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Mergers and Acquisitions of Financial Institutions Conference

Although thousands of banks, securities firms, insurance companies, stock exchanges and other financial firms have engaged in mergers and acquisitions (M&A) over the past decade, the structure of financial services markets remains far from an equilibrium. Each year brings a new stream of M&As across geographic boundaries and product markets, as financial services firms continue to reposition in response to new technological, regulatory and competitive conditions. As the industry continues to shift and consolidate, future combinations will have important economic effects (for example, financial market efficiency, competition, credit supply, economic growth) as well as political implications (for example, home- vs. host-country regulation, protection of national champions).

The Federal Deposit Insurance Corporation, Federal Reserve Bank of Chicago, University of Kansas School of Business and Journal of Financial Services Research (JFSR) held a research conference at which these and related issues were investigated. The conference was held on November 30 and December 1, 2007, at the FDIC's L. William Seidman Center in Arlington, Virginia.

If you have any questions about the conference, please contact N. Michelle Rose via e-mail or telephone at (202) 898-7204.

Friday, 11/30/07
7:30 AM
Registration and Continental Breakfast
8:00 AM
Conference Welcome
Robert DeYoung, University of Kansas and Federal Deposit Insurance Corporation, Center for Financial Research
8:00 AM
Bank Mergers: Strategies & Tactics
Multiple Bank Mergers and Rational Foresight
Ethan Cohen-Cole, Federal Reserve Bank of Boston
Nick Kraninger, Federal Reserve Bank of Boston
Corporate Governance and Bank Mergers
Kristina Minnick, Bentley College
Haluk Ünal, University of Maryland
Liu Yang, University of California at Los Angeles
Does Patience Pay? Empirical Testing of the Option to Delay Accepting a Tender Offer in the U.S. Banking Sector
Rachel Campbell, Maastricht University
Roman Kräussl, University of Amsterdam
Discussant for Multiple Bank Mergers and Rational Foresight
Simon Kwan, Federal Reserve Bank of San Francisco
Discussant for Corporate Governance and Bank Mergers
Santiago Carbó-Valverde, University of Granada
Discussant for Does Patience Pay?
Larry Wall, Federal Reserve Bank of Atlanta
10:30 AM
Break
11:00 AM
Theme Panel
Moderator
Douglas Evanoff, Federal Reserve Bank of Chicago
Panelists
Robin Prager, Assistant Director, Research and Statistics, Board of Governors of the Federal Reserve System
Bent Vale, Head of Research, Norges Bank
Brian R. Sterling, Principal and Head of Investment Banking, Sandler O'Neill and Partners, L.P.
James Overdahl, Chief Economist, U.S. Securities and Exchange Commision
12:30 PM
Lunch
Introduction
Haluk Ünal, University of Maryland and Editor, Journal of Financial Services Research
Edward Kane, James F. Cleary Professor of Finance, Boston College
2:00 PM
Bank Mergers and Lending to Small Businesses
Bank Consolidation and Soft Information Acquisition in Small Business Lending
Hirofumi Uchida, Wakayama Universit
Yoshiaki Ogura, Hitotsubashi University
Bank Market Structure, Competition, and SME Financing Relationships in European Regions
Steve Mercieca, University of Southampton
Klaus Schaeck, Cass Business School
Simon Wolfe, University of Southampton
Discussant for Bank Consolidation and Soft Information Acquisition in Small Business Lending
Ken Cyree, University of Mississippi
Discussant for Bank Market Structure, Competition, and SME Financing Relationships in European Regions
Allen Berger, Board of Governors of the Federal Reserve System
3:30 PM
Break
4:00 PM
Post-Merger Financial Institution Performance
Detecting Information Pooling: Evidence from Earnings Forecasts after Brokerage Mergers
Serena Ng, Columbia University
Matthew Shum, Johns Hopkins University
M&A Operations and Performance in Banking
Elena Beccalli, London School of Economics
Pascal Frantz, London School of Economics
Discussant for Detecting Information Pooling
David Becher, Drexel University
Discussant for M&A Operations and Performance in Banking
Emilia Bonaccorsi di Patti, Banca d'Italia
5:30 PM
Reception
6:00 PM
Dinner
Saturday, 12/01/07
8:00 AM
Continental Breakfast
8:30 AM
Cross-Border Bank Mergers
Cross-Border Bank Acquisitions: Is There a Performance Effect?
Ricardo Correa, Board of Governors of the Federal Reserve System
International Diversification Gains and Home Bias in Banking
Alicia Garcia-Herrero, Bank for International Settlements
Francisco Vazquez, International Monetary Fund
Discussant for Cross-Border Bank Acquisitions
Elijah Brewer, DePaul University
Discussant for International Diversification Gains and Home Bias in Banking
Ken Jones, Federal Deposit Insurance Corporation
10:00 AM
Break
10:30 AM
Causes and Effects of Financial Institution Mergers
Consolidation in the U.S. Credit Union Sector: Determinants of Failure and Acquisition
John Goddard, University of Wales
Donal McKillop, Queen's University of Belfast
John Wilson, University of St. Andrews
Bank Mergers and the Dynamics of Deposit Interest Rates
Ben Craig, Federal Reserve Bank of Cleveland
Valeriya Dinger, University of Bonn
Discussant for Consolidation of the U.S. Credit Union Sector
Robert Adams, Board of Governors of the Federal Reserve System
Discussant for Bank Mergers and the Dynamics of Deposit Interest Rates
Rober Bliss, Wake Forest University
12:00 PM
Summary and Closing Comments
Philip Molyneux, University of Wales
12:15 PM
Informal Lunch
Event Information
Event Contact
Blanca Sepulveda
(312) 322-8340
Email
Date
11/30/07  - 12/01/07
Location
Federal Reserve Bank of Chicago
230 S LaSalle St.
Chicago, Illinois 60604-1413
Schedule
F 7:30 a.m. - 6 p.m.
Sa 8 a.m. - 12:15 p.m.
Map


Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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