The Managerial, Regulatory, and Financial Determinants of Bank Merger Premiums
分析了美国银行并购溢价受收购方和目标银行的管理特征、监管环境及财务状况的影响，发现所有权与控制权分离对溢价有显著作用。
This paper analyzes the managerial, regulatory, and financial determinants of U.S. bank merger premiums. The author uses both individual acquirer and target bank characteristics. He also examines state regulation of acquirer and target banks from a geographically dispersed population, allowing him specifically to te st the effect of a varied state regulatory menu. The study finds merger premiums to be related to the characteristics of both acquirer and target banks and the regulatory environments in both acquirer and target bank states. The author also finds evidence that the separati on of ownership and control in acquirer and target banks has a signific ant effect on merger premiums. Copyright 1993 by Blackwell Publishing Ltd.