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| Tekijä: | Beitel, P. Schiereck, D. Wahrenburg, M. |
| Otsikko: | Explaining M&A success in European banks |
| Lehti: | European Financial Management
2004 : MAR, VOL. 10:1, p. 109-139 |
| Asiasana: | Bank mergers Mergers Shareholder value Europe |
| Kieli: | eng |
| Tiivistelmä: | 98 large M&As of European bidding banks from 1985 to 2000 are studied in order to investigate drivers of excess returns to the shareholders of the targets, the bidders and to the combined entity of the bidder and the target. The results indicate that many of 13 drivers identified mostly from prior, US-focused research have significant explanatory power, indicating that the stock market reaction to M&A announcements of European bidding banks can be at least partly forecast. The results are largely consistent with the US-experience and confirm the preference of stock markets for focused transactions and against diversification. |
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