Punished banks' acquisitions: Evidence from the US banking industry

被引：9

作者：

Papadimitri, Panagiota ^{[1
]}

Staikouras, Panagiotis ^{[2
,3
]}

Travlos, Nickolaos G. ^{[4
,5
]}

Tsoumas, Chris ^{[6
]}

机构：

[1] Univ Portsmouth, Portsmouth Business Sch, Portsmouth, Hants, England

[2] Univ Piraeus, Dept Banking & Financial Management, Piraeus, Greece

[3] QMUL, Inst Global Law Econ & Finance, London, England

[4] Univ Surrey, Surrey Business Sch, Guildford, Surrey, England

[5] Amer Coll Greece, ALBA Grad Business Sch, Paraskevi, Greece

[6] Hellen Open Univ, Patras, Greece

来源：

JOURNAL OF CORPORATE FINANCE | 2019年 / 58卷

关键词：

Bank mergers and acquisitions; Enforcement actions; Inefficient management; REGULATORY AGREEMENTS; CORPORATE GOVERNANCE; INFORMATION-CONTENT; ENFORCEMENT ACTIONS; BAD BIDDERS; MERGERS; DETERMINANTS; GAINS; CONSOLIDATION; PERFORMANCE;

D O I：

10.1016/j.jcorpfin.2019.07.014

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study whether formal enforcement actions, imposed on U.S. banks during 2000-2014 for serious financial safety and internal control problems, affect the probability that punished banks become targets of mergers and acquisitions (M&As). We find an increase in the probability of punished banks' acquisitions of at least 0.7%. A similar pattern is identified during both the financial crisis period of 2008-2009 and beyond the 2008-2009 period. Furthermore, these acquisitions improve the operating performance of post-acquisition combined entity, lending support to the hypothesis that punished banks' M&As serve as a means to replace inefficient management and restore the target banks' performance.

引用

页码：744 / 764

页数：21

共 78 条

[41] Private Equity Takeovers and Employment in the UK: Some Empirical Evidence [J].

Goergen, Marc ;

O'Sullivan, Noel ;

Wood, Geoff .

CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2011, 19 (03) :259-275

[42] GENERALIZED RESIDUALS [J].

GOURIEROUX, C ;

MONFORT, A ;

RENAULT, E ;

TROGNON, A .

JOURNAL OF ECONOMETRICS, 1987, 34 (1-2) :5-32

[43] Selling Failed Banks [J].

Granja, Joao ;

Matvos, Gregor ;

Seru, Amit .

JOURNAL OF FINANCE, 2017, 72 (04) :1723-1784

[44] ACQUISITION TARGETS AND MOTIVES - THE CASE OF THE BANKING INDUSTRY [J].

HANNAN, TH ;

RHOADES, SA .

REVIEW OF ECONOMICS AND STATISTICS, 1987, 69 (01) :67-74

[45] Acquisition Targets and Motives in the Banking Industry [J].

Hannan, Timothy H. ;

Pilloff, Steven J. .

JOURNAL OF MONEY CREDIT AND BANKING, 2009, 41 (06) :1167-1187

[46] Do (Fe)Male Auditors Impair Audit Quality? Evidence from Going-Concern Opinions [J].

Hardies, Kris ;

Breesch, Diane ;

Branson, Joel .

EUROPEAN ACCOUNTING REVIEW, 2016, 25 (01) :7-34

[47] Determinants of domestic and cross-border bank acquisitions in the European Union [J].

Hernando, Ignacio ;

Nieto, Maria J. ;

Wall, Larry D. .

JOURNAL OF BANKING & FINANCE, 2009, 33 (06) :1022-1032

[48]

Herring R., 2000, The New Financial Architecture, Banking Regulation in the 21st Century, P51

[49] The return to retail and the performance of US banks [J].

Hirtle, Beverly J. ;

Stiroh, Kevin J. .

JOURNAL OF BANKING & FINANCE, 2007, 31 (04) :1101-1133

[50] Female Auditors and Accruals Quality [J].

Ittonen, Kim ;

Vahamaa, Emilia ;

Vahamaa, Sami .

ACCOUNTING HORIZONS, 2013, 27 (02) :205-228

← 1 2 3 4 5 6 7 8 →