標題: Banking Crises and Market Timing: Evidence from M&As in the Banking Sector
作者: Shen, Chung-Hua
Chen, Yehning
Hsu, Hsing-Hua
Lin, Chih-Yung
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: Banking crises;Mergers and acquisitions;Synergistic gains
公開日期: 1-Jun-2020
摘要: We investigate whether the gains are greater for banks that conduct mergers and acquisitions (M&As) during banking crises than during non-crisis periods. We contribute to the literature by examining 1984 M&As using global banking sample from 106 countries (areas) during 1994 ~ 2009. We find the synergistic gains of acquiring banks during banking crises are larger than those during non-crisis periods. We further find that such gains are greater when acquiring weak targets, for acquirers in developed countries, and for acquirers in domestic M&As. This study confirms that a banking crisis is an appropriate time for banks to conduct M&As.
URI: http://dx.doi.org/10.1007/s10693-019-00318-4
http://hdl.handle.net/11536/154559
ISSN: 0920-8550
DOI: 10.1007/s10693-019-00318-4
期刊: JOURNAL OF FINANCIAL SERVICES RESEARCH
Volume: 57
Issue: 3
起始頁: 315
結束頁: 347
Appears in Collections:Articles