.S. banks, 1993-1998. We find that parent organizations exercise some control over the efficiency of their affiliates, although …

We hypothesize that banks become better able to manage acquisitions, and investors become better able to value those … consistent with these hypotheses for 216 M&As of large, publicly traded U.S. commercial banks between 1987 and 1999. Our theory … and our results are predicated on the idea that acquisitions of large and increasingly complex commercial banks were a …

France, Germany, Spain, the U.K., and the U.S. during the 1990s. We find that, on average, domestic banks have higher profit … efficiency than foreign banks. However, banks from at least one country (the U.S.) appear to operate with relatively high …

, both public and private banks must disclose financial information to regulators. We exploit this requirement to explore the … going-public decision. Our results indicate that banks that convert to public ownership are more likely to become targets … than control banks that remain private. Banks that go public are also more likely to become acquirers than control banks …