We investigate whether the gains are greater for banks that conduct mergers and acquisitions (M&As) during banking crises than during non-crisis periods. We contribute to the literature by examining 1984 M&As using global banking sample from 106 countries (areas) during 1994 ~ 2009. We find the synergistic gains of acquiring banks during banking crises are larger than those during non-crisis periods. We further find that such gains are greater when acquiring weak targets, for acquirers in developed countries, and for acquirers in domestic M&As. This study confirms that a banking crisis is an appropriate time for banks to conduct M&As.

中文翻译：

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银行业危机和市场时机：银行业并购的证据

我们调查了在银行业危机期间进行并购 (M&A) 的银行的收益是否大于非危机期间。我们通过使用 1994~2009 年 106 个国家（地区）的全球银行业样本对 1984 年的并购做出贡献。我们发现银行危机期间收购银行的协同收益大于非危机期间的协同收益。我们进一步发现，在收购弱目标时，对于发达国家的收购方和国内并购的收购方而言，这种收益更大。本研究证实，银行业危机是银行进行并购的合适时机。