This paper examines whether gains in bank megamergers occur due to efficiency improvements or the exercise of market power using financial statement line item forecasts from Value Line to infer the effect of the merger on prices and quantities. The average megamerger is associated with...

Concerns over size in banking arise from the potential for a megabank to harm competition and extract safety net subsidies. With the worrisome increases in size having been achieved through megamergers, this paper examines whether gains in such mergers trace to efficiency improvements or market...

Concerns over size in banking arise from the potential for a megabank to harm competition and extract safety net subsidies. With the worrisome increases in size having been achieved through megamergers, this paper examines whether gains in such mergers trace to efficiency improvements or market...

When evaluating a merger or acquisition proposal, boards frequently seek fairness opinions from their financial advisors. This fairness opinion ratifies the consideration being paid or received as "fair from a financial point of view" to shareholders. This chapter (Chapter 26 in "The Art of...

Previous studies of event returns surrounding bank mergers show that banks gain value in megamergers and additional value when they absorb in-market competitors. A portion of these gains has been traced to the increased bargaining power of banks vis-à-vis regulators and other competitors. We...