384
Views
4
CrossRef citations to date
0
Altmetric
Original Articles

The choice of IPO versus M&A: evidence from banking industry

, &
Pages 1987-2007 | Published online: 30 Oct 2009

References

  • Amel , D . 1993 . State laws affecting the geographic expansion of commercial banks Unpublished manuscript, Board of Governors of the Federal Reserve System, Washington, DC
  • Amel , D and Liang , JN . 1992 . The relationship between entry into banking markets and changes in legal restrictions on entry . Antitrust Bulletin , 37 : 631 – 49 .
  • Beatty , RP , Reim , JF and Schapperle , RF . 1985 . The effect of barriers to entry on bank shareholder wealth: implications for interstate banking . Journal of Bank Research , 16 : 8 – 15 .
  • Berger , AN , Demsetz , RS and Strahan , PE . 1999 . The consolidation of the financial services industry: causes, consequences, and implications for the future . Journal of Banking and Finance , 23 : 135 – 94 .
  • Berger , AN and Hannan , TH . 1998 . The efficiency cost of market power in the banking industry: a test of the ‘quiet life’ and related hypotheses . Review of Economics and Statistics , 80 : 454 – 65 .
  • Berger , AN , Kashyap , AK and Scalise , JM . 1995 . The transformation of the US banking industry: what a long, strange trip it's been . Brookings Papers on Economic Activity , 2 : 55 – 218 .
  • Berlin , M and Mester , LJ . 1999 . Deposits and relationship lending . The Review of Financial Studies , 12 : 579 – 607 .
  • Boot , BS , Gopalan , R and Thakor , AV . 2006 . The entrepreneur's choice between private and public ownership . Journal of Finance , 61 : 803 – 36 .
  • Brau , JC , Francis , B and Kohers , N . 2003 . The choice of IPO versus takeover: empirical evidence . Journal of Business , 76 : 583 – 612 .
  • Brennan , M and Franks , J . 1997 . Underpricing, ownership, and control in initial public offerings of equity securities in the UK . Journal of Financial Economics , 45 : 391 – 414 .
  • Carhill , M and Hasan , I . 1997 . Mutual to stock conversion, information-cost, and performance of firms . The Financial Review , 32 : 1 – 28 .
  • Carrow , KA and Heron , RA . 1998 . The interstate banking and branching efficiency act of 1994: a wealth event for acquisition targets . Journal of Banking and Finance , 22 : 175 – 96 .
  • Chemmanur , TJ and Fulghieri , P . 1999 . A theory of the going public decision . Review of Financial Studies , 12 : 249 – 79 .
  • Cheng , DC , Gup , BE and Wall , LD . 1989 . Financial determinants of bank takeovers . Journal of Money, Credit, and Banking , 21 : 524 – 35 .
  • Demsetz , RS and Strahan , PE . 1997 . Size, diversification and risk at US bank holding companies . Journal of Money, Credit, and Banking , 29 : 300 – 13 .
  • Dick , AA . 2008 . Demand estimation and consumer welfare in the banking industry . Journal of Banking and Finance , 32 : 1661 – 76 .
  • Dunbar , CG . 1995 . The use of warrants as underwriter compensation in initial public offerings . Journal of Financial Economics , 38 : 59 – 78 .
  • Esty , BC . 1997 . Organization form and risk taking in the savings and loan industry . Journal of Financial Economics , 44 : 25 – 55 .
  • Francis , BB and Hasan , I . 2004 . An empirical investigation of the firm's contract choice and the level of underpricing of initial public offerings Working Paper, Berkley Center for Entrepreneurial Studies, New York University, New York
  • Grabowski , R , Rangan , N and Rezvanian , R . 1993 . Organizational forms in banking: an empirical investigation of cost efficiency . Journal of Banking and Finance , 17 : 531 – 8 .
  • Hadlock , C , Houston , J and Ryngaert , M . 1999 . The role of managerial incentives in bank acquisitions . Journal of Banking and Finance , 23 : 221 – 49 .
  • Hawawini , G and Swary , I . 1990 . Mergers and Acquisitions in the US Banking Industry: Evidence from the Capital Markets , New York : Elsevier Science Publisher .
  • Heckman , J . 1976 . The common structure of statistical models of truncation, sample selection, and limited dependent variables and a simple estimator for such models . Annals of Economic and Social Measurement , 5 : 475 – 92 .
  • Houge , T and Loughran , T . 1999 . Growth fixation and the performance of bank initial public offerings, 1983–1991 . Journal of Banking and Finance , 23 : 1277 – 301 .
  • Hubbard , RG and Palia , D . 1995 . Executive pay and performance: evidence from the US banking industry . Journal of Financial Economics , 39 : 105 – 30 .
  • Hunter , WC and Wall , LD . 1989 . Bank merger motivations: a review of the evidence and an examination of key target bank characteristics . Economic Review , 74 : 2 – 19 .
  • Jayaratne , J and Strahan , PE . 1998 . The finance-growth nexus: evidence from bank branch deregulation . Quarterly Journal of Economics , 111 : 639 – 70 .
  • Johnson , C and Rice , T . 2007 . Assessing a decade of interstate bank branching Federal Reserve Bank of Chicago, Working Paper Series WP 2007–03
  • Kroszner , RS and Strahan , PE . 1999 . What drives deregulation? Economics and politics of the relaxation of bank branching restrictions in the United States . Quarterly Journal of Economics , 114 : 1437 – 67 .
  • Maddala , GS . 1999 . Limited Dependent and Qualitative Variables in Econometrics , Cambridge : Cambridge University Press .
  • Maksimovic , M and Pichler , P . 2001 . Technological innovation and initial public offerings . Review of Financial Studies , 14 : 459 – 94 .
  • Masulis , RW . 1987 . Changes in ownership structure: conversions of mutual savings and loans to stock charter . Journal of Financial Economics , 18 : 29 – 59 .
  • Mello , AS and Parsons , JE . 1998 . Going public and the ownership structure of firm . Journal of Financial Economics , 49 : 79 – 109 .
  • Mitchell , ML and Mulherin , JH . 1996 . The impact of industry shocks on takeover and restructuring activity . Journal of Financial Economics , 41 : 193 – 229 .
  • O’Keefe , JP . 1996 . Banking industry consolidation: financial attributes of merging banks . FDIC Banking Review , 9 : 18 – 38 .
  • Pagano , M , Panetta , F and Zingales , L . 1998 . Why do companies go public? An empirical analysis . Journal of Finance , 53 : 27 – 64 .
  • Pagano , M and Roell , A . 1998 . The choice of stock ownership structure: agency costs, monitoring, and the decision to go public . Quarterly Journal of Economics , 113 : 187 – 225 .
  • Pastor , L and Veronesi , P . 2005 . Rational IPO waves . Journal of Finance , 60 : 1713 – 57 .
  • Poulsen , AB and Stegemoller , M . 2008 . Moving from private to public ownership: selling out to public firms versus initial public offerings . Financial Management (USA) , 37 : 81 – 101 .
  • Rhoades , SA and Rutz , RD . 1982 . Market power and firm risk: a test of the quiet-life hypothesis . Journal of Monetary Economics , 9 : 73 – 85 .
  • Ritter , JR . 1987 . The costs of going public . Journal of Financial Economics , 19 : 269 – 81 .
  • Ritter , RJ and Welch , I . 2002 . A review of IPO activity, pricing and allocations . Journal of Finance , 57 : 1795 – 828 .
  • Rosen , RJ , Smart , SB and Zutter , CJ . 2005 . “ Why do firms go public? Evidence from the banking industry ” . Working Paper Series WP-05–17 Federal Reserve Bank of Chicago .
  • Roy , AD . 1951 . Some thoughts on the distribution of earnings . Oxford Economic Papers , 3 : 135 – 46 .
  • Savage , DT . 1993 . Interstate banking: a status report . Federal Reserve Bulletin , 79 : 1075 – 89 .
  • Schranz , M . 1993 . Takeovers improve firm performance: evidence from the banking industry . Journal of Political Economy , 101 : 299 – 326 .
  • Wheelock , DC and Wilson , PW . 2004 . Consolidation in US banking: which banks engage in mergers? . Review of Financial Economics , 13 : 7 – 39 .
  • Zingales , L . 1995 . Insider ownership and the decision to go public . Review of Economic Studies , 62 : 425 – 8 .

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.