G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14449
DP14449 The Impacts of Stricter Merger Legislation on Bank Mergers and Acquisitions: Too-Big-To-Fail and Competition
Giancarlo Spagnolo; Elena Carletti; Steven Ongena; Jan-Peter Siedlarek
发表日期2020-02-27
出版年2020
语种英语
摘要The effect of regulations on the banking sector is a key question for financial intermediation. This paper provides evidence that merger control regulation, although not directly targeted at the banking sector, has substantial economic effects on bank mergers. Based on an extensive sample of European countries, we show that target announcement premia increased by up to 16 percentage points for mergers involving control shifts after changes in merger legislation, consistent with a market expectation of increased profitability. These effects go hand-in-hand with a reduction in the propensity for mergers to create banks that are too-big-to-fail in their country.
主题Financial Economics ; Industrial Organization
关键词Banks Regulation Mergers and acquisitions Merger control Antitrust
URLhttps://cepr.org/publications/dp14449
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/543347
推荐引用方式
GB/T 7714
Giancarlo Spagnolo,Elena Carletti,Steven Ongena,et al. DP14449 The Impacts of Stricter Merger Legislation on Bank Mergers and Acquisitions: Too-Big-To-Fail and Competition. 2020.
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