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- W2022585986 abstract "From January 1, 1969, through December 31, 1975, there were 646 mergers in the United States involving FSLIC-insured savings and loan associations (S&Ls).I This relatively large number represents a merger rate unprecedented in the post-World War II period for the savings and loan industry.2 This paper investigates private and public issues regarding these mergers. In terms of private issues, the literature on merger theory suggests many reasons which motivate one firm to acquire another. Given the assumption that the goal of the firm is to maximize its owners' wealth, the advantages to the acquiring firm can be either operating or financial in character. The financial advantage in merging relates to the effect of changes in the stochastic distribution of the surviving firm's income stream when the operating incomes of the The impact of merger upon the merging savings and loan associations (S&Ls) is examined by comparing the financial characteristics of a group of merging S&Ls to a matched group of nonmerging S&Ls. The results show that the financial performance of the two groups did not differ significantly in either the premerger or postmerger periods. It is concluded that, during the period examined, the expansion of S&Ls through merger was no more efficient (in terms of effect on operating performance) than internal expansion, and that the merging associations' premerger and postmerger characteristics were generally consistent with those which are implied by the policy objectives of the Federal Home Loan Bank Board. * The aid of Donald Kaplan of the Office of Economic Research, Federal Home Loan Bank Board, in conducting this study is gratefully acknowledged. Much of this research was conducted while I was a visiting economist at the Federal Home Loan Bank Board. Research support at Stanford was provided by the Dean Witter Foundation and the General Electric Company. Jack McDonald and James Van Horne offered helpful comments on earlier versions of this paper. Opinions expressed are not necessarily those of the organizations or persons mentioned. 1. FSLIC-insured S&Ls hold over 98% of the assets of all S&Ls in the United States. 2. This merger rate is over three times that of insured S&Ls for the 1960-68 period, and is higher than any period since the 1930s." @default.
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- W2022585986 date "1978-01-01" @default.
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- W2022585986 title "The Performance of Merging Savings and Loan Associations" @default.
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- W2022585986 doi "https://doi.org/10.1086/295988" @default.
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