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Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
Frankfurt School - Working Paper Series No. 129
Verlag: 
Frankfurt School of Finance & Management, Frankfurt a. M.
Zusammenfassung: 
This paper analyzes capital market reactions to international bank M&A. We investigate combined stock return patterns of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M&A hypotheses and relate characteristic and mutually exclusive abnormal stock return patterns to each hypothesis. We find that investors believe in gains through the exploitation of market power by the post-merger entity. In a multinomial logistic model we show that patterns related to market power significantly concur with large relative target size, intra-industry mergers, and increasing market concentration, suggesting a substantial lessening of competition through M&A.
Schlagwörter: 
M&A
Banks
Event Study
Peer Returns
Market Power
JEL: 
G34
G21
G14
L13
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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