 4
    • 0038581651 scopus 로고
    • Decision making in mergers: An application of the analytic hierarchy process
    • Bagchi, P., R. P. Rao,. 1992. Decision making in mergers: An application of the analytic hierarchy process. Manage. Decis. Econ. 13 (2): 91-99.
    • (1992) Manage. Decis. Econ. , vol.13 , Issue.2 , pp. 91-99
    • Bagchi, P.1    Rao, R.P.2
  • 5
    • 0021497874 scopus 로고
    • Some models for estimating technical and scale inefficiencies in data envelopment analysis
    • Banker, R. D., A. Charnes, W. W. Cooper,. 1984. Some models for estimating technical and scale inefficiencies in data envelopment analysis. Manage. Sci. 30 (9): 1078-1092.
    • (1984) Manage. Sci. , vol.30 , Issue.9 , pp. 1078-1092
    • Banker, R.D.1    Charnes, A.2    Cooper, W.W.3
  • 7
    • 0001381142 scopus 로고
    • Megamergers in banking and the use of cost efficiency as an antitrust defense
    • Berger, A. N., D. B. Humphrey,. 1992. Megamergers in banking and the use of cost efficiency as an antitrust defense. Antitrust Bull. 37 (3): 541-600.
    • (1992) Antitrust Bull. , vol.37 , Issue.3 , pp. 541-600
    • Berger, A.N.1    Humphrey, D.B.2
  • 8
    • 0000786043 scopus 로고    scopus 로고
    • Efficiency of financial institutions: International survey and directions for future research
    • Berger, A. N., D. B. Humphrey,. 1997. Efficiency of financial institutions: International survey and directions for future research. Eur. J. Oper. Res. 98 (2): 175-212.
    • (1997) Eur. J. Oper. Res. , vol.98 , Issue.2 , pp. 175-212
    • Berger, A.N.1    Humphrey, D.B.2
  • 9
    • 0000977550 scopus 로고
    • Bank efficiency derived from the profit function
    • Berger, A. N., D. Hancock, D. B. Humphrey,. 1993. Bank efficiency derived from the profit function. J. Bank. Finance 17 (2/3): 317-348.
    • (1993) J. Bank. Finance , vol.17 , Issue.23 , pp. 317-348
    • Berger, A.N.1    Hancock, D.2    Humphrey, D.B.3
  • 10
    • 0033074730 scopus 로고    scopus 로고
    • The consolidation of the financial services industry: Causes, consequences, and implications for the future
    • Berger, A. N., R. S. Demsetz, P. E. Strahan,. 1999. The consolidation of the financial services industry: Causes, consequences, and implications for the future. J. Bank. Finance 23 (2): 135-194.
    • (1999) J. Bank. Finance , vol.23 , Issue.2 , pp. 135-194
    • Berger, A.N.1    Demsetz, R.S.2    Strahan, P.E.3
  • 11
    • 48749093664 scopus 로고    scopus 로고
    • Domestic versus cross border acquisitions: Which impact on the target firms' performance?
    • Bertrand, O., H. Zitouna,. 2008. Domestic versus cross border acquisitions: Which impact on the target firms' performance? Appl. Econ. 40 (17): 2221-2238.
    • (2008) Appl. Econ. , vol.40 , Issue.17 , pp. 2221-2238
    • Bertrand, O.1    Zitouna, H.2
  • 12
    • 18244372164 scopus 로고    scopus 로고
    • Estimating the potential gains from mergers
    • Bogetoft, P., D. Wang,. 2005. Estimating the potential gains from mergers. J. Prod. Anal. 23 (2): 145-171.
    • (2005) J. Prod. Anal. , vol.23 , Issue.2 , pp. 145-171
    • Bogetoft, P.1    Wang, D.2
  • 13
    • 0010970480 scopus 로고
    • Communication networks and collective action
    • Bonacich, P., 1987. Communication networks and collective action. Soc. Networks 9 (4): 389-396.
    • (1987) Soc. Networks , vol.9 , Issue.4 , pp. 389-396
    • Bonacich, P.1
  • 14
    • 0018032112 scopus 로고
    • Measuring the efficiency of decision making units
    • Charnes, A., W. W. Cooper, E. Rhodes,. 1978. Measuring the efficiency of decision making units. Eur. J. Oper. Res. 6 (2): 429-444.
    • (1978) Eur. J. Oper. Res. , vol.6 , Issue.2 , pp. 429-444
    • Charnes, A.1    Cooper, W.W.2    Rhodes, E.3
  • 15
    • 0040798206 scopus 로고    scopus 로고
    • Economic cost, scale efficiency, and competitive viability in banking
    • Clark, J. A., 1996. Economic cost, scale efficiency, and competitive viability in banking. J. Money Credit Bank. 28 (3): 342-364.
    • (1996) J. Money Credit Bank. , vol.28 , Issue.3 , pp. 342-364
    • Clark, J.A.1
  • 17
    • 37649024988 scopus 로고    scopus 로고
    • Mergers and acquisitions in the US property-liability insurance industry: Productivity and efficiency effects
    • Cummins, J. D., X. Xie,. 2008. Mergers and acquisitions in the US property-liability insurance industry: Productivity and efficiency effects. J. Bank. Finance 2 (1): 30-55.
    • (2008) J. Bank. Finance , vol.2 , Issue.1 , pp. 30-55
    • Cummins, J.D.1    Xie, X.2
  • 18
    • 0039569045 scopus 로고
    • Beneficial concentration
    • Daughety, A. F., 1990. Beneficial concentration. Am. Econ. Rev. 80 (5): 1231-1237.
    • (1990) Am. Econ. Rev. , vol.80 , Issue.5 , pp. 1231-1237
    • Daughety, A.F.1
  • 19
    • 84960239646 scopus 로고    scopus 로고
    • New York Times debate. Available at (accessed date March 11, 2013)
    • Davidoff S. M., 2013. Deals now make sense, not just money. New York Times debate. Available at http://www.nytimes.com (accessed date March 11, 2013).
    • (2013) Deals Now Make Sense, Not Just Money
    • Davidoff, S.M.1
  • 20
    • 0000715119 scopus 로고
    • Incentives to form coalitions with bertrand competition
    • Deneckere, R., C. Davidson,. 1985. Incentives to form coalitions with bertrand competition. Rand J. Econ. 16 (4): 473-486.
    • (1985) Rand J. Econ. , vol.16 , Issue.4 , pp. 473-486
    • Deneckere, R.1    Davidson, C.2
  • 21
    • 0000239061 scopus 로고    scopus 로고
    • A diagnostic test for the distribution-free efficiency estimator: An example using US commercial bank data
    • Deyoung, R., 1997. A diagnostic test for the distribution-free efficiency estimator: An example using US commercial bank data. Eur. J. Oper. Res. 98 (2): 243-249.
    • (1997) Eur. J. Oper. Res. , vol.98 , Issue.2 , pp. 243-249
    • Deyoung, R.1
  • 22
    • 0032330047 scopus 로고    scopus 로고
    • Management quality and X-inefficiency in national banks
    • Deyoung, R., 1998. Management quality and X-inefficiency in national banks. J. Financ. Serv. Res. 13 (1): 5-22.
    • (1998) J. Financ. Serv. Res. , vol.13 , Issue.1 , pp. 5-22
    • Deyoung, R.1
  • 23
    • 0001262636 scopus 로고
    • Horizontal mergers: An equilibrium analysis
    • Farrell, J., C. Shapiro,. 1990. Horizontal mergers: An equilibrium analysis. Am. Econ. Rev. 80 (1): 107-126.
    • (1990) Am. Econ. Rev. , vol.80 , Issue.1 , pp. 107-126
    • Farrell, J.1    Shapiro, C.2
  • 24
    • 0036002667 scopus 로고    scopus 로고
    • Understanding acquisition performance: The role of transfer effects
    • Finkelstein, S., H. Jerayr,. 2002. Understanding acquisition performance: The role of transfer effects. Organ. Sci. 13 (1): 36-47.
    • (2002) Organ. Sci. , vol.13 , Issue.1 , pp. 36-47
    • Finkelstein, S.1    Jerayr, H.2
  • 25
    • 0033176909 scopus 로고    scopus 로고
    • The x-efficiency and allocative efficiency effects of credit union mergers
    • Garden, K. A., D. E. Ralston,. 1999. The x-efficiency and allocative efficiency effects of credit union mergers. J. Int. Finan. Markets Inst. Money 9 (3): 285-301.
    • (1999) J. Int. Finan. Markets Inst. Money , vol.9 , Issue.3 , pp. 285-301
    • Garden, K.A.1    Ralston, D.E.2
  • 26
    • 0039521451 scopus 로고    scopus 로고
    • A data envelopment analysis of the operation efficiency of bank branches
    • Golany, B., J. E. Storbeck,. 1999. A data envelopment analysis of the operation efficiency of bank branches. Interfaces 29 (3): 14-26.
    • (1999) Interfaces , vol.29 , Issue.3 , pp. 14-26
    • Golany, B.1    Storbeck, J.E.2
  • 27
    • 77649120356 scopus 로고    scopus 로고
    • Bank mergers and components of risk: An evaluation
    • Gordon, V. K., M. Peterson,. 2005. Bank mergers and components of risk: An evaluation. J. Econ. Finance 29 (1): 85-96.
    • (2005) J. Econ. Finance , vol.29 , Issue.1 , pp. 85-96
    • Gordon, V.K.1    Peterson, M.2
  • 28
    • 34548833281 scopus 로고    scopus 로고
    • Mergers among leaders and mergers among followers
    • Heywood, J. S., M. McGinty,. 2007. Mergers among leaders and mergers among followers. Econ. Bull. 12 (12): 1-7.
    • (2007) Econ. Bull. , vol.12 , Issue.12 , pp. 1-7
    • Heywood, J.S.1    McGinty, M.2
  • 30
    • 9444275901 scopus 로고    scopus 로고
    • Profitable horizontal mergers without cost advantages: The role of internal organization, information and market structure
    • Huck, S., K. A. Konrad, W. Muller,. 2004. Profitable horizontal mergers without cost advantages: The role of internal organization, information and market structure. Economica 71 (284): 575-587.
    • (2004) Economica , vol.71 , Issue.284 , pp. 575-587
    • Huck, S.1    Konrad, K.A.2    Muller, W.3
  • 31
    • 0001130746 scopus 로고
    • Corporate acquisitions: A process perspective
    • Jemison, D. B., S. B. Sitkin,. 1986. Corporate acquisitions: A process perspective. Acad. Manage. Rev. 11 (1): 145-163.
    • (1986) Acad. Manage. Rev. , vol.11 , Issue.1 , pp. 145-163
    • Jemison, D.B.1    Sitkin, S.B.2
  • 32
    • 21844510809 scopus 로고
    • Short-run cost inefficiency of commercial banks: A flexible stochastic frontier approach
    • Kaparakis, E. I., S. M. Miller, A. G. Noulas,. 1994. Short-run cost inefficiency of commercial banks: A flexible stochastic frontier approach. J. Money Credit Bank. 26 (4): 875-894.
    • (1994) J. Money Credit Bank. , vol.26 , Issue.4 , pp. 875-894
    • Kaparakis, E.I.1    Miller, S.M.2    Noulas, A.G.3
  • 33
    • 0000502708 scopus 로고    scopus 로고
    • Explaining firm capital structure: The role of agency theory vs. Transaction cost economics
    • Kochhar, R., 1996. Explaining firm capital structure: The role of agency theory vs. transaction cost economics. Strategic Manage. J. 17 (9): 713-728.
    • (1996) Strategic Manage. J. , vol.17 , Issue.9 , pp. 713-728
    • Kochhar, R.1
  • 34
    • 5644303213 scopus 로고    scopus 로고
    • Planning and scheduling in supply chain: An overview of issues in practice
    • Kreipl, S., M. Pinedo,. 2004. Planning and scheduling in supply chain: An overview of issues in practice. Prod. Oper. Manag. 13 (1): 29-77.
    • (2004) Prod. Oper. Manag. , vol.13 , Issue.1 , pp. 29-77
    • Kreipl, S.1    Pinedo, M.2
  • 35
  • 36
    • 79960734835 scopus 로고    scopus 로고
    • GIS in banking: Evaluation of Canadian Bank mergers
    • MacDonald, E. H., 2001. GIS in banking: Evaluation of Canadian Bank mergers. Can. J. Reg. Sci. 24 (3): 419-442.
    • (2001) Can. J. Reg. Sci. , vol.24 , Issue.3 , pp. 419-442
    • MacDonald, E.H.1
  • 37
    • 84986794819 scopus 로고
    • The profitability of vertical integration
    • Maddigan, R., J. Zaima,. 1985. The profitability of vertical integration. Manage. Dec. Econ. 6 (3): 178-179.
    • (1985) Manage. Dec. Econ. , vol.6 , Issue.3 , pp. 178-179
    • Maddigan, R.1    Zaima, J.2
  • 38
    • 43949169527 scopus 로고
    • Organizations as resource dilemmas: The effects of power balance on coalition formation in small groups
    • Mannix, E. A., 1993. Organizations as resource dilemmas: The effects of power balance on coalition formation in small groups. Organ. Behav. Hum. Dec. Process. 55 (1): 1-22.
    • (1993) Organ. Behav. Hum. Dec. Process. , vol.55 , Issue.1 , pp. 1-22
    • Mannix, E.A.1
  • 40
    • 0000481733 scopus 로고
    • Measuring and aligning information systems with the organizations
    • Miller J., 1993. Measuring and aligning information systems with the organizations. Inf. Manage. 25 (4): 217-228.
    • (1993) Inf. Manage. , vol.25 , Issue.4 , pp. 217-228
    • Miller, J.1
  • 41
    • 77952421915 scopus 로고    scopus 로고
    • Adjusting for cultural differences, a new DEA model applied to a merged bank
    • Paradi, J., S. Vela, H. Zhu,. 2010. Adjusting for cultural differences, a new DEA model applied to a merged bank. J. Prod. Anal. 33 (2): 109-123.
    • (2010) J. Prod. Anal. , vol.33 , Issue.2 , pp. 109-123
    • Paradi, J.1    Vela, S.2    Zhu, H.3
  • 42
    • 84881701153 scopus 로고
    • Oligopoly and incentive for horizontal merger
    • Perry, M., R. H. Porter,. 1985. Oligopoly and incentive for horizontal merger. Am. Econ. Rev. 75 (1): 219-227.
    • (1985) Am. Econ. Rev. , vol.75 , Issue.1 , pp. 219-227
    • Perry, M.1    Porter, R.H.2
  • 44
    • 0000890541 scopus 로고    scopus 로고
    • The efficiency effects of bank mergers: An overview of case studies of nine mergers
    • Rhoades S. A., 1998. The efficiency effects of bank mergers: An overview of case studies of nine mergers. J. Bank. Finance 22 (3): 273-291.
    • (1998) J. Bank. Finance , vol.22 , Issue.3 , pp. 273-291
    • Rhoades, S.A.1
  • 45
    • 43049157762 scopus 로고    scopus 로고
    • Market growth through mergers and acquisitions: The role of the relationship marketing manager in sustaining performance
    • Richey R. G. Jr., T. S. Kiessling, M. Tokman, V. Dalela,. 2008. Market growth through mergers and acquisitions: The role of the relationship marketing manager in sustaining performance. Ind. Market. Manag. 37 (4): 394-406.
    • (2008) Ind. Market. Manag. , vol.37 , Issue.4 , pp. 394-406
    • Richey, Jr.R.G.1    Kiessling, T.S.2    Tokman, M.3    Dalela, V.4
  • 46
    • 0033850561 scopus 로고    scopus 로고
    • Spatial price discrimination and the merger paradox
    • Rothschild R., J. S. Heywood, K. Monaco,. 2000. Spatial price discrimination and the merger paradox. Reg. Sci. Urban Econ. 30 (5): 491-506.
    • (2000) Reg. Sci. Urban Econ. , vol.30 , Issue.5 , pp. 491-506
    • Rothschild, R.1    Heywood, J.S.2    Monaco, K.3
  • 47
    • 0000914235 scopus 로고
    • Losses from horizontal merger: The effects of an exogenous change in industry structure on cournot-nash equilibrium
    • Salant, S. W., S. Switzer, R. J. Reynolds,. 1983. Losses from horizontal merger: The effects of an exogenous change in industry structure on cournot-nash equilibrium. Q. J. Econ. 98 (2): 185-199.
    • (1983) Q. J. Econ. , vol.98 , Issue.2 , pp. 185-199
    • Salant, S.W.1    Switzer, S.2    Reynolds, R.J.3
  • 48
    • 16244364799 scopus 로고    scopus 로고
    • Do bank mergers have hidden or foregone value? Realized and unrealized operating synergies in one bank merger
    • Sherman, H. D., T. J. Rupert,. 2006. Do bank mergers have hidden or foregone value? Realized and unrealized operating synergies in one bank merger. Eur. J. Oper. Res. 168 (1): 253-268.
    • (2006) Eur. J. Oper. Res. , vol.168 , Issue.1 , pp. 253-268
    • Sherman, H.D.1    Rupert, T.J.2
  • 49
    • 38249020675 scopus 로고
    • Social uncertainty and interdependence: A study of resource allocation decision in groups
    • Sniezek, J. A., D. R. May, J. E. Sawyer,. 1990. Social uncertainty and interdependence: A study of resource allocation decision in groups. Organ. Behav. Hum. Dec. Process. 46 (2): 155-180.
    • (1990) Organ. Behav. Hum. Dec. Process. , vol.46 , Issue.2 , pp. 155-180
    • Sniezek, J.A.1    May, D.R.2    Sawyer, J.E.3
  • 50
    • 0033362990 scopus 로고    scopus 로고
    • Operations, quality, and profitability in the provision of banking services
    • Soteriou, A., S. A. Zenios,. 1999. Operations, quality, and profitability in the provision of banking services. Manage. Sci. 45 (9): 1221-1238.
    • (1999) Manage. Sci. , vol.45 , Issue.9 , pp. 1221-1238
    • Soteriou, A.1    Zenios, S.A.2
  • 51
    • 0000180109 scopus 로고
    • On FDH efficiency analysis: Some methodological issues and applications to retail banking, courts and urban transit
    • Tulkens, H., 1993. On FDH efficiency analysis: Some methodological issues and applications to retail banking, courts and urban transit. J. Prod. Anal. 4 (1/2): 183-210.
    • (1993) J. Prod. Anal. , vol.4 , Issue.12 , pp. 183-210
    • Tulkens, H.1
  • 52
    • 0031501336 scopus 로고    scopus 로고
    • Use of data envelopment analysis in assessing information technology impact on firm performance
    • Wang, C. H., R. Gopal, S. Zionts,. 1997. Use of data envelopment analysis in assessing information technology impact on firm performance. Ann. Oper. Res. 73 (10): 191-213.
    • (1997) Ann. Oper. Res. , vol.73 , Issue.10 , pp. 191-213
    • Wang, C.H.1    Gopal, R.2    Zionts, S.3
  • 53
    • 84856915822 scopus 로고    scopus 로고
    • Serial chain merger evaluation model and application to mortgage banking
    • Wu, D. D., J. R. Birge,. 2012. Serial chain merger evaluation model and application to mortgage banking. Dec. Sci. 43 (1): 5-36.
    • (2012) Dec. Sci. , vol.43 , Issue.1 , pp. 5-36
    • Wu, D.D.1    Birge, J.R.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.