Jordan, D. J., J. Sanchez, and D. Wort, "An Examination of Bear Market Bank Mergers, Evidence from 2001", Academy of Business Administration, Global Trends Conference, Cancun, December, 2008

This paper examines U.S. target banks' purchase price-to-book ratio for 72 acquisition announcements during the 2001 bear market. We relate each target bank's purchase price-to-book ratio to its percentage X-inEfficiency in cost control (compared to the average of the best two thousand benchmark banks) and its percentage of non-interest income to interest income.
The results of this study strongly suggest that lower relative costs and higher non-interest income result in higher purchase price-to-book ratios for banks acquired during this bear market period. We find that these two variables explain the target bank purchase price-to-book ratio with high statistical significance.

This paper examines 340 acquisitions of target firms acquired during the 2001 bear market noting significant differences between the event study abnormal returns and the Control Premium reported by Mergerstat/Shannon Pratt"s Control Premium Study when broken down into the "runup" period prior to the announcement date and the "markup" period after the announcement date.

Jordan, D. J. and P. Hoppe, "Is the Mergerstat Control Premium Overstaed?", The Journal of Business Valuation and Economic Loss Analysis, 2.2

This paper examines 100 acquisitions of target firms acquired between 1999 and 2003 noting average up market event study abnormal returns of 59.97% Vs 34.95% Control Premium reported by Mergerstat/Shannon Pratt"s Conrol Premium Study