Announcement effects of bank mergers in Europe and the US

Research in International Business and Finance

Volumn 18, Issue 2, 2004, Pages 217-228

  Scholtens, Bert ^a   de Wit, Robert ^a  

^a UNIVERSITY OF GRONINGEN   (Netherlands)

Author keywords

Announcement effects; Banking; Mergers and acquisitions; Shareholder wealth

Indexed keywords

EID: 3442900056     PISSN: 02755319     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ribaf.2004.04.002     Document Type: Article

References (36)

1. Agrawal A. Jaffe J.F. 1999. The post-merger performance puzzle. University of Alabama and The Wharton School University of Pennsylvania, Mimeograph.
2. Barth J.R. Nolle D.E. Rice T.N. 1997. Commercial banking structure, regulation, and performance: an international comparison. Comptroller of the Currency Economic Working Paper 97-6, Washington.
3. Beck T. Demirgüç-Kunt A. Levine R. 2001. Law, politics, and finance. World Bank Working Paper 2585.
4. Beitel P. Schiereck D. Wahrenburg M. 2003. Explaining the M&A-success in European bank mergers and acquisitions. IMA Working Paper, University of Witten.
5. Bekaert G. Harvey C. Foreign speculators and emerging equity markets J. Finance 55 2000 565-613
6. Berger A.N. Humphrey D.B. Efficiency of financial institutions: international survey and directions for future research Eur. J. Operations Res. 98 1997 175-212
7. Berger A.N. DeYoung R. Genay H. Udell G.F. 2000. The globalization of financial institutions: evidence from a cross-border banking performance. Brookings-Wharton Paper on Financial Service, pp. 23-120.
8. Boot A.W.A. Restructuring in the banking industry with implications for Europe EIB Papers 81 2003 108-129
9. Campbell J.Y. Lo A.W. MacKinlay A.C. 1997. The Econometrics of Financial Markets. Princeton University Press, Princeton, NJ.
10. Copeland T. Weston J.F. 1983. Financial Theory and Corporate Policy, second ed. Addison-Wesley, Reading, MA.
11. Cybo-Ottone A. Murgia M. Mergers and shareholder wealth in European banking J. Banking Finance 24 2000 831-859
12. DeLong G.L. Stockholder gains from focusing versus diversifying bank mergers J. Financial Econ. 59 2001 221-252
13. DeLong G.L. The announcement effects of US versus non-US bank mergers: do they differ? J. Financial Res. 26 2003 487-500
14. DeYoung R. Bank mergers, X-efficiency, and the market for corporate control Manage. Finance 23 1997 32-47
15. Demirgüç-Kunt A. Levine R. 1999. Bank-based and market-based financial systems. Policy Research Working Paper 2143, World Bank, Washington.
16. Elton E.J. Gruber M.J. Brown S.J. Goetzman W.N. 2003. Modern Portfolio Theory and Investment Analysis. Wiley, New York.
17. Fama E.F. Efficient markets II J. Finance 46 1991 1575-1618
18. Fligstein N. Merand F. Globalization or Europeanization: changes in the European economy, 1980-2000 Acta Sociol. 45 2002 7-22
19. Frame W.S. Lastrapes W.D. Abnormal returns in the acquisition market: the case of bank holding companies, 1990-1993 J. Financial Services Res. 14 1998 145-163
20. Franks J. Harris R. Shareholder wealth effects of corporate take-overs: the UK experience 1955-1985 J. Financial Econ. 23 1989 225-249
21. Fratzscher M. 2001. Financial market integration in Europe: on the effects of EMU on stock markets. ECB Working Paper 48.
22. Hawawini G.A. Swary I. 1990. Mergers and Acquisitions in the US-Banking Industry: Evidence from Capital Markets. North-Holland, Amsterdam.
23. Haynes M. Thomson S. The productivity effects of bank mergers: evidence from the UK building societies J. Banking Finance 23 1999 825-845
24. Henry P.B. Do stock market liberalizations cause investment booms? J. Financial Econ. 58 2000 301-334
25. Houston J.F. James C.M. Ryngaert M.D. Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders J. Financial Econ. 60 2001 285-331
26. Loughran T. Vijh A.M. Do long-term shareholder benefit from corporate acquisitions? J. Finance 52 1997 1765-1789
27. Mayer C. New issues in corporate finance Eur. Econ. Rev. 32 1988 1167-1183
28. Mayer C. Sussman O. 2004. A new test of capital structure. CEPR Discussion Paper 4239.
29. Olson G.T. Pagano M.S. 2003. The long-term impact of bank mergers on sustainable growth and shareholder return. Mimeograph, Villanova University.
30. Pilloff S.J. Performance changes and shareholder wealth creation associated with mergers of publicly traded banking institutions J. Money Credit Banking 28 1996 294-310
31. Pilloff S.J. Santomero A.M. 1998. The value effects of bank mergers and acquisitions. In: Amihud, Y., Miller, G. (Eds.), Bank Mergers and Acquisitions. Kluwer Academic Publishers, Dordrecht.
32. Rad A.T. Van Beek L. Market valuation of European bank mergers Eur. Manage. J. 17 1999 532-539
33. Sawyer G.M. Shrieves R.E. Stockholder returns among homogeneous groups of mergers J. Financial Res. 17 1994 45-63
34. Thompson J.C. Mullineaux D.J. A multiple-metric study of the returns to shareholders: the case of bank holding company mergers J. Financial Strategic Decisions 83 1995 43-51
35. Trifts J.W. Scanlon K.P. Interstate bank mergers: the early evidence J. Finance 42 1987 305-311
36. Weston J.F. Chung K.S. Hoag S.E. 1990. Mergers, Restructuring, and Corporate Control. Prentice-Hall, Englewood Cliffs.