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Author:Jagtiani, Julapa 

Working Paper
Impact of independent directors and the regulatory environment on bank merger prices: evidence from takeover activity in the 1990s

This article examines the primary motivation of the bank merger waves in the 1990s. Our investigation of the factors that determine bid premiums paid for target banks focuses on the importance of the financial characteristics of the targets, composition of their boards of directors, and the regulatory environment. ; The value of the target bank to the acquiring bank should reflect its present discounted value of future net cash flows. Thus, at a minimum, the bid price should be a combination of the stand-alone value of the net assets of the target bank and the net cash flows from ...
Working Paper Series , Paper WP-00-31

Journal Article
Do markets discipline banks and bank holding companies? evidence from debt pricing

Emerging Issues , Issue Jun

Journal Article
Stumbling blocks to increasing market discipline in the banking sector: a note on bond pricing and funding strategy prior to failure

Emerging Issues , Issue Sep

Journal Article
The role of financial advisors in merger and acquisitions

This paper looks at the role of commercial banks and investment banks as financial advisors. Unlike some areas of investment banking, commercial banks have been allowed to compete directly with traditional investments banks in this area. In their role as lenders and advisors, banks can be reviewed as serving a certification function. However, banks as lenders and advisors also have a potential conflict of interest that may mitigate their certification function. Overall, it is found that the certification effect dominates the conflict of interest effect and that the certification effect is ...
Emerging Issues , Issue Feb

Journal Article
Do market react to bank examination ratings? evidence of indirect disclosure of management quality through BHCs' application to convert to FHC

Emerging Issues , Issue Oct

Journal Article
Predicting inadequate capitalization: early warning system for bank supervision

Emerging Issues , Issue Sep

Journal Article
Merger advisory fees and advisor's effort

Emerging Issues , Issue Dec

Journal Article
Impact of independent directors and the regulatory environment on merger prices and motivation: evidence from large bank mergers in the 1990s

Emerging Issues , Issue Dec

Journal Article
Market discipline prior to failure

This paper examines pricing behavior for bonds issued by bank holding companies in the period prior to failure of their bank subsidiaries. The results indicate that bond prices are related to the financial condition of the issuing bank holding companies, and that bonds spreads start rising as early as six quarters prior to failure as the issuing firm's financial condition and credit rating deteriorate. Strong market discipline exists during the critical period -- bond spreads for troubled banking organizations are many times those of healthy ones. Our results suggests that bond spreads could ...
Emerging Issues , Issue Sep

Report
The role of bank advisors in mergers and acquisitions

This paper looks at the role of both commercial and investment banks in providing merger advisory services. In this area, unlike some areas of investment banking, commercial banks have always been allowed to compete directly with investment banks. In their dual role as lenders and advisors to firms that are the target or the acquirer in a merger, banks can be viewed as serving a certification function. However, banks acting as both lenders and advisors face a potential conflict of interest that may mitigate or offset any certification effect. Overall, we find evidence supporting the ...
Staff Reports , Paper 143

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