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CEO Compensation and Bank Mergers
Recent bank mergers generally did not improve relative operating performance or produce positive abnormal returns to acquiring bank shareholders. We examine the relationship between mergers and CEOExpand
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Corporate Control, Portfolio Choice, and the Decline of Banking
In the last two decades U.S. banks have become systematically less profitable and riskier as nonbank competition has eroded the profitability of banks' traditional activities. Bank failures,Expand
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Merger Momentum and Investor Sentiment: The Stock Market Reaction to Merger Announcements
This paper examines the effects of mergers on bidding firms' stock prices. I find evidence of merger momentum: bidder stock prices are more likely to increase when a merger is announced if recentExpand
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Mergers increase default risk
We examine the impact of mergers on default risk. Despite the potential for asset diversification, we find that, on average, a merger increases the default risk of the acquiring firm. This resultExpand
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Does Market Size Structure Affect Competition? The Case of Small Business Lending
Market size structure refers to the distribution of shares of different size classes of local market participants, where the sizes are inclusive of assets both within and outside the local market. WeExpand
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Eat or Be Eaten: A Theory of Mergers and Merger Waves
In this paper, we present a model of defensive mergers and merger waves. We argue that mergers and merger waves can occur when managers prefer that their firms remain independent rather than beExpand
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Eat or Be Eaten: A Theory of Mergers and Firm Size
We propose a theory of mergers that combines managerial merger motives with an industry-level regime shift that may lead to value-increasing merger opportunities. Anticipation of these mergerExpand
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Is Three a Crowd? Competition Among Regulators in Banking
Banks are able to switch among three options for a primary federal regulator: the FDIC, the Federal Reserve, and the OCC. We examine why they switch and what the results of switches are. We findExpand
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Research and development with asymmetric firm sizes
This article presents a theoretical model of research and development (R&D) competition among firms. The goal of the model is to simultaneously explain two empirical observations pertaining to theExpand
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Banking Market Conditions and Deposit Interest Rates
This paper addresses the impact market conditions on bank deposit interest rates. Examining data for 1988-2000, we find that rates are affected by market size structure (defined as the distributionExpand
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