Value performance of European bank acquisitions

• Autores: Robert Lensink, Iryna Maslennikova
• Localización: Applied financial economics, ISSN 0960-3107, Vol. 18, Nº. 1-3, 2008, págs. 185-198
• Idioma: inglés
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• Resumen

  • 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.