Esty, Benjamin; Narasimhan, Bhanu; Tufano, Peter - Financial Institutions Center, Wharton School of Business - 1996
This study examines how interest rates and interest-rate exposures affect the level of acquisition activity, the identities of targets and acquirers, and the pricing of acquisitions in the banking industry. Using a sample of 477 large mergers from 1980 to 1994, we find that the level of...