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. [10.1080/17487870.2017.1336437]

State-owned banks in the market for corporate control

E. Bacchiocchi
Primo
;
M. Ferraris
Secondo
;
M. Florio
Penultimo
;
D. Vandone
Ultimo
2019

Abstract

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; development banks; ownership; mergers and acquisitions
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
2019
mag-2017
Article (author)
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/2434/503839
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