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The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function
Open accessAbstract
This paper examines the efficiency and price effects of mergers by applying a frontier profit function to data on bank ‘megamergers’. We find that merged banks experience a statistically significant 16 percentage point average increase in profit efficiency rank relative to other large banks. Most of the improvement is from increasing revenues, including a shift in outputs from securities to loans, a higher-valued product. Improvements were greatest for the banks with the lowest efficiencies prior to merging, who therefore had the greatest capacity for improvement. By comparison, the effects on profits from merger-related changes in prices were found to be very small.
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Citations
Cited by
The effects of bank mergers and acquisitions on small business lending
Berger, A. N., Saunders, A., Scalise, J. M., & Udell, G. F. (1998) · Journal of Financial Economics · doi:10.1016/s0304-405x(98)00036-1 · Cited by 827
Self-citationCEO compensation and bank mergers
Bliss, R. (2001) · Journal of Financial Economics · doi:10.1016/s0304-405x(01)00057-5 · Cited by 445
Don't Put All Your Eggs in One Basket? Diversification and Specialization in Lending
Winton, A. (1999) · SSRN Electronic Journal · doi:10.2139/ssrn.173615 · Cited by 287
Metadata
- Authors
- Akhavein, J. D., Berger, A. N., & Humphrey, D. B.
- Venue
- SSRN Electronic Journal
- Publisher
- Elsevier BV
- Published
- 1997
- ISSN
- 1556-5068 (ISSN-L)
- OpenAlex
- W4292853934
- Cited by
- 169
- References
- 0
- Type
- posted content
- Language
- en
- Open access
- green
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- Akhavein, J. D., Berger, A. N., & Humphrey, D. B. (1997). The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.8296
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
