An analysis of FDIC failed bank auctions |
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| Institution: | 1. Departments of Pathology and Urology, George Whipple Lab for Cancer Research, University of Rochester Medical Center, Rochester, NY 14642, USA;2. Department of Urology, Shanghai Tenth People''s Hospital, Tongji University School of Medicine, Shanghai 200072, PR China;3. Chawnshang Chang Sex Hormone Research Center, Tianjin Institute of Urology and School of Laboratory Medicine, Tianjin Medical University, Tainjin 300203, China;4. Department of General Surgery, Chawnshang Chang Liver Cancer Center, Sir Run-Run Shaw Hospital, Zhejiang University, Hangzhou, China;5. Sex Hormone Research Center, Department of Urology, The First Affiliated Hospital, Xi''an Jiaotong University, Xi''an 710061, China;6. Sex Hormone Research Center, China Medical University/Hospital, Taichung 404, Taiwan;1. School of Chemical Engineering, Yeungnam University, 280 Daehak-Ro, Gyeongsan 38541, South Korea;2. Department of Nano, Medical and Polymer Materials, Yeungnam University, 280 Daehak-Ro, Gyeongsan 38541, South Korea;1. Department of Mathematics and Statistics, International Islamic University Islamabad, 44000, Pakistan;2. Department of Mathematics, Quaid-i-Azam University, Islamabad 44000, Pakistan;3. Department of Mathematics, Preston University, Islamabad 44000, Pakistan;4. Department of Mathematics, COMSATS Institute of Information Technology, Islamabad 44000, Pakistan;5. Department of Sciences and Humanities, National University of Computer and Emerging Sciences, Islamabad 44000, Pakistan |
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| Abstract: | This paper examines whether the sales mechanism used by the FDIC in failed bank auctions results in wealth transfers from the FDIC to the acquiring banks. We test this hypothesis by examining the returns to winning bidders in FDIC auctions. We find positive abnormal returns to these bidders. More importantly, we find a negative and significant relation between the returns to winning bidders and the number of bidders participating in the auction. This evidence suggests that the FDIC's auction procedures do generate wealth transfers. |
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