Does Long-Term Performance of Mergers Match Market Expectations? Evidence from the US Banking Industry
研究1991-1995年间54起美国银行并购，发现市场奖励地理和业务聚焦的并购，但只有盈利流聚焦能提升长期绩效；低效收购方和降低破产成本也能改善长期表现。
There is a paradox in bank mergers. On average, bank mergers do not create value, yet they continue to occur. Using cross-sectional analysis to examine 54 bank mergers announced between 1991 and 1995, I test several facets of focus and diversification. Upon announcement, the market rewards the mergers of partners that focus their geography and activities and earnings streams. Only one of these facets, focusing earnings streams, enhances long-term performance. Two other circumstances improve long-term performance: 1) when a merger involves a relatively inefficient acquirer and 2) when partners reduce bankruptcy costs.