Cross-Border Bank Mergers: Who Gains and Why?

von Dirk Schmautzer

Taschenbuch

Kurzbeschreibung des Verlags

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.

• Reihe: Europäische Hochschulschriften / European University Studies / Publications Universitaires Européennes
• ISBN: 9783631579237
• Sprache: Englisch
• Erscheinungsdatum: 20.08.2008
• Genre: Wirtschaft
• Verlag: Peter Lang GmbH, Internationaler Verlag der Wissenschaften