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1、THEEFFECTOFBANKM&AsONEFFICIENCY:THEPORTUGUESEEXPERIENCEVictorMendes*UniversidadedoPorto-FaculdadedeEconomia-CEMPRER.Dr.RobertoFrias4200Porto-PORTUGALPh.351-22-5571100email:vmendes@fep.up.ptJoãoRebeloUniversidadedeTrás-os-MonteseAltoDouro-Dep.deEconomiaeSociologiaemail:jo
2、ao.rebelo@mail.telepac.ptNovember1999Keywords:Banking;Mergers;Acquisitions;Efficiency;PortugalJELclassification:*Correspondingauthor.19THEEFFECTOFBANKM&AsONEFFICIENCY:THEPORTUGUESEEXPERIENCE1.IntroductionBankmergersandacquisitionsmayenablebankingfirmstobenefitfromnewbusi
3、nessopportunitiesthathavebeencreatedbychangesintheregulatoryandtechnologicalenvironment.Amongstthesechanges,thefollowinghavebeenlisted:technologicalprogress,improvementsinfinancialcondition,excesscapacityorfinancialdistressintheindustry,internationalconsolidationofmarket
4、s,andderegulationofgeographicalorproductrestrictions.Improvementsincommunicationtechnologyallowgreaterdisseminationofinformation;lowercostsofcommunicationstrengthencompetitioninsofarasphysicallydistantinstitutionsbecomeactivecompetitors.InthewordsofMooreandSiems(1998)“Th
5、etwoforcesoftechnologyandderegulation,workingtogether,havefueledchangethatincreasinglyblursacceptedboundariesoftime,geography,language,industries,enterprises,economiesandregulations”(p.3).BergerandMester(1997)suggestthateconomiesofscaleinthebankingindustrymayhaveincrease
6、dintheninetiesrelativetotheeighties;thiscouldpossiblebeexplainedbytechnologicalprogress.Improvementsinbanks’financialconditionsmayhelpincreasethevolumeofM&As.IntheUSA,bankprofitabilitywasveryhighinthenineties.InEuropethatwasnotnecessarilytrue.However,insomeEuropeancountr
7、ies(Belgium,theNetherlands,Norway,SwedenandUK)bankreturnonequityfiguresreachveryhighlevelsinthemid-1990s(Molyneux,1999).Excesscapacitymightbereducedoreliminatedthroughconsolidation.InEuropethereappearstobeindicatorsofexcesscapacity(Bergeretal1999,Molyneux1999).Asforthein
8、ternationalconsolidationofmarkets,Bergeretal(1999)arguethat“thetransfersofsecurities,goods,andservicesi
