Performance Changes Around Bank Mergers: Revenue Enhancements versus Cost Reductions
研究商业银行并购后的经营绩效变化，发现并购后绩效显著提升，且收入提升和成本削减共同作用，但收入提升在成本削减的并购中更显著。
This paper examines operating performance around commercial bank mergers. We find that industry-adjusted operating performance of merged banks increases significantly after the merger, large bank mergers produce greater performance gains than small bank mergers, activity focusing mergers produce greater performance gains than activity diversifying mergers, geographically focusing mergers produce greater performance gains than geographically diversifying mergers, and performance gains are larger after the implementation of nationwide banking in 1997. Further, we find improved performance is the result of both revenue enhancements and cost reduction activities. However, revenue enhancements are most significant in those mergers that also experience reduced costs.