caa a22 4500 465802877 CHVBK 20180323112057.0 cr unu---uuuuu 170327e19900701xx s 000 0 eng 10.1007/BF00352568 doi (NATIONALLICENCE)springer-10.1007/BF00352568 The effect of geographical deregulation on bank acquisition premiums [Elektronische Daten] [J. Adkisson, Donald Fraser] In recent years, many state legislatures have passed laws allowing greater geographical expansion by banking organizations, including interstate acquisitions. The reduction of barriers to geographic expansion may be expected to affect signficantly the prices paid in bank acquisitions. According to the "excess demand” hypothesis, merger premiums should be larger because of an increase in the number of potential bidders. According to the "barriers to entry” hypothesis, however, premiums should decrease as the constraints on geographic expansion are relaxed. This study presents empirical results that are consistent with the excess demand theory. Bank merger premiums are significantly larger in states that permit interstate banking. Furthermore, premiums appear to increase significantly in the year following the passage of enabling legislation. Premiums are also greater in states that allow unlimited intrastate holding company acquisitions. Some evidence also exists to support the barriers to entry hypothesis. Kluwer Academic Publishers, 1990 Adkisson J. Sam Houston State University, 77341, Huntsville, TX aut Fraser Donald Texas A&M University, 77841, College Station, TX aut Journal of Financial Services Research Kluwer Academic Publishers 4/2(1990-07-01), 145-155 0920-8550 4:2<145 1990 4 10693 https://doi.org/10.1007/BF00352568 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/BF00352568 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Adkisson J. Sam Houston State University, 77341, Huntsville, TX aut NATIONALLICENCE 700 1- Fraser Donald Texas A&M University, 77841, College Station, TX aut NATIONALLICENCE 773 0- Journal of Financial Services Research Kluwer Academic Publishers 4/2(1990-07-01), 145-155 0920-8550 4:2<145 1990 4 10693 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer