Journal article 1374 views
Bank Mergers and Acquisitions in Emerging Markets: Evidence from Asia and Latin America
John Goddard,
Philip Molyneux,
Tim Zhou 
European Journal of Finance, Volume: 18, Issue: 5, Pages: 419 - 438
Swansea University Author:
Tim Zhou
Full text not available from this repository: check for access using links below.
DOI (Published version): 10.2139/ssrn.2006372
Abstract
Following a global wave of consolidation in the banking industry, this study analyses 132 mergers and acquisitions (M&As) involving banks in emerging markets in Asia and Latin America between 1998 and 2009. An event study measures the change in shareholder value for acquirers and targets; and a...
| Published in: | European Journal of Finance |
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| ISSN: | 1556-5068 |
| Published: |
2011
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| Online Access: |
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| URI: | https://cronfa.swan.ac.uk/Record/cronfa32885 |
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| Abstract: |
Following a global wave of consolidation in the banking industry, this study analyses 132 mergers and acquisitions (M&As) involving banks in emerging markets in Asia and Latin America between 1998 and 2009. An event study measures the change in shareholder value for acquirers and targets; and a multivariate regression identifies the drivers of the change in shareholder value for acquirers. On average M&A creates shareholder value for target firms, while acquirer firms do not lose shareholder value. Geographical diversification creates shareholder value for acquirers. Acquirer shareholders benefit from the acquisition of underperforming targets; from transactions settled by cash rather than exchange of equity; and from government-instigated M&A transactions. |
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| Keywords: |
banks, emerging markets, mergers and acquisitions |
| College: |
Faculty of Humanities and Social Sciences |
| Issue: |
5 |
| Start Page: |
419 |
| End Page: |
438 |