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| Author: | Cornett, M. M. (et al.) |
| Title: | The impact of the manager-shareholder conflict on acquiring bank returns |
| Journal: | Journal of Banking and Finance
2003 : JAN, VOL. 27:1, p. 103-131 |
| Index terms: | Banks Bank mergers Corporate governance |
| Language: | eng |
| Abstract: | The paper examines whether shareholder value-maximizing corporate governance mechanisms assist in reducing the managerial incentive to enter value-destroying bank acquisitions. The authors find that diversifying bank acquisitions earn significantly negative announcement period abnormal returns for bidder banks whereas focusing acquisitions earn zero AR. They then find that corporate governance variables in the bidding bank are less effective in diversifying acquisitions than in focusing acquisitions. |
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