TY  - UNPD
A1  - Carletti, Elena
A1  - Hartmann, Philipp
A1  - Onega, Steven
T1  - The economic impact of merger control legislation
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2008,04
N2  - Based on a unique dataset of legislative changes in industrial countries, we identify events that strengthen the competition control of mergers and acquisitions, analyze their impact on banks and non-financial firms and explain the different reactions observed with specific regulatory characteristics of the banking sector. Covering nineteen countries for the period 1987 to 2004, we find that more competition-oriented merger control increases the stock prices of banks and decreases the stock prices of non-financial firms. Bank targets become more profitable and larger, while those of non-financial firms remain mostly unaffected. A major determinant of the positive bank returns is the degree of opaqueness that characterizes the institutional setup for supervisory bank merger reviews. The legal design of the supervisory control of bank mergers may therefore have important implications for real activity.
T3  - CFS working paper series - 2008, 04 
KW  - Mergers and Acquisitions
KW  - Competition Policy
KW  - Legal Institutions
KW  - Financial Regulation
KW  - Bank
KW  - Mergers and Acquisitions
KW  - Recht
Y1  - 2008
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/248
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-53217
IS  - 15 December 2007
ER  -