International banking facilities and bank value

Charles Braymen () and John R. Wingender ()
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Charles Braymen: Creighton University
John R. Wingender: Creighton University

Financial Markets and Portfolio Management, 2023, vol. 37, issue 4, No 1, 377 pages

Abstract: Abstract This study examines the value creation and destruction associated with the implementation of International Banking Facilities (IBFs) by publicly-traded US banks. Overall, we find that the implementation of an IBF negatively impacts bank value. However, our further results suggest that value creation or destruction varies across interest rate regimes. IBF implementation is more likely to be value creating during increasing-rate environments, but value destroying during decreasing-rate environments. Our results also suggest that banks with foreign branches see higher levels of value creation. Lastly, while systematic risk does not increase for IBF-implementing banks, there is an increase in overall risk.

Keywords: International banking facilities; Event study; Internationalization; Deregulation (search for similar items in EconPapers)
JEL-codes: F34 G21 G28 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s11408-023-00436-z

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