US Evidence on Bank Takeover Motives: A Note
通过分析目标银行收益与总收益、收购方收益与目标银行收益的关系，区分了协同、代理和傲慢三种收购动机，发现美国银行收购主要受协同驱动，但也存在傲慢动机。
Existing studies on bank takeovers have not been able to distinguish among the three competing motives: synergy, agency, and hubris. This paper distinguishes the three competing motives by examining the relations between target gains and total gains and between acquirer gains and target gains. Empirical results show that bank takeovers are primarily motivated by synergy, although there is also strong evidence of hubris. Our results also suggest that hubris may explain the positive target gains and zero or negative acquirer gains found in this and many other bank takeover studies. Lastly, evidence exists to suggest that agency, along with hubris, may explain takeovers with negative total gains.