文章基本信息
- 标题：What do premiums paid for bank M&As reflect? The case of the European Union
- 本地全文：下载
- 作者：Jens Hagendorff ; Ignacio Hernando ; María J. Nieto 等
- 期刊名称：Documentos de Trabajo / Banco de España
- 印刷版ISSN：0213-2710
- 电子版ISSN：1579-8666
- 出版年度：2010
- 卷号：1
- 出版社：Banco de España
- 摘要：
We analyze the takeover premiums paid for a sample of European bank mergers between 1997 and 2007. We find that acquiring banks value profitable, high-growth and low risk targets. We also find that the strength of bank regulation and supervision as well as deposit insurance regimes in Europe have
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measurable effects on takeover pricing. Stricter bank regulatory regimes and stronger deposit insurance
schemes lower the takeover premiums paid by acquiring banks. This result, presumably in anticipation of higher compliance costs, is mainly driven by domestic deals. Also, we find no conclusive evidence that bidders seek to extract benefits from regulators either by paying a premium for deals in less regulated regimes or by becoming ‘too big to fail’.
