標題: | Ownership concentration and bank risk: international study on acquisitions |
作者: | Liu, Chih-Liang Yeh, Yin-Hua 資訊管理與財務金融系 註:原資管所+財金所 Department of Information Management and Finance |
關鍵字: | Merger and acquisition;ownership structure;financial intermediary;capital investor;banking-commerce relation;state ownership |
公開日期: | 1-一月-2018 |
摘要: | This paper explores the effects of different types of bank ownership concentration on changes in bank risk during acquisition years. Using multi-country data from 2000 to 2006, during which market failures caused by various crises and government interventions are less influential to acquisition decisions, we collect 505 banking acquisition deals from 23 countries to examine which type of ownership concentration (such as financial intermediary, capital investor, non-financial, and state ownership) brings larger changes to an acquirer's risk from pre-acquisition year to post-acquisition year (including non-performing loans, capital adequacy ratio, loan loss reserve, and credit rating). The empirical analyses show that acquirer banks with a concentration of shares owned by financial intermediaries and non-financial firms experience larger risk changes during acquisition years. In contrast, the risk changes of acquirer banks with a concentration of capital investors and state ownership are lower. Robustness checks from the random effect estimation, instrumental variables model, reverse causality, and different subsamples of (non-)U.S. or different levels of regulation enforcement confirm these results. |
URI: | http://dx.doi.org/10.1080/1351847X.2017.1354901 http://hdl.handle.net/11536/144805 |
ISSN: | 1351-847X |
DOI: | 10.1080/1351847X.2017.1354901 |
期刊: | EUROPEAN JOURNAL OF FINANCE |
Volume: | 24 |
起始頁: | 761 |
結束頁: | 808 |
顯示於類別: | 期刊論文 |