We study the pre-deal characteristics of state-owned banks acquiring other companies, relative to their private counterparts. We build a unique international data-set of 3682 deals in the years 2003–2013. Econometric results highlight that those state-owned banks that are acting as acquirers have an ex-ante performance similar to their private benchmarks. The results are driven by the role of development banks. This new finding points to the recent evolution of some types of contemporary state-owned financial players.
State-owned banks in the market for corporate control / E. Bacchiocchi, M. Ferraris, M. Florio, D. Vandone. - In: JOURNAL OF ECONOMIC POLICY REFORM. - ISSN 1748-7870. - 22:3(2019), pp. 120-147.
Titolo: | State-owned banks in the market for corporate control |
Autori: | BACCHIOCCHI, EMANUELE (Primo) FERRARIS, MATTEO (Secondo) VANDONE, DANIELA (Ultimo) |
Parole Chiave: | state-owned banks; development banks; ownership; mergers and acquisitions |
Settore Scientifico Disciplinare: | Settore SECS-P/03 - Scienza delle Finanze Settore SECS-P/05 - Econometria Settore SECS-P/06 - Economia Applicata Settore SECS-P/11 - Economia degli Intermediari Finanziari |
Data di pubblicazione: | 2019 |
Rivista: | |
Tipologia: | Article (author) |
Data ahead of print / Data di stampa: | mag-2017 |
Digital Object Identifier (DOI): | http://dx.doi.org/10.1080/17487870.2017.1336437 |
Appare nelle tipologie: | 01 - Articolo su periodico |
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State-owned banks in the MCC_2016.pdf | Pre-print (manoscritto inviato all'editore) | Open Access Visualizza/Apri | ||
2017_Bacchiocchi_et_al_StateOwnedBanks_JEPR.pdf | Online first | Publisher's version/PDF | Administrator Richiedi una copia |