Detail Essays on the consolidation of the banking industry Bibliografi Author: Frame, W. Scott ; Lastrapes, William D. (Advisor) Topik: ECONOMICS; FINANCE|BUSINESS ADMINISTRATION; BANKING Bahasa: (EN )    ISBN: 0-591-02081-5     Penerbit: UNIVERSITY OF GEORGIA     Tahun Terbit: 1996     Jenis: Theses - Dissertation Fulltext: 9636437.pdf (0.0B; 0 download) Abstract This dissertation consists of two essays examining the relationship between the removal of legal barriers to bank entry and consolidation of the banking industry. The first uses equity returns from a recent sample of acquiring bank holding companies to test the wealth maximization hypothesis upon announcement of pending acquisitions. To this end, we present a more general approach to calculating security abnormal returns, which utilizes the GARCH modelling strategy for asset pricing. Cross-sectional variation in these returns is then investigated to determine what factors influence these returns. We conclude that (1) the data support a more general estimation procedure that exploits the time-series properties of the daily return data, (2) on average, bank holding company acquisition announcements convey negative information to financial markets, (3) agency costs may be the cause of these negative returns, and (4) abnormal security returns calculated using this procedure are less 'noisy' and are able to convey more information regarding the sources of these returns. The second essay tests the profit-structure relationship for a sample of rural institutions in Georgia, which have been protected from competition via intrastate branching restrictions. We distinguish between the relative market power and efficient-structure hypotheses by utilizing measures of x-efficiency generated from cost data. Using return-on-assets as a proxy for economic performance, we find that the sample institutions have market power and that these profits are not a result of superior x-efficiency. We contend that these results illustrate the adverse effects of legal barriers to entry and possibly market barriers to entry. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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