An Analysis of Resolution Trust Corporation Transactions: Auction Market Process and Pricing
研究了处置信托公司处理破产储蓄与贷款机构的拍卖过程及定价，发现整体上中标者未获得显著股价收益，仅保险存款转移交易为收购方带来统计上显著的正收益。
This article describes the operations of the Resolution Trust Corporation (RTC), examines the procedures it employs to resolve distressed Savings and Loan scenarios and investigates the pricing of transactions undertaken by the RTC. The RTC has been criticized for allegedly transferring properties to acquirers at “bargain” prices. The transactions involving publicly traded acquirers in RTC sales are examined from an auction theory perspective. Overall, there is little evidence that winning bidders experience stock price gains. There are, however, subsets of bidders for which the outcomes are predominantly negative. The only category of transactions which provide statistically significant gains to acquirers are Insured Deposit Transfers.