English, Article, Journal or magazine article edition: Do Bankers Sacrifice Value to Build Empires? Managerial Incentives, Industry Consolidation and Financial Performance Joseph P. Hughes; William W. Lang; Loretta J. Mester; ...

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Bookmark: http://trove.nla.gov.au/version/190164
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Do bankers sacrifice value to build empires? managerial incentives, industry consolidation, and financial performance
Author
  • Joseph P. Hughes
  • William W. Lang
  • Loretta J. Mester
  • Choon-Geol Moon
  • Michael S. Pagano
Physical Description
  • preprint
Notes
  • Bank consolidation is a global phenomenon that may enhance stakeholders' value if managers do not sacrifice value to build empires. We find strong evidence of managerial entrenchment at U.S. bank holding companies that have higher levels of managerial ownership, better growth opportunities, poorer financial performance, and smaller asset size. At banks without entrenched management, both asset acquisitions and sales are associated with improved performance. At banks with entrenched management, sales are related to smaller improvements while acquisitions are associated with worse performance. Consistent with scale economies, an increase in assets by internal growth is associated with better performance at most banks. Key Words: consolidation, acquisitions, managerial incentives, efficiency, agency problems, corporate control, stochastic frontier
  • RePEc:wop:pennin:02-18
  • Bank holding companies ; Bank mergers
  • RePEc:fip:fedpwp:02-2
Language
  • English
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