The euro and the changing face of European banking: Evidence from mergers and acquisitions

European Financial Management

Volumn 15, Issue 2, 2009, Pages 451-476

  Ekkayokkaya, Manapol ^a   Holmes, Phil ^b   Paudyal, Krishna ^b  

^a CHULALONGKORN UNIVERSITY   (Thailand)

^b UNIVERSITY OF LEEDS   (United Kingdom)

Author keywords

Acquisitions; Euro; European banking; Integration; Single currency

Indexed keywords

EID: 61849099972     PISSN: 13547798     EISSN: 1468036X     Source Type: Journal    
DOI: 10.1111/j.1468-036X.2007.00411.x     Document Type: Article

References (35)

1. Akbulut, M. E. and Matsusaka, J. G. Fifty years of diversification announcements Working Paper (University of Southern California, 2003)
2. Allen, F. and Song, W. L. Financial integration and EMU European Financial Management, Vol. 11, 2005, pp. 7 24.
3. Amihud, Y., DeLong, G. L. and Saunders, A. The effects of cross-border bank mergers on bank risk and value Journal of International Money and Finance, Vol. 21, 2002, pp. 857 77.
4. Becher, D. The valuation effects of bank mergers Journal of Corporate Finance, Vol. 6, 2000, pp. 189 214.
5. Beitel, P., Schiereck, D. and Wahrenburg, M. Explaining M&A success in European banks European Financial Management, Vol. 10, 2004, pp. 109 39.
6. Bessler, W. and Murtagh, J. P. The stock market reaction to cross-border acquisitions of financial services firms: an analysis of Canadian banks Journal of International Financial Markets, Vol. 12, 2002, pp. 419 40.
7. Brown, S. and Warner, J. Measuring security price performance Journal of Financial Economics, Vol. 8, 1980, pp. 205 58.
8. Brown, S. and Warner, J. Using daily stock returns: the case of event studies Journal of Financial Economics, Vol. 14, 1985, pp. 3 31.
9. Cabral, I., Dierick, F. and Vesala, J. Banking integration in the euro area ECB Occasional Paper Series, No. 6, 2002.
10. Campa, J. M. and Hernando, I. Shareholder value creation in European M&As European Financial Management, Vol. 10, 2004, pp. 47 81.
11. Conn, R., Cosh, A. D., Guest, P. M. and Hughes, A. The impact on U.K. acquirers of domestic, cross-border, public and private acquisitions Journal of Business Finance and Accounting, Vol. 32, 2005, pp. 815 70.
12. Cybo-Ottone, A. and Murgia, M. Mergers and shareholder wealth in European banking Journal of Banking and Finance, Vol. 24, 2000, pp. 831 59.
13. DeLong, G. L. Stockholder gains from focusing versus diversifying bank mergers Journal of Financial Economics, Vol. 59, 2001, pp. 221 52.
14. Dermine, J. European banking integration: don't put the cart before the horse Financial Markets, Institutions and Instruments, Vol. 15, 2006, pp. 57 106.
15. Doukas, J. and Travlos, N. G. The effect of corporate multinationalism on shareholders' wealth: evidence from international acquisitions Journal of Finance, Vol. 43, 1988, pp. 1161 75.
16. Doukas, J. A., Holmen, M. and Travlos, N. G. Diversification, ownership and control of Swedish corporations European Financial Management, Vol. 8, 2002, pp. 281 314.
17. Draper, P. and Paudyal, K. Corporate takeovers: mode of payment, returns and trading activity Journal of Business Finance & Accounting, Vol. 26, 1999, pp. 521 58.
18. Draper, P. and Paudyal, K. Acquisitions: Private versus Public European Financial Management, Vol. 12, 2006, pp. 57 80.
19. ECB Mergers and acquisitions involving the EU banking industry - facts and implications Report of the ECB, 2000.
20. ECB Consolidation and diversification in the euro area banking sector ECB Monthly Bulletin, May 2005, pp. 79 87.
21. Faccio, M., McConnell, J. J. and Stolin, D. Returns to acquirers of listed and unlisted targets Journal of Financial and Quantitative Analysis, Vol. 41, 2006, pp. 197 220.
22. Fuller, K., Netter, J. and Stegemoller, M. What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions Journal of Finance, Vol. 57, 2002, pp. 1763 93.
23. Houston, J. F. and Ryngaert, M. D. The overall gains from large bank mergers Journal of Banking and Finance, Vol. 18, 1994, pp. 1155 76.
24. Goergen, M. and Renneboog, L. Shareholder wealth effects of European domestic and cross-border takeover bids European Financial Management, Vol. 10, 2004, pp. 9 45.
25. Gregory, A. and McCorriston, S. Foreign acquisitions by UK limited companies: short- and long-run performance Journal of Empirical Finance, Vol. 12, 2005, 99 125.
26. Kiymaz, H. Cross-border acquisitions of US financial institutions: Impact of macroeconomic factors Journal of Banking and Finance, Vol. 28, 2004, pp. 1413 39.
27. Lepetit, L., Patry, S. and Rous, P. Diversification versus specialisation: an event study of M&As in the European banking industry Applied Financial Economics, Vol. 14, 2004, pp. 663 69.
28. Levy, H. and Sarnat, M. Diversification, portfolio analysis and the uneasy case for conglomerate mergers Journal of Finance, Vol. 25, 1970, pp. 795 802.
29. Martin, J. D. and Sayrak, A. Corporate diversification and shareholder value: a survey of recent literature Journal of Corporate Finance, Vol. 9, 2003, pp. 37 57.
30. Moeller, S. B. and Schlingemann, F. P. Global diversification and bidder gains: a comparison between cross-border and domestic acquisitions Journal of Banking and Finance, Vol. 29, 2005, pp. 533 64.
31. Moeller, S. B., Schlingemann, F. P. and Stulz, R. M. Firm size and the gains from acquisitions Journal of Financial Economics, Vol. 73, 2004, pp. 201 28.
32. Rad, A. T. and Van Beek, L. Market valuation of European bank mergers European Management Journal, Vol. 17, 1999, pp. 532 40.
33. Sudarsanam, S. and Mahate, A. A. Glamour acquirers, method of payment and post-acquisition performance: the UK evidence Journal of Business Finance and Accounting, Vol. 30, 2003, pp. 299 341.
34. Travlos, N. G. Corporate takeover bids, methods of payment, and bidding firms' stock returns Journal of Finance, Vol. 42, 1987, pp. 943 63.
35. Waheed, A. and Mathur, I. Wealth effects of foreign expansion by U.S. banks Journal of Banking and Finance, Vol. 19, 1995, pp. 823 42.