The Paradox of Priority
银行并购通常不创造价值却频繁发生。本文分析1991-1995年54起并购，发现市场奖励地理和业务聚焦的并购，但只有聚焦收益流能提升长期绩效，低效收购方和降低破产成本也有助于长期表现。
There is a paradox in bank mergers. On average, bank mergers do not create value, yet they continue to occur. Using cross-sectional analysis to examine 54 bank mergers announced between 1991 and 1995, I test several facets of focus and diversification. Upon announcement, the market rewards the mergers of partners that focus their geography and activities and earnings streams. Only one of these facets, focusing earnings streams, enhances long-term performance. Two other circumstances improve long-term performance: when a merger involves a relatively inefficient acquirer and when partners reduce bankruptcy costs.