FSLIC ASSISTANCE AND THE WEALTH EFFECTS OF SAVINGS AND LOAN ACQUISITIONS
成果类型：
Article
署名作者：
GUPTA, A; LECOMPTE, RLB; MISRA, L
署名单位：
Wichita State University; University of Texas System; University of Texas at San Antonio
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/0304-3932(93)90019-C
发表日期：
1993
页码：
117-128
关键词：
摘要：
This paper examines whether FSLIC-assisted failed thrift mergers in the 1980s resulted in wealth transfers from the insurance fund to acquiring firm stockholders. We find that winning bidders earned positive abnormal returns upon the announcement of such mergers. More importantly, the abnormal returns are larger in cases where the FSLIC provided direct financial assistance, and bidder abnormal returns are positively related to the size of FSLIC assistance. These results suggest that the process followed by the FSLIC in arranging failed thrift mergers did result in wealth transfers.
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