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| Author: | Kiymaz, H. |
| Title: | Cross-border acquisitions of US financial institutions: Impact of macroeconomic factors |
| Journal: | Journal of Banking and Finance
2004 : JUN, VOL. 28:6, p. 1413-1439 |
| Index terms: | Macroeconomics Mergers Trading Models Financial institutions USA |
| Language: | eng |
| Abstract: | This study investigates the impact of mergers and acquisitions (M%A) on U.S. bidders (hereafter as: bids.) and targets (here as: targs.) involved in cross-border mergers of financial institutions. The findings indicate that while U.S. targs. experience positive significant wealth gains, U.S. bids. encounter insignificant wealth gains during the merger announcements. There are also differences in wealth gains with respect to industry classification and to the regional location of foreign targs and bids. The macroeconomic variables, incl. foreign and U.S. economic conditions, level of economic development of target country, exchange rate volatility etc. largely explain the wealth gains to bids.and targs. |
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