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| Tekijä: | Ely, D. Song, M. |
| Otsikko: | Acquisition activity of large depository institutions in the 1990's: an empirical analysis of motives |
| Lehti: | Quarterly Review of Economics and Finance
2000 : WINTER, VOL. 40:4, p. 467-484 |
| Asiasana: | BANKS MERGERS FINANCIAL INSTITUTIONS |
| Kieli: | eng |
| Tiivistelmä: | This study examines the performance and ownership structure characteristics of financial institutions that chose to aggressively expand by acquiring other institutions. The "wealth maximization hypothesis" posits that in an era of deregulation, the most efficient institutions will acquire the less efficient, thereby creating value and benefiting shareholders. Conversely, the "incentive conflict hypothesis" argues that a large number of acquisitions is a symptom of managers pursuing their own self interests. |
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