WORKING PAPER SERIES NO. 398 / OCTOBER 2004: MERGERS AND ACQUISITIONS AND BANK PERFORMANCE IN EUROPE THE ROLE OF STRATEGIC SIMILARITIES

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Regarding banks’ capital structures, the standard view is that capital regulation constitutes an additional, overriding departure from the Modigliani-Miller irrelevance proposition (see for example Berger et al., 1995, Miller, 1995, or Santos, 2001). Commercial banks have deposits that are insured to protect depositors and to ensure financial stability. In order to mitigate the moral-hazard of this insurance, commercial banks must be required to hold a minimum amount of capital. Our sample consists of large, systemically relevant commercial banks in countries with explicit deposit insurance during a period in which the uniform capital regulation of Basle I is in...
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WORKING PAPER SERIES NO. 398 / OCTOBER 2004: MERGERS AND ACQUISITIONS AND BANK PERFORMANCE IN EUROPE THE ROLE OF STRATEGIC SIMILARITIES