Bank-Firm Relationships in the post-crisis economy

危机后经济中的银企关系

• 批准号: 23530334
• 负责人: MONTGOMERY Heather
• 金额: $ 3.33万
• 依托单位: International Christian University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 2011
• 资助国家: 日本
• 起止时间: 2011 至 2013
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-23530334/
• 关键词: 金融機関; 経済政策; 合併; イベントスタディー法; merger and acquisitions; event study; bank

Banks entering into a mega-bank enjoy large and highly statistically significant excess returns. However, the size of the merger does not seem to affect longer-term measures of performance. Using synthetic control method, we are able to conduct difference-in-difference analysis and find that acquiring banks become statistically significantly less profitable, less solvent, and more inefficient after a merger event than the control group. These findings suggest that the benefits accruing to shareholders of mega-merger banks are not due to newly created business synergies, but perhaps a "flight-to-safety" on the part of shareholders.

进入大型银行的银行享有巨额且统计上高度显着的超额回报。然而，合并的规模似乎并没有影响长期的绩效衡量标准。使用综合控制方法，我们能够进行双重差分分析，发现收购银行在合并事件后，与对照组相比，在统计上显着降低了盈利、偿付能力和效率。这些发现表明，大型合并银行的股东所获得的利益并不是由于新产生的业务协同效应，而可能是股东的“逃往安全”。

项目成果

The Japanese Big Bang: The Effects of "Free, Fair and Global"

日本大爆炸：“自由、公平和全球”的影响

• 发表时间: 2011
• 期刊: The Journal of Social Science
• 作者: 渡部なつ希;飯田隆雄;Heather Montgomery
• 通讯作者: Heather Montgomery

Current Issues in Banking (EEA session title)

银行业当前问题（欧洲经济区会议标题）

• 发表时间: 2012
• 作者: 山本雄吾;森田優己;蛯谷憲治;川崎一泰;Heather Montgomery;安達祐子;Kiyotaka YUGUCHI;Heather Montgomery
• 通讯作者: Heather Montgomery

The Effect of Bank Mergers on Shareholder Value and Performance

银行合并对股东价值和业绩的影响

• 发表时间: 2013
• 作者: Kanae Musha;Takao Iida;玉田桂子;Yuko Adachi;H. Montgomery
• 通讯作者: H. Montgomery

The Economic Consequences of the TARP

TARP 的经济后果

• 发表时间: 2014
• 作者: 渡部なつ希;飯田隆雄;Heather Montgomery;Mari Kan;加藤恵正;玉田桂子;Kazuyasu Kawasaki;山崎福寿・瀬下博之・太田智之・杉原茂;飯田隆雄;Yuko Adachi;H. Montgomery
• 通讯作者: H. Montgomery

The Effect of Bank Mergers on Client Firm Value and Bank-Firm Relationships

银行合并对客户公司价值和银企关系的影响

• 发表时间: 2013
• 作者: 徳井丞次;牧野達治;深尾京司;宮川努;荒井信幸;新井園枝;乾友彦;川崎一泰;児玉直美;野口尚弘;玉田桂子・森知晴;Yuko Adachi;H. Montgomery
• 通讯作者: H. Montgomery