Value performance of European bank acquisitions
This article provides the first analysis of value gains to acquirers in the European bank M&A wave of 1996-2004. Using a sample of 75 publicly traded banks from 19 European countries, we document positive and statistically significant abnormal returns for the aggregate acquisition sample. Partitioning the sample with respect to product-market and geographic diversification indicates strong statistical evidence that all types of domestic deals as well as bank-to-bank cross-border deals create shareholder value. Gains to cross-border diversifying deals are insignificant.
Year of publication: |
2007
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Authors: | Lensink, Robert ; Maslennikova, Iryna |
Published in: |
Applied Financial Economics. - Taylor & Francis Journals, ISSN 0960-3107. - Vol. 18.2007, 3, p. 185-198
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Publisher: |
Taylor & Francis Journals |
Saved in:
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