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Bank Mergers and Acquisitions in Emerging Markets: Evidence from Asia and Latin America / John Goddard; Philip Molyneux; Tim Mi Zhou

European Journal of Finance, Volume: 18, Issue: 5, Pages: 419 - 438

Swansea University Author: Zhou, Tim

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DOI (Published version): 10.2139/ssrn.2006372

Abstract

Following a global wave of consolidation in the banking industry, this study analyses 132 mergers and acquisitions (M&As) involving banks in emerging markets in Asia and Latin America between 1998 and 2009. An event study measures the change in shareholder value for acquirers and targets; and a...

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Published in: European Journal of Finance
ISSN: 1556-5068
Published: 2011
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URI: https://cronfa.swan.ac.uk/Record/cronfa32885
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Abstract: Following a global wave of consolidation in the banking industry, this study analyses 132 mergers and acquisitions (M&As) involving banks in emerging markets in Asia and Latin America between 1998 and 2009. An event study measures the change in shareholder value for acquirers and targets; and a multivariate regression identifies the drivers of the change in shareholder value for acquirers. On average M&A creates shareholder value for target firms, while acquirer firms do not lose shareholder value. Geographical diversification creates shareholder value for acquirers. Acquirer shareholders benefit from the acquisition of underperforming targets; from transactions settled by cash rather than exchange of equity; and from government-instigated M&A transactions.
Keywords: banks, emerging markets, mergers and acquisitions
College: School of Management
Issue: 5
Start Page: 419
End Page: 438