... Cataloging -in- Publication Data
Walter, Ingo.
Mergers andacquisitionsin banking and finance : what works, what
fails, and why / by Ingo Walter.
p. cm.
ISBN 0-19-515900-4
1. Bank mergers. 2. Financial ... deals
that included periods of high-volume activity by regional and superrre-
gional consolidators. In the process, the commercial banking industry has
34 MergersandAcquisitionsin Banking and Finance
competition ... greater investment banking focus, while investment
banking firms have placed growing emphasis on developing institutional
asset management businesses in part to benefit from vertical integration
and in...
... firms, as in the case of global wholesale
banking, noted earlier.
92 MergersandAcquisitionsin Banking and Finance
Restructuring tends to be done on the basis of private information
by drawing on ... Group combines
banking and insurance, albeit unevenly, in the Benelux countries. The
ING Group is the product of a banking-insurance merger that has since
acquired the U.S. insurer ReliaStar and the ... (in terms of fees) in 2001 were indeed investment banking units of
commercial banks with substantial lending power.
98 MergersandAcquisitionsin Banking and Finance
course, challenges the basic...
... the industry and the key players very
158 MergersandAcquisitionsin Banking and Finance
of the acquisitions appeared to be carried out in a targeted and
disciplined way, especially the integration ... Bank about the future of its investment banking business,
Dresdner Kleinwort Wasserstein.
152 MergersandAcquisitionsin Banking and Finance
WHAT ARE THE KEY LESSONS?
Information technologies represent ... making still does not always syste-
matically include IT staff in the planning process. IT integration-related
156 MergersandAcquisitionsin Banking and Finance
could be the subject of a clinical...
... transparent,
and government ministries—notably the Ministry of Finance and the Min-
istry of International Trade and Industry—wielded extraordinary in u-
ence.
The good years of the 1970s and 1980s ... managers, insurance
companies, and specialized players.
222 MergersandAcquisitionsin Banking and Finance
firms. Perhaps most seriously, there remain persistent dissonance in
conduct-of-business ... ultimately damaging these institutions’ market
shares in the financial evolution process.
224 MergersandAcquisitionsin Banking and Finance
decision to classify as “wholesale” investments exceeding i50,000...
... capital in financial
institutions, Journal of Banking and Finance 19, pp. 393-430.
Berger, A. N. (1995), The relationship between capital and earnings in banking, Journal
of Money, Credit, and Banking ... consolidation in the
European Union by assessing whether strategic and organisational fit between financial
institutions involved inmergersandacquisitions plays an important role in improving
after ... Business
and Economics 37, 4, pp. 48-56.
Vander Vennet, R. (1996), The effect of mergersandacquisitions on the efficiency and
profitability of EC credit institutions, Journal of Banking and Finance...
... direct investment, Mergersand Acquisitions, Greenfield, Prisoner’s dilemma,
Equilibrium, Game theory
1. Introduction
∗
∗∗
∗
In an increasingly globalized world, the
decision of how best to invest ... invest into foreign
markets is becoming one of the key challenges
facing international firms. A firm that decides
to market its product abroad has two distinct
options of investing into foreign ...
industry to another, depending on the nature of
firm heterogeneity.
FDI is considered as one of the main
driving forces behind nowadays wave of
globalization. An increase in economic
integration...
... HOẠT ĐỘNG “MUA LẠI, SÁP NHẬP DOANH NGHIỆP”
(MERGERS ANDACQUISITIONS – M&A)
1.1.Tổng quan về hoạt động mua lại, sáp nhập doanh nghiệp
“Merger and Acquisition” là một cụm từ tiếng Anh được ... gia (transnational
acquisitions) hoặc mua lại doanh nghiệp chéo (cross-border acquisitions) . Các vụ giao
dịch này được thúc đẩy bởi việc quan tâm đến sự đa dạng của chiến lược kinh doanh
của doanh ... kinh tế là tiền đề cho sự phát triển của thị trường
chứng khoán, sự phát triển của thị trường chứng khoán lại hỗ trợ cho sự phát triển của
nền kinh tế. Đồng thời, sự phát triển của cả nền kinh...
... buyouts in 198 1, and
in 1983 the firm conceived the idea of using junk bond financing
Junk Bonds and Merger Activity
7
“Junk” Bond Market’s Role in Financing Takeovers
ket, in which outstanding ... turned increas-
ingly to asset-based financing and other forms of lending
to
lower-grade credits in an attempt to maintain profit margins.
A similar phenomenon has occurred in investment banking, ... Surrounding
the
Junk Bond Market
It has been argued in preceding sections that uncertain in-
flation and interest rate volatility, increased competition in the
financial services industry, and...
... robust internal
capability with staff members seasoned in vetting
and integrating acquisitions, and solid
benchmarks on the cost/benefits of merging,
which they can use to raise funding for ...
organizational fit and financial impact.
Once a candidate has passed this test, AzCA deploys a “swat team” of 10 internal staff representing finance, clinical
staff and programming, IT and HR that ... funders and intermediaries are
willing to provide funding to support due diligence and post-merger
integration, both encouraging and enabling more organizations like AzCA
to make upfront investments...
... Hopsital Mergers Save Consumers Money? Health Affairs, Vol. 16: 62-72.
Corvoisier, Sandrine and Reint Gropp (2002): Bank Concentration and Retail Interest
Rates. Journal of Banking and Finance, ...
mergers, which might influence the pricing behavior of the merged bank, and we
include these in our model. The first is the change in market share. When two banks
operating in the same market ... whereas single-market banks depend largely on retail deposits
6
. As a result
they argue that out-of-market mergersresultin lower deposit rates. Park and Pennacchi
(forthcoming)
7
and Hannan and...
...
product andresultin more frequent adjustments. On the other hand, the growing size of the
bank may inhibit frequent re-pricing because of the challenges of coordinating the re-pricing
decisions ... retail interest rate
adjustment process the examination of the interest rate duration and its determinants is of key
importance for understanding interest rate dynamics.
3. Bank mergersand the ... been merging.
In particular, I compare the hazard of changing the retail deposit rates (checking account and
MMDA rates) between merging and non-merging banks in the first, second and the third...
... fluorescein, or stained with
silver. Oxidized proteins detected by Western
blotting are shown in (A) and (B). Silver
stainingisshownin(C )and( D)inblue
superimposed with the spots of oxidized pro-
teins ... (1999)
Photodynamic crosslinking of proteins. Kinetics of the FMN-
and rose bengal-sensitized photooxidation and intermolecular
crosslinking of model tyrosine-containing N-(2-hydroxypropyl)
methacrylamide ... silver-stained protein map, we infer
that a-tubulin and b-tubulin are targets of PDT-induced
protein oxidation. H
2
O
2
treatment resulted in labeling of
endoplasmic reticulum proteins. Under...