The Determinants of Bank Mergers: A Revealed Preference Analysis
利用匹配市场框架下的显示性偏好方法，研究银行并购的价值来源，发现成本效率、监管放松和网络效应是主要驱动因素，该方法优于传统模型并适用于缺乏股票数据的私人并购。
We provide new estimates of merger value creation by exploiting revealed preferences of merging banks within a matching market framework. We find that merger value arises from cost efficiencies in overlapping markets, relaxing of regulation, and network effects exhibited by the acquirer-target matching. Beyond our findings, the revealed preference method has notable advantages that warrant its application beyond the bank merger market. Notably, we show that the method outperforms reduced form alternatives out of sample, enables sensible counterfactual experiments, and can be used to evaluate private-to-private mergers, which have been understudied because of lack of stock market data. Data, as supplemental material, are available at http://dx.doi.org/10.1287/mnsc.2015.2245 . This paper was accepted by Amit Seru, finance.