Explaining M&A success in european banks

European Financial Management

Volumn 10, Issue 1, 2004, Pages 109-139

  Beitel, Patrick ^a   Schiereck, Dirk ^b   Wahrenburg, Mark ^c  

^a UNIVERSITY OF WITTEN HERDECKE   (Germany)

^b EBS BUSINESS SCHOOL   (Germany)

^c GOETHE UNIVERSITY   (Germany)

Author keywords

Bank mergers; European banks; G14; G21; G34; Mergers and acquisitions; Shareholder value

Indexed keywords

EID: 84986111555     PISSN: 13547798     EISSN: 1468036X     Source Type: Journal    
DOI: 10.1111/j.1468-036X.2004.00242.x     Document Type: Article

References (41)

1. Amihud, Y., Lev, B. And Travlos, N. G., ‘Corporate control and the choice of investment financing: The case of corporate acquisitions’, Journal of Finance, 47, 1990, pp. 1605–21.
2. Banerjee, A. And Cooperman, E., ‘Returns to targets and acquirers: Evidence for bank mergers in the 90’s’. Working Paper University of Colorado, Denver, 2000.
3. Becher, D. A., ‘The valuation effects of bank mergers’, Journal of Corporate Finance, Vol. 6, 1999, pp. 189–214.
4. Beitel, P. And Schiereck, D., ‘Value creation at the ongoing consolidation of the European banking market’, Working Paper 05/01 (University of Witten/Herdecke). Presented at the X international conference on banking and finance. Tor Vergata University Rome, December 57, 2001.
5. Belaisch, A., Kodres, L., Levy, J., etal., ‘Euro-area banking at the crossroads’, Working Paper, WP 01/28 IMF, 2001
6. Berger, A. N., Demsetz, R. S. And Strahan, P. E., ‘The consolidation of the financial services industry: Causes, consequences, and implications for the future’, Journal of Banking and Finance, Vol. 23, 1999, pp. 135–94.
7. Brewer, E. I., Jackson, W. E. I., Jagtiani, J. A., etal., ‘The price of bank mergers in the 1990s. Federal Reserve Bank of Chicago, Economic Perspectives, First Quarter 2000, pp. 2–23.
8. Brown, S. And Warner, J., ‘Measuring security price performance’, Journal of Financial Economics, Vol. 8, 1980, pp. 205–58.
9. Brown, S. And Warner, J. ‘Using daily stock returns: The case of event studies’, Journal of Financial Economics, Vol, 14, 1985, pp. 3–31.
10. Cornett, M. M., Hovakimian, G., Palia, D., etal. ‘The impact of the manager-shareholder conflict on acquiring bank returns’, Working Paper Boston College, MA: 2000.
11. Cybo-Ottone, A. And Murgia, M., ‘Mergers and shareholder wealth in European banking’, Journal of Banking and Finance, Vol. 24, 2000, pp. 831–59.
12. DeLong, G. L., ‘Stockholder gains from focusing versus diversifying bank mergers’, Journal of Financial Economics, Vol. 59, 2001, pp. 221–52.
13. DeYoung, R., ‘Bank mergers, X-efficiency, and the market for corporate control’, Managerial Finance, Vol. 23, 1997, pp. 32–47.
14. Dodd, P. And Warner, J., ‘On corporate governance: A study of proxy contests’, Journal of Financial Economics, Vol. 11, 1983, pp. 401–38.
15. European Central Bank ‘Possible effects of EMU of the EU banking systems in the medium to long-term’, ECB Publication February 1999.
16. European Central Bank ‘Mergers and acquisitions involving the EU Banking industry–facts and implications’, ECB Publication (December 2000).
17. Hawawini, G. A. And Swary, I., Mergers and Acquisitions in the US-banking Industry: Evidence from Capital Markets Amsterdam: North-Holland, 1990.
18. Houston, J. F., James, C. M. And Ryngaert, M. D., ‘Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders’, Journal of Financial Economics, Vol. 60, Nos 2/3, 2001 pp. 285–331.
19. Houston, J. F. And Ryngaert, M., ‘Equity issuance and adverse selection: A direct test using conditional stock offers’, Journal of Finance, Vol. 52, 1997, pp. 197–219.
20. 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.
21. Hudgins, S. C. And Seifert, B. 1996: Stockholders and international acquisitions of financial firms: An emphasis on banking. Journal of Financial Services Research, 10, pp. 163–180.
22. Jensen, M. C. And Ruback, R. S., ‘The market for corporate control’, Journal of Financial Economics, Vol. 11, 1983, pp. 5–50.
23. Kaen, F. R. And Tehranian, H., ‘New Hampshire bank mergers: The returns to acquiring bank shareholders, in Gup, B.E. (ed.), Bank Mergers Norwell MA: Kluwer Academic, 1989, pp. 141–56.
24. Kane, E. J., ‘Incentives for banking megamergers: What motives might central-bank economists infer from event-study evidence?’ Journal of Money, Credit and Banking, Vol. 32, No. 3, 2000, pp. 671–99.
25. Karceski, J., Ongena, S. And Smith, D. C., ‘The impact of bank consolidation on commercial borrower welfare’, Working Paper, 3 August University of Florida, 2000.
26. Kwan, S. H. And Eisenbeis, R., ‘Mergers of publicly traded banking organizations revisited’, Federal Reserve Bank of Atlanta Economic Review, Vol. 84, 1999, pp. 26–37.
27. Myers, S. C. And Majluf, N. S., ‘Corporate financing and investment decisions when firms have information that investors do not have’, Journal of Financial Economics, Vol. 13, No. 6, pp. 187–221.
28. Morck, R., Schleifer, A. And Vishny, R. W., ‘Do managerial objectives drive bad acquisitions?’ Journal of Finance, Vol. 45, No. 1, 1990, pp. 31–48.
29. Palia, D., ‘Recent evidence on bank mergers’, Financial Markets, Institutions, & Instruments, Vol. 3, 1994, pp. 36–59.
30. Pilloff, S. J., ‘Performance changes and shareholder wealth creation associated with mergers of publicly traded banking institutions’, Journal of Money, Credit, and Banking, Vol. 28, No. 3, 1996, pp. 294–310.
31. Pilloff, S. J. And Santomero, A. M., ‘The value effects of bank mergers and acquisitions’, in Amihud, Y. And Miller, G. (eds), Mergers of Financial Institutions Norwell MA: Kluwer Academic, 1996, pp. 59–78.
32. Scholes, M. And Williams, J., ‘Estimating betas from non-synchronous data’, Journal of Financial Economics, Vol. 5, 1977, pp. 309–27.
33. Seidel, G. R., Kritische Erfolgsfaktoren bei Unternehmensübernahmen: Eine Analyse der US-Bankenbranche Wiesbaden: Gabler, 1995.
34. Shawky, H. A., Kild, T. And Staas, C. F., ‘Determinants of bank merger premiums’, Journal of Economics and Finance, Vol. 20, 1996, pp. 117–31.
35. Siems, T. F., ‘Bank mergers and shareholder wealth: Evidence from 1995s megamerger deals’, Financial Industry Studies of the Federal Reserve Bank of Dallas, 1996, pp. 1–12.
36. Subrahmanyam, V., Rangan, N. And Rosenstein, S., ‘The role of outside directors in bank acquisitions’, Financial Management, Vol. 26, No. 3, 1997, pp. 23–26.
37. Tourani-Rad, A. And Van Beek, L., ‘Market valuation of European bank mergers’, European Management Journal, Vol. 17, No. 5, 1999, pp. 532–40.
38. Toyne, M. F., ‘Interstate bank mergers and their impact on shareholder returns: Evidence from the 1990s’, Quarterly Journal of Business and Economics, Vol. 37, 1998, pp. 48–58.
39. Travlos, N. G., ‘Corporate takeover bids, methods of payment and bidding firm’s stock returns’, Journal of Finance, Vol. 42, 1987, pp. 943–63.
40. Wall, L. D. And Gup, B. E., ‘Market valuation effects of bank acquisitions’, in Gup, B.E. (ed.), Bank Mergers Norwell MA: Kluwer Academic, 1989, pp. 107–20.
41. Zollo, M. And Leshchinkskii, D., ‘Can firms learn to acquire? Do markets notice? Working Paper(Financial Institutions Center, The Wharton School, Philadelphia, PA, 2000).