A growing number of merger studies concern the causality of firm performance and merger activity in the last decade, but with mixed results. Assuming semi-strong efficiency, this article argues that firms with good stock performance are more likely to acquire other firms. With 412 US-listed...

In Taiwan the optimal number of financial holding companies (FHCs) has become an economic as well as political concern since 2002. This paper is different from most early papers by focusing solely on the measure of the change in synergies around the mergers of financial services companies, by...

This study decomposes the unconditional stock return volatility into two categories: systematic versus idiosyncratic risk, to re-examine the link between size and risk in the banking industry. The feasibility of the model is tested using data for US banks from 1998 to 2007. The evidence...

Financial data for the US banks listed during 2001--2007 are analysed to re-examine the risk--return relationship in the banking industry. A key feature of this study is the analysis of the changing distribution of return on equity across banks and over time by the quantile regression (hereafter...