We examine whether banks, in providing financing for the deals, monitor firms mergers and acquisitions to the extent that will benefit acquirers shareholders. Incon-sistent with the conventional theoretical argument, we do not find that bank-financed deals are associated with better stock or accounting performance than bond-financed deals or deals paid with internal cash. There is strong evidence instead that banks tighten up the loan contract terms in financing the deals, such as cutting short the loan maturity and imposing higher collateral requirement and more covenant restrictions. However, bank-financed deals are more likely to be terminated when they experience more negative stock market reactions to deal announcements, suggesting tha...
Abstract: We use the mergers and acquisitions waves in the U.S. banking industry to study the effect...
To transfer loans from one debtor to another debtor, banks might transmit borrower information which...
We estimate the impact of bank merger announcements on borrowers ’ stock prices for publicly traded ...
Also presented at 25th Australasian Finance and Banking Conference, Sydney, 16-18 December 2012</p
Given the pivotal role of banks in modern economies, the worldwide phenomenon of a high level of ban...
We study how firm-bank lending relationships affect firms' access to and terms of credit. We use b...
We study holdings in merger and acquisition (M&A) targets by financial conglomerates in which af...
This study examines the short-term shareholder wealth effects to U.S. bank mergers and acquisitions ...
Previous studies of event returns surrounding bank mergers show that banks gain value in megamergers...
Bank mergers in the United States have reshaped the structure of Amer-ican banking into an increasin...
This study examines the wealth effects of interstate bank mergers to both the acquired and acquiring...
Chapter one presents evidence that a strong lending relationship exists between borrower firms and t...
Bank mergers can benefit shareholders but can have negative effects on customers. The structure of l...
In this paper we attempt to assess whether gains in wealth associated with bank consolidation are th...
In this paper, we investigate the link between the financing of mergers and acquisitions deals and e...
Abstract: We use the mergers and acquisitions waves in the U.S. banking industry to study the effect...
To transfer loans from one debtor to another debtor, banks might transmit borrower information which...
We estimate the impact of bank merger announcements on borrowers ’ stock prices for publicly traded ...
Also presented at 25th Australasian Finance and Banking Conference, Sydney, 16-18 December 2012</p
Given the pivotal role of banks in modern economies, the worldwide phenomenon of a high level of ban...
We study how firm-bank lending relationships affect firms' access to and terms of credit. We use b...
We study holdings in merger and acquisition (M&A) targets by financial conglomerates in which af...
This study examines the short-term shareholder wealth effects to U.S. bank mergers and acquisitions ...
Previous studies of event returns surrounding bank mergers show that banks gain value in megamergers...
Bank mergers in the United States have reshaped the structure of Amer-ican banking into an increasin...
This study examines the wealth effects of interstate bank mergers to both the acquired and acquiring...
Chapter one presents evidence that a strong lending relationship exists between borrower firms and t...
Bank mergers can benefit shareholders but can have negative effects on customers. The structure of l...
In this paper we attempt to assess whether gains in wealth associated with bank consolidation are th...
In this paper, we investigate the link between the financing of mergers and acquisitions deals and e...
Abstract: We use the mergers and acquisitions waves in the U.S. banking industry to study the effect...
To transfer loans from one debtor to another debtor, banks might transmit borrower information which...
We estimate the impact of bank merger announcements on borrowers ’ stock prices for publicly traded ...