Motivations for Bank Mergers and Acquisitions: Enhancing the Deposit Insurance Put Option versus Earnings Diversification
分析1980年代早期至中期银行并购的出价，检验收益多样化假说和存款保险看跌期权假说，发现结果支持前者。
This paper examines the prices bid for target banks in the early to mid-1980s. Two hypotheses are examined: (1) the earnings diversification hypothesis which holds that banks would bid more for merger partners that offered risk-reduction opportunities, and (2) the deposit insurance put-option hypothesis, which holds that acquirers would bid more for targets that offered opportunities to increase risk and/or become 'too big to fail.' An empirical analysis of a sample of 302 mergers produces results that are consistent with the earnings diversification hypothesis and inconsistent with the deposit insurance put-option hypothesis. Copyright 1995 by Ohio State University Press.