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Titolo:
Mixing and matching: Prospective financial sector mergers and market valuation
Autore:
Estrella, A;
Indirizzi:
Fed Reserve Bank New York, New York, NY 10045 USA Fed Reserve Bank New York New York NY USA 10045 k, New York, NY 10045 USA
Titolo Testata:
JOURNAL OF BANKING & FINANCE
fascicolo: 12, volume: 25, anno: 2001,
pagine: 2367 - 2392
SICI:
0378-4266(200112)25:12<2367:MAMPFS>2.0.ZU;2-6
Fonte:
ISI
Lingua:
ENG
Soggetto:
EFFICIENCY; COST; DIVERSIFICATION; INSTITUTIONS; INDUSTRY; OPTIONS; FOCUS; RISKS; BANKS;
Keywords:
diversification; option pricing; arbitrage pricing theory;
Tipo documento:
Article
Natura:
Periodico
Settore Disciplinare:
Social & Behavioral Sciences
--discip_BC--
Citazioni:
39
Recensione:
Indirizzi per estratti:
Indirizzo: Estrella, A Fed Reserve Bank New York, 33 Liberty St, New York, NY 10045 USA Fed Reserve Bank New York 33 Liberty St New York NY USA 10045
Citazione:
A. Estrella, "Mixing and matching: Prospective financial sector mergers and market valuation", J BANK FIN, 25(12), 2001, pp. 2367-2392

Abstract

Which types of mergers are likely to be most productive for banks and other financial firms in the US? From a management perspective, mixing disparate firms may be difficult, but may offer significant gains from diversification. The opposite applies to matching similar firms. This paper considers life insurance, property and casualty insurance, securities, and commercial firms as potential matches for banks. It examines a measure of diversification gains from potential consolidation, based on option pricing, and a model of the "building blocks" of the industries, based on arbitrage pricing theory. The results identify potential diversification gains from virtually all combinations involving banking and insurance, which arise because commonfactors are combined in different ways and because insurance is already well diversified. Published by Elsevier Science B.V.

ASDD Area Sistemi Dipartimentali e Documentali, Università di Bologna, Catalogo delle riviste ed altri periodici
Documento generato il 04/07/20 alle ore 18:26:05