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Megabank consolidations in the United States: The enigma continues, investigates merger of equals among megabanks as a business model and also postulates that higher premiums are paid for the right to integrate with the very large banks versus that paid for the right to integrate with relatively smaller banks. By introducing merger of equals and megabank premium comparatives, the author has filled a void left vacant by previous researchers investigating inorganic growth among banks in the U.S. banking industry. Decision makers, academicians, policy makers, and students of finance will once more be looking for "what is out there" in order to guide understandings and decisions re the integration aspects among financial intermediaries. The book sought to illuminate a clarity of understanding involving the analysis and interpretation of organic versus inorganic growth among megabanks in the United States. Despite the general destruction of shareholders incremental value brought about through inorganic growth, the enigma continues in that banks proceed to integrate at an accelerating pace over the past two decades, though there was a brief lull early in this new Millennium.
From the late nineteenth century to the late twentieth century the European banking sector experienced countless mergers and acquisitions. The outcome of this century of consolidation is strikingly similar across the continent, with the banking sector of each country now dominated by a handful of giant banking corporations. Consolidation and concentration trends in banking was the theme of the Academic Archive Colloquium of the European Association for Banking History held in Madrid in June 1997. This volume is comprised of the 18 papers and responses presented at the Colloquium by a truly international group of delegates. Some of the themes explored in the book include: the significance of mergers for bank archives; the regulation of mergers and their impact on banking legislation; reactions to consolidation from within and without the banking industry; case studies of particular mergers and their impact on the wider banking community. Youssef Cassis's introductory chapter provides a general survey of trends in the consolidation process and suggests that the advent of the Euro may herald a new era in the history of European banking consolidation.
This study focused on factors that have positively influenced the model of economic success for commercial and thrift megabanks involved in merger and acquisition activities for the period 1990 - 1997, a period characterized by an unprecedented flurry of merger and acquisition activities among megabanks in the United States. This study identified and measured key independent variables for identifiable mergers and acquisitions among megabanks and tested the extent to which, such independent variables influenced abnormal returns for underlying equities traded in capital markets. This study also tested the hypothesis that megabanks are attracting significantly higher acquisition premiums than the relatively smaller banks. The data collected and the conclusions drawn were based on the logic of a hypothetico-deductive paradigm, which essentially utilized the techniques of the standard event study methodology, and included parameters of the conventional Capital Asset Pricing Model. This study was based on a scientifically determined sample of over 200 banks in the small bank category and between 68 and 86 banks grouped under the megabank category. The findings revealed that megebank acquirers realized negative abnormal returns and that megabank acquirees did not realize economic value significantly greater than acquirers for those banks that integrated on a merger-of-equals basis. The findings also showed that megabanks seemed more willing to pay higher premiums for the right to integrate with other megabanks vis-a-vis the right to integrate with small banks.
The Congressional Record is the official record of the proceedings and debates of the United States Congress. It is published daily when Congress is in session. The Congressional Record began publication in 1873. Debates for sessions prior to 1873 are recorded in The Debates and Proceedings in the Congress of the United States (1789-1824), the Register of Debates in Congress (1824-1837), and the Congressional Globe (1833-1873)
This volume is the outgrowth of a conference held at Peking Universityin May 2002, jointly sponsored by the American Committee on AsianEconomic Studies, the Peking University School of Economics, and theChina Reform Forum. The contributors include leading scholars fromAsia as well as specialists on Asia from the US, Europe, andAustralia.
Hubbard's money and banking text emphasizes that students need to develop economic intuition in order to organize ideas, evaluate current and historical events, and predict outcomes in the economy. This organizing principle gives students a way to think critically about developments in financial markets and institutions and in monetary institutions and policy. The Sixth Edition continues to offer clear, concise discussions of the theory and the latest data, policy discussions, and real-world applications.