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首页> 外文期刊>Journal of Financial Economic Policy >Bank mergers: the cyclical behaviour of regulation, risk and returns
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Bank mergers: the cyclical behaviour of regulation, risk and returns

机译：银行兼并：监管，风险和回报的周期性行为

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Purpose - The purpose of this paper is to examine the effects of bank mergers on systemic and systematic risks on the relative merits of product and market diversification strategies. It also observes determinants of M&A deals criteria, product and market diversification positioning, crisis threshold and other regulatory and market factors. Design/methodology/approach - This research examines the impact and association between merger announcements and regulatory reforms at bank and system levels by investigating the impact of various bank consolidation strategies on firms' risks. We estimate beta(s) as an index of financial institutions' systematic risk. We then develop an index of the estimated equity value loss as the long-rum marginal expected shortfall (LRMES). LRMES contributes to compute systemic risk (SRISK) contribution of these firms, which is the capital that a firm is expected to need if we have another financial crisis. Findings - Large acquiring banks decrease systemic risk contribution in cross-border M&As with a non-bank financial institution, and witness profitability (ROA) gains, supporting geographic diversification stability. Capital requirements, activity restrictions and bank concentration increase systemic risk contribution in national mergers. Bank mergers with investment FIs targets enhance productivity but impair technical efficiency, contrary to bank-real estate deals where technical efficiency change accompanied lower systemic risk contribution. Practical implications - Financial institutions are recommended to avoid trapped capital and liquidity by efficiently using local balance sheet and strengthening them via implementing models that clearly set diversification and netting benefits to determine capital reserves and to drive capital efficiency through the clarity on product-activity-geography diversification and focus. This contributes to successful ringfencing, decreases compliance costs and maximises returns and minimises several risks including systemic risk. Social implications - Policy implications: the adversative properties of bank mergers in respect of systemic risk require strict and innovative monitoring of bank mergers from the bidding level by both acquirers and targets and regulators and competition supervisory bodies. Moreover, emphasis on regulators/ governments intervention and role, as it provides a stabilising factor of the markets and consecutively lower systemic risk even if the systematic idiosyncratic risk contribution was significant. However, such roles have to be well planned and scaled to avoid providing motives for banks to seek too-big-too-fail or too-big-to-discipline status. Originality/value - This research contributes to the renewing regulatory debate on banks sustainable structures by examining the risk effect of bank diversification versus focus. The authors aim to address the multidimensional impacts and risks inherent to M&A deals, by examining the extent of the interconnectedness of M&A and its implications within and beyond the banking sector.
机译：目的 - 本文的目的是审查银行合并对产品和市场多元化策略相对优点的系统和系统风险的影响。它还观察到M＆A交易标准，产品和市场多元化定位，危机阈值和其他监管和市场因素的决定因素。设计/方法/方法 - 本研究通过调查各个银行合并战略对公司风险的影响，研究了银行和系统水平的合并公告和监管改革之间的影响和关联。我们估计测试版作为金融机构系统风险的指标。然后，我们将估计的股权价值损失的索引发展为Long-rum边缘预期的缺口（LRMES）。 LRMES有助于计算这些公司的全身风险（SRISK）贡献，这是如果我们有另一种金融危机，该公司预计需要公司的资本。调查结果 - 大型收购银行减少跨境M＆与非银行金融机构的全身风险贡献，并证明盈利能力（ROA）收益，支持地理多样化稳定性。资本要求，活动限制和银行集中度提高国家合并中的全身风险贡献。投资FIS目标的银行合并增强了生产率但损害了技术效率，违反了技术效率变化伴随着较低的全身风险贡献。实际意义 - 建议通过有效地使用本地资产负债表并通过实施模型来加强其明确设定多样化和网络福利来确定资本储备以及通过产品活动 - 地理清晰度推动资本效率的模型来避免捕获资本和流动性多样化和焦点。这有助于成功戒指，降低合规成本，最大化返回，并最大限度地减少包括系统风险的若干风险。社会影响 - 政策影响：银行合并在系统风险方面的反转性质需要通过收购者和目标和监管机构和竞争监督机构的招标水平严格和创新监测银行兼并。此外，强调监管机构/政府的干预和作用，因为它提供了市场的稳定因子，即使系统特质的风险贡献显着，即使系统特性也是显着的。然而，这种角色必须妥善规划和扩展，以避免为银行提供太大的失败或过于纪律的地位的动机。原创性/价值 - 本研究通过审查银行多元化与重点的风险效应，有助于对银行可持续结构的更新监管辩论。作者旨在通过检查并购和其内部内外和超出银行业内外的影响，解决并购交易所固有的多维影响和风险。

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