文献类型： 外文期刊
作者： Levine, Ross 1 ; Lin, Chen 3 ; Wang, Zigan 3 ;
作者机构： 1.Univ Calif Berkeley, Haas Sch Business, Berkeley, CA 94720 USA
2.NBER, Berkeley, CA 94720 USA
3.Univ Hong Kong, Fac Business & Econ, Hong Kong, Peoples R China
关键词： mergers and acquisitions; value creation; synergies
期刊名称：MANAGEMENT SCIENCE （ 影响因子：4.883； 五年影响因子：6.619 ）
ISSN： 0025-1909
年卷期： 2020 年 66 卷 11 期
页码：
收录情况： SCI
摘要： Does the predeal geographic overlap of the branches of two banks affect the probability that they merge, postannouncement stock returns, and postmerger performance? We compile information on U.S. bank acquisitions from 1984 through 2016, construct several measures of network overlap, and design and implement a new identification strategy. We find that greater predeal network overlap (1) increases the likelihood that two banks merge; (2) boosts the cumulative abnormal returns of the acquirer, target, and combined banks; and (3) reduces employment, boosts revenues, reduces the number of branches, improves loan quality, and expedites executive turnover.
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