... performance (!ROE)is expected to depend on whether banks are involved in domestic or cross-border M&As.When domestic consolidation takes place, cost economies derived from factors such ascost-cutting ... usual conflicts arising from managerial disparitieson critical decisions could account for this effect.By contrast, in cross-border M&As, the larger the differences in credit risk and loan-to-assets ... ofFinancial Economics 60, pp. 28 5-3 31.Humphrey, D. and B. Vale (2004), Scale economies, bank mergers, and electronicpayments: a spline function approach, Journal of Banking and Finance(forthcoming).Jensen,...