Capital Adequacy, Bank Mergers, and the Medium of Payment
研究银行资本充足率如何影响并购的融资方式选择，以及市场对并购公告的反应。发现收购方资本充足率越高、相对规模越小，越可能用股票支付；股票支付时收购方股价下跌更多，目标方股价上涨。
We examine how banks' capital requirements affect the way bank mergers are financed, as well as the stock‐market reaction to the merger announcement. We find that the capital position of the acquirer is one of the two factors most strongly influencing the choice of financing method; the other is the relative size of the merging banks. The smaller the acquirer in relation to the target bank and the higher the acquirer's capital adequacy ratio, the more likely it is that the acquisition will be financed by a stock swap. The capital requirements also affect the market reaction, through their effect on the financing method choice. The value of the acquirer's equity decreases more at the time of the merger announcement if the method of payment is stock. Like prior studies, we find that the abnormal return on the target banks' stock is positive.