Regulatory Arbitrage and Cross‐Border Bank Acquisitions
研究了银行监管差异如何影响跨境收购流动和股价反应，发现收购方来自监管更严格的国家时，目标公司股价反应更积极，支持良性监管套利观点。
ABSTRACT We study how differences in bank regulation influence cross‐border bank acquisition flows and share price reactions to cross‐border deal announcements. Using a sample of 7,297 domestic and 916 majority cross‐border deals announced between 1995 and 2012, we find evidence of a form of “regulatory arbitrage” whereby acquisition flows involve acquirers from countries with stronger regulations than their targets. Target and aggregate abnormal returns around deal announcements are positive and larger when acquirers come from more restrictive bank regulatory environments. We interpret this evidence as more consistent with a benign form of regulatory arbitrage than a potentially destructive one.