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Please use this identifier to cite or link to this item:
http://hdl.handle.net/2451/26718
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| Title: | THE DETERMINANTS OF TAKEOVERS: RECENT EVIDENCE FROM U.S. THRIFTS |
| Authors: | Cebenoyan, Fatma
Cebenoyan, A. Sinan
Cooperman, Elizabeth S. |
| Keywords: | Cost Inefficiency
Depository Institutions
Thrifts
Takeovers |
| Issue Date: | 10-Dec-2002 |
| Series/Report no.: | S-CG-02-10 |
| Abstract: | This paper uses a two-step methodology to examine the relationship
between managerial cost inefficiency and the takeover of U.S. thrifts
during a period of market liberalization and widespread takeover
activity, 1994 to 2000. In the first stage using stochastic cost
frontiers, we estimate controllable managerial cost inefficiency scores
for all stock firms operating each year in 1994 to 2000. In a second
stage, we use these scores to examine correlates of takeovers, focusing
on cost inefficiency. For takeovers by banks, we find a significant
negative relationship between cost inefficiency and takeover, suggesting
an exit of more cost efficient firms from the thrift industry during
this period. However, takeovers by thrifts are associated with other characteristics. |
| URI: | http://hdl.handle.net/2451/26718 |
| Appears in Collections: | Corporate Governance
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