State passage of interstate banking legislation: An analysis of firm,legislative, and economic characteristics |
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| Affiliation: | 1. Department of Civil and Urban Engineering, New York University, Brooklyn, NY 11201, United States;2. The Cho Chun Shik Graduate School of Green Transportation, Korea Advanced Institute of Science and Technology, Republic of Korea;3. Division of Engineering, New York University Abu Dhabi, United Arab Emirates;1. Aston Business School, Aston University, Birmingham B4 7ET, United Kingdom;2. Keele Management School, Keele University, Keele ST5 5BG, United Kingdom |
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| Abstract: | Forty-nine states and the District of Columbia enacted legislation reducing interstate banking restrictions between July 1982 and April 1993. For these 50 banking bills, deregulation increased the average price of bank stocks. Returns vary cross-sectionally by firm characteristics, regulatory features, and economic conditions. Returns are positively related to the characteristics of acquisition targets. Furthermore, returns are positively related to legislative features that increase the bargaining power of potential targets and economic conditions that are likely to encourage bank acquisition. These findings are consistent with the relaxation of geographic restrictions increasing activity in the corporate control market. |
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