Three essays on corporate finance and intermediation
Loading...
Authors
Wang, Haizhi
Issue Date
2008-08
Type
Electronic thesis
Thesis
Thesis
Language
ENG
Keywords
Management and technology
Alternative Title
Abstract
The first essay investigates the effects of the actual intensity of bank consolidation on the formation of new businesses in the US local markets. Evidence portrays that in the short-run, the overall intensity of bank consolidation is negatively related to the rate of new business formation, and this negative relationship is primarily driven by consolidations initiated by large acquirers. On the contrary, consolidations between small-to-medium sized banks show a positive impact on new business development and these results are consistent even when the M&As are distinguished with respect to in-market or out-of-market acquirers initiating the deals. However, two years after the consolidations, the evidence reveals a positive and significant impact on the rate of new business formation in the local markets for consolidations initiated by large in-market acquirers.
Description
August 2008
School of Management
School of Management
Full Citation
Publisher
Rensselaer Polytechnic Institute, Troy, NY