haku: @author Murgia, M. / yhteensä: 2
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| Tekijä: | Cybo-Ottone, A. Murgia, M. |
| Otsikko: | Mergers and shareholder wealth in European banking |
| Lehti: | Journal of Banking and Finance
2000 : JUN, VOL. 24:6, p. 831-859 |
| Asiasana: | Banking Mergers Markets Europe USA |
| Kieli: | eng |
| Tiivistelmä: | This paper studies the stock market valuation of mergers and acquisitions in the European banking industry. Based on a sample of very large deals observed from 1988 to 1997 it is documented that, on average, at the announcement time the size-adjusted combined performance of both the bidder and the target is statistically significant and economically relevant. The general results are mainly driven by the significant positive abnormal returns associated with the announcement of domestic bank to bank deals and by product diversification of banks into insurance. On the contrary, it is found that M&A with securities firms and concluded with foreign institutions did not gain a positive market's expectation. This paper's results are remarkably different from those reported for U.S. bank mergers. This paper's different results are explained as stemming from the different structure and regulation of EU banking markets, which are shown to be more similar btw. them than as compared with the U.S. one. |
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