Cross-Border Bank Mergers: Who Gains and Why?
©2008
Thesis
268 Pages
Summary
This study examines the short-term and long-term wealth effects of 96 cross-border bank mergers between 1985 and 2005. In the short-term, even after a thorough accounting for information leakage, transactions are found to be wealth-creating, albeit only on a net basis with target gains more than compensating for bidder losses. Contrary to earlier evidence, no abnormal long-term returns are detected, which supports the validity of the inferences drawn from the short-term. Furthermore, a thorough analysis of factors that can explain wealth creation ex-ante suggests that bidder and net wealth creation is higher if bidders take over targets that are already relatively cost efficient ex-ante and do not acquire in «hot» deal markets.
Details
- Pages
- 268
- Publication Year
- 2008
- ISBN (Softcover)
- 9783631579237
- Language
- English
- Keywords
- Bank Internationale Fusion Banken Renditen
- Published
- Frankfurt am Main, Berlin, Bern, Bruxelles, New York, Oxford, Wien, 2008. 268 pp., num. tables and graphs
- Product Safety
- Peter Lang Group AG