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Are Mergers Beneficial to Consumers? Evidence from the Italian Market for Bank Deposits
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Are Mergers Beneficial to Consumers? Evidence from the Italian Market for Bank Deposits (2003)Are Mergers Beneficial to Consumers? Evid…The Effects of Regulatory Reform on Competition in the Banking Industry (2003)The Effects of Regulatory Ref…Why Do Banks Merge? (2002)Why Do Banks Merge?The Effects of Banking Mergers on Loan Contracts (2002)The Effects of Banking Merger…Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders (2001)Where do merger gains come fr…New Evidence and Perspectives on Mergers (2001)New Evidence and Perspectives…The consolidation of the financial services industry: Causes, consequences, and implications for the future (1999)The consolidation of the fina…The effects of bank mergers and acquisitions on small business lending (1998)The effects of bank mergers a…Do Substantial Horizontal Mergers Generate Significant Price Effects? Evidence From The Banking Industry (1998)Do Substantial Horizontal Mer…Do Asset Fire Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions (1998)Do Asset Fire Sales Exist? An…The Profit-Structure Relationship in Banking--Tests of Market-Power and Efficient-Structure Hypotheses (1995)The Profit-Structure Relation…Corporate Control, Portfolio Choice, and the Decline of Banking (1995)Corporate Control, Portfolio …MERGERS AND MARKET POWER -- EVIDENCE FROM THE AIRLINE INDUSTRY. (1993)MERGERS AND MARKET POWER -- E…Megamergers in Banking and the Use of Cost Efficiency as an Antitrust Defense (1992)Megamergers in Banking and th…Multimarket Contact and Collusive Behavior (1990)Multimarket Contact and Collu…The Price-Concentration Relationship in Banking (1989)The Price-Concentration Relat…Takeovers: Their Causes and Consequences (1988)Takeovers: Their Causes and C…Consumer Bankruptcy, Bank Mergers, and Information (2015)Consumer Bankruptcy, Bank Mer…Inflation and Individual Equities (2012)Inflation and Individual Equi…THE IMPACT OF MERGERS ON FARES STRUCTURE: EVIDENCE FROM EUROPEAN LOW‐COST AIRLINES (2011)THE IMPACT OF MERGERS ON FARE…An Empirical Analysis of a Merger between a Network and Low-Cost Airlines (2011)An Empirical Analysis of a Me…The Effect of Mergers on Consumer Prices: Evidence from Five Selected Case Studies (2008)The Effect of Mergers on Cons…Why Demand Uncertainty Curbs Investment: Evidence from a Panel of Italian Manufacturing Firms (2007)Why Demand Uncertainty Curbs …Employment, Innovation, and Productivity: Evidence from Italian Microdata (2007)Employment, Innovation, and P…Consolidation of Banks in Japan: Causes and Consequences (2007)Consolidation of Banks in Jap…Competition and Entry in Banking: Implications for Capital Regulation (2007)Competition and Entry in Bank…Canonical Term-Structure Models with Observable Factors and the Dynamics of Bond Risk Premiums (2006)Canonical Term-Structure Mode…The Pricing Effect of Certification on Syndicated Loans (2003)The Pricing Effect of Certifi…The market for corporate control (1983)Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms (1988)Wealth creation versus wealth redistributions in pure stock-for-stock mergers1We are grateful to Tom Arnold, Sanjai Bhagat, James Bicksler, David Blackwell, Ekkehart Boehmer, Ted Bos, Robert Brokaw, Bill Carleton, Bob Comment, Chris Cornwell, Mary Dehner, Bob Eisenbeis, Jimmy Hilliard, Randy Howard, Steve Jones, Ed Kane, Josef Lakonishok, Larry Lang, Bill Lewellen, Marc Lipson, Paul Malatesta, Jeff Netter, Cathy Niden, Volker Pollmann, Annette Poulsen, Jay Ritter, Richard Ruback, Louis Scott, Joe Sinkey, Bill Schwert (the editor), Ralph Walkling (the referee), Ron Warren, J. Fred Weston, Karen Wruck, and seminar participants at the University of Arizona, the University of Delaware, the University of Illinois, the University of Georgia, the University of Miami, Seattle University, the 1995 European Finance Association, the 1996 Financial Management Association, and the 1996 American Finance Association meetings for their helpful comments and recommendations. We also gratefully acknowledge the financial support provided for this project by the University of Georgia Research Foundation. Finally, Steve Henry, Rick McKinney, David Quillian, and Ryan Vaughn provided vital assistance with data collection and assisted with data input.1 (1998)Acquisition vs. internal development as modes of market entry (2009)The Benefits of Lending Relationships: Evidence from Small Business Data (1994)Relationship Lending and Lines of Credit in Small Firm Finance (1995)The Effect of Credit Market Competition on Lending Relationships (1995)Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation (2003)Cookie Cutter vs. Character: The Micro Structure of Small Business Lending by Large and Small Banks (2004)Competition and Strategic Information Acquisition in Credit Markets (2006)Industrial Market Structure and Economic Performance. (1971)The Economic Institutions of Capitalism (1987)The Theory of Industrial Organization (1988)Toward a Comparative Institutional Analysis (2002)The Costs of Environmental Regulation in a Concentrated Industry (2012)How does capital affect bank performance during financial crises? (2013)Allocative efficiency vs. X-Efficiency (1966)Industry Structure, Market Rivalry, and Public Policy (1973)What Drives Bank Competition? Some International Evidence (2003)Determinants of Bank Profitability Before and During the Crisis: Evidence from Switzerland (2010)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Determinants of corporate borrowing (1977)Corporate financing and investment decisions when firms have information that investors do not have (1984)Inefficient Markets (2000)Market liquidity as a sentiment indicator (2004)Asset Fire Sales (and Purchases) in Equity Markets (2005)Financial Intermediation and Delegated Monitoring (1984)Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt (1992)Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks (2001)Courts and Banks: Effects of Judicial Enforcement on Credit Markets (2005)Foreign Banks in Poor Countries: Theory and Evidence (2008)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Financing Constraints and Corporate Investment (1988)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)Entrepreneurship and Bank Credit Availability (2002)What Drives Bank Competition? Some International Evidence (2004)The dark side of diversification: The case of US financial holding companies (2005)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)Stock market driven acquisitions (2003)Firm size and the gains from acquisitions (2004)Who makes acquisitions? CEO overconfidence and the market's reaction☆ (2008)The dominance of inefficiencies over scale and product mix economies in banking (1991)The Rigidity of Prices: Evidence from the Banking Industry (1991)The profitability of european banks: a cross‐sectional and dynamic panel analysis (2004)The Categorical Imperative: Securities Analysts and the Illegitimacy Discount (1999)Corporate Social Responsibility: A Theory of the Firm Perspective (2001)Gender diversity, board independence, environmental committee and greenhouse gas disclosure (2014)
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References

  • 2001New Evidence and Perspectives on Mergers2,803 cited
  • 1999The consolidation of the financial services industry: Causes, consequences, and implications for the future1,480 cited
  • 1988Takeovers: Their Causes and Consequences1,325 cited
  • 1990Multimarket Contact and Collusive Behavior1,304 cited
  • 1995The Profit-Structure Relationship in Banking--Tests of Market-Power and Efficient-Structure Hypotheses1,210 cited
  • 1989The Price-Concentration Relationship in Banking903 cited
  • 1998The effects of bank mergers and acquisitions on small business lending825 cited
  • 1998Do Asset Fire Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions681 cited
  • 1993MERGERS AND MARKET POWER -- EVIDENCE FROM THE AIRLINE INDUSTRY.630 cited
  • 2002The Effects of Banking Mergers on Loan Contracts627 cited
  • 2001Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders559 cited
  • 1995Corporate Control, Portfolio Choice, and the Decline of Banking543 cited
  • 1992Megamergers in Banking and the Use of Cost Efficiency as an Antitrust Defense454 cited
  • 2003The Effects of Regulatory Reform on Competition in the Banking Industry442 cited
  • 1998Do Substantial Horizontal Mergers Generate Significant Price Effects? Evidence From The Banking Industry

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413 cited
  • 2002Why Do Banks Merge?390 cited
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    • 2006Canonical Term-Structure Models with Observable Factors and the Dynamics of Bond Risk Premiums72 cited
    • 2012Inflation and Individual Equities54 cited
    • 2007Competition and Entry in Banking: Implications for Capital Regulation39 cited
    • 2011An Empirical Analysis of a Merger between a Network and Low-Cost Airlines37 cited
    • 2003The Pricing Effect of Certification on Syndicated Loans36 cited
    • 2011THE IMPACT OF MERGERS ON FARES STRUCTURE: EVIDENCE FROM EUROPEAN LOW‐COST AIRLINES35 cited
    • 2007Why Demand Uncertainty Curbs Investment: Evidence from a Panel of Italian Manufacturing Firms35 cited
    • 2015Consumer Bankruptcy, Bank Mergers, and Information29 cited
    • 2007Consolidation of Banks in Japan: Causes and Consequences26 cited