Bank Mergers & Acquisitions
As the financial services industry becomes increasingly international, the more narrowly defined and historically protected national financial markets become less significant. Consequently, financial institutions must achieve a critical size in order to c
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The New York University Salomon Center Series on Financial Markets and Institutions Volume 3
BANK MERGERS & ACQUISITIONS
Edited by
Y AKOV AMIHUD and
GEOFFREY MILLER
SPRINGER-SCIENCE+BUSINESS MEDIA, B.V.
A C.I.P. Catalogue record for this book is available from the Library of Congress.
ISBN 978-1-4419-5187-8 ISBN 978-1-4757-2799-9 (eBook) DOI 10.1007/978-1-4757-2799-9
Printed on
acid~free
paper
AII Rights Reserved © 1998 Springer Science+Business Media Dordrecht Originally published by Kluwer Academic Publishers, Boston in 1998 Softcover reprint of the hardcover 1st edition 1998 No part of the material protected by this copyrights notice may be reproduces or utlized in any form or by any means, electronic or mechanical, includ ing photocopying, record ing or by any information storage and retrieval system, without written permission from the copyright owner.
Table of contents
Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yakov Amihud Geoffrey Miller
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List of Contributors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ix
PART ONE
Bank Consolidation: A Central Banker's Perspective. . . . . . . . . . . . Frederic Mishkin 2 Global Patterns of Mergers and Acquisition Activity in the Financial Services Industry. . . . . . . . . . . . . . . . . . . . . . . . . . . Roy C. Smith Ingo Walter 3 Twin Information Revolutions and the Future of Financial Intermediation ............................... William R. Emmons Stuart l. Greenbaum
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PART TWO
4 The Value Effects of Bank Mergers and Acquisitions Steven J. Pilloff Anthony M. Santomero 5 The Efficiency Effects of Bank Mergers and Acquisitions: A Preliminary Look at the 1990s Data . . . . . . . . . . . . . . . . . . . . . . . Allen N. Berger
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Table of contents
6 Consolidation in U.S. Banking: Implications for Efficiency and Risk John H. Boyd Stanley L. Graham 7 The Effect of Bank Ownership Changes on Subsidiary-Level Earnings ................................ Sandra L. Chamberlain PART THREE 8 Bank Mergers and American Bank Competitiveness Jonathan R. Macey Geoffrey P. Miller
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9 Consolidation in the Banking Industry: An Antitrust Perspective . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. Anthony V. Nanni
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lO Reassessing Risk-Based Capital in the 1990s: Encouraging Consolidation and Productivity. . . . . . . . . . . . . . . . .. John C. Coates IV
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11 The Consolidation of the Banking Industry and Small Business Lending. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. Gregory F. Udell
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Introduction
The financial services industry in the United States and around the world is undergoing a radical transformation. Rapidly evolving technological changes, coupled with the enactment of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, have revolutionized American banking and triggered a wave of mergers and consolidations of a scope not seen since the Great Depression. Host
