Mergers and Long‐Term Corporate Performance: Evidence from Cross‐Border Bank Acquisitions
研究1980-2001年间美国银行被外国银行收购后的经营绩效变化，发现收购后目标银行现金流盈利能力提升、劳动力利用改善且贷款损失未增加，尤其在美国州际分支立法通过后效果更显著。
We provide evidence on operating performance changes at a sample of U.S. banks acquired by non‐U.S. banking organizations over the 1980–2001 period. Our sample allows us to compare directly the preacquisition performance of the targets with their postacquisition performance, a comparison that has not been possible in prior studies. We find that these cross‐border acquisitions produce improved target performance. Cash flow profitability at the target increases, labor utilization improves, and loan losses do not rise. We also find evidence that the improvement in target operating performance primarily takes place for those acquisitions that occur following passage of the Reigle–Neal interstate branching legislation.