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Bank Mergers and Acquisitions in Emerging Markets: Evidence from Asia and Latin America

John Goddard, Philip Molyneux, Tim Zhou Orcid Logo

European Journal of Finance, Volume: 18, Issue: 5, Pages: 419 - 438

Swansea University Author: Tim Zhou Orcid Logo

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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...

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Published in: European Journal of Finance
ISSN: 1556-5068
Published: 2011
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URI: https://cronfa.swan.ac.uk/Record/cronfa32885
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spelling 2017-04-01T11:17:56.8402046 v2 32885 2017-04-01 Bank Mergers and Acquisitions in Emerging Markets: Evidence from Asia and Latin America c132216bf49e0544a968bb3919686327 0000-0002-0830-2316 Tim Zhou Tim Zhou true false 2017-04-01 CBAE 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. Journal Article European Journal of Finance 18 5 419 438 1556-5068 banks, emerging markets, mergers and acquisitions 22 8 2011 2011-08-22 10.2139/ssrn.2006372 http://dx.doi.org/10.1080/1351847X.2011.601668 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University 2017-04-01T11:17:56.8402046 2017-04-01T11:17:06.2176661 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance John Goddard 1 Philip Molyneux 2 Tim Zhou 0000-0002-0830-2316 3
title Bank Mergers and Acquisitions in Emerging Markets: Evidence from Asia and Latin America
spellingShingle Bank Mergers and Acquisitions in Emerging Markets: Evidence from Asia and Latin America
Tim Zhou
title_short Bank Mergers and Acquisitions in Emerging Markets: Evidence from Asia and Latin America
title_full Bank Mergers and Acquisitions in Emerging Markets: Evidence from Asia and Latin America
title_fullStr Bank Mergers and Acquisitions in Emerging Markets: Evidence from Asia and Latin America
title_full_unstemmed Bank Mergers and Acquisitions in Emerging Markets: Evidence from Asia and Latin America
title_sort Bank Mergers and Acquisitions in Emerging Markets: Evidence from Asia and Latin America
author_id_str_mv c132216bf49e0544a968bb3919686327
author_id_fullname_str_mv c132216bf49e0544a968bb3919686327_***_Tim Zhou
author Tim Zhou
author2 John Goddard
Philip Molyneux
Tim Zhou
format Journal article
container_title European Journal of Finance
container_volume 18
container_issue 5
container_start_page 419
publishDate 2011
institution Swansea University
issn 1556-5068
doi_str_mv 10.2139/ssrn.2006372
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
url http://dx.doi.org/10.1080/1351847X.2011.601668
document_store_str 0
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description 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.
published_date 2011-08-22T19:06:09Z
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score 11.04748

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