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Impact Of Mergers And Acquisitions On The Performance Of The Indian Banks Share Price
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Book Synopsis Impact of Mergers and Acquisitions on the Performance of the Indian Bank's Share Price by : Yaduveer Yadav
Download or read book Impact of Mergers and Acquisitions on the Performance of the Indian Bank's Share Price written by Yaduveer Yadav and published by . This book was released on 2019 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an investigation into the relationship between the announcement of mergers and acquisition and the existence of positive abnormal returns for shares of these firms. The aim of this project is to examine the impact of Merger and Acquisition on the stock prices of Indian Banks by using the Event Study Methodology; it is one of the most frequently used tools in financial research. The objective of Event Study is to assess whether there are any abnormal or excess returns earned by security holders accompanying specific events (e.g. merger announcements, earnings announcements, stock splits), where an abnormal return is the difference between observed return and appropriate return by stock market during a particularly defined event window.In order to analyse the effect of announcement of bank's Merger and Acquisition on stock price, we have considered four cases of Mergers in banking sector. In this study, we tested our results by analysing the daily return of the event windows and compare with average pe-riod return of security. By accepting the abnormal return as a benefit of the acquisition and investors of Acquirer Company received profit in term of share value appraisal. We observed that acquirer got benefit by the acquisition deals and it reflect through the excess return over the normal return of bank's share prices. In last 10 to 15 years banking industry passed through different scenario and to compete in this scenario some banks acquired other banks to improve their own market cap and financial conditions with expanding market by acquisition. The purpose of this study is to figure out the effect of the acquisition on the share capitalization value of the Acquirer Company and abnormal return due to the acquisition. This paper is based upon the secondary data analysis of the acquirer company share prices movements in respect of the market index price movements.
Book Synopsis Impact of Mergers and Acquisitions on Financial Performance by : Anurag Pahuja
Download or read book Impact of Mergers and Acquisitions on Financial Performance written by Anurag Pahuja and published by . This book was released on 2016 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions (M&As) have become an essential mechanism of Corporate Restructuring. In the past two decades, there has been an upsurge in the volume of M&A activity in diverse sectors such as finance, pharmaceuticals, telecom, FMCG and banking sector. The banking industry has also witnessed its own share of M&A activity. The paper is an attempt to analyze the effect of mergers on the pre and post merger performance of Indian Banks. Various ratios along with event study methodology have been used to find out the effect of mergers and acquisitions on the performance of acquiring firms for both pre and post-acquisition periods. The results provide no statistically significant evidence of any impact of mergers and acquisitions on the firm profitability as measured through various ratios.
Book Synopsis Analysis Of Mergers And Acquisitions In The Indian Banking Sector Under Post Liberalization Era by : Rahul KrishnajiKavishwar
Download or read book Analysis Of Mergers And Acquisitions In The Indian Banking Sector Under Post Liberalization Era written by Rahul KrishnajiKavishwar and published by Archers & Elevators Publishing House. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Bank Mergers & Acquisitions by : Yakov Amihud
Download or read book Bank Mergers & Acquisitions written by Yakov Amihud and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the financial services industry becomes increasingly international, the more narrowly defined and historically protected national financial markets become less significant. Consequently, financial institutions must achieve a critical size in order to compete. Bank Mergers & Acquisitions analyses the major issues associated with the large wave of bank mergers and acquisitions in the 1990's. While the effects of these changes have been most pronounced in the commercial banking industry, they also have a profound impact on other financial institutions: insurance firms, investment banks, and institutional investors. Bank Mergers & Acquisitions is divided into three major sections: A general and theoretical background to the topic of bank mergers and acquisitions; the effect of bank mergers on efficiency and shareholders' wealth; and regulatory and legal issues associated with mergers of financial institutions. It brings together contributions from leading scholars and high-level practitioners in economics, finance and law.
Book Synopsis Post-Mergers and Acquisitions Performance of Select Indian Banks by : Sathiya Murthy Sridharan
Download or read book Post-Mergers and Acquisitions Performance of Select Indian Banks written by Sathiya Murthy Sridharan and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The present paper examines the impact of Mergers and Acquisitions (M&As) on the financial efficiency of selected banks in India. The post-M&A performance is measured using the ratio analysis. The main focus is on the overall profitability parameters, liquidity parameters, solvency parameters and overall efficiency parameters. We found significant change in the earnings of the shareholders; a little change in liquidity position; significant change in the long-term solvency position of the firms; and significant change in the overall efficiency of the banks during the post-merger period 2008-2013. The results of the study indicate that M&As in India have significant impact on the financial performance of banks and that the acquiring firms were able to generate value.
Book Synopsis Effect of Merger on Financial Performance in Banking Industry by : Megha Aggarwal
Download or read book Effect of Merger on Financial Performance in Banking Industry written by Megha Aggarwal and published by . This book was released on 2018 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the era of 21 century, companies adopt various strategies to grow rapidly in their sector or new origin or field. One major aspect of such strategies is Merger and Acquisition, commonly known as M&A, widely used by the organizations. Where Merger is a mutually agreed decision by the companies, Acquisitions are the takeovers or unwilling deals between the organizations. Major benefit as considered by any organization is the benefit of synergy i.e., creating value which is greater than the simple total of its parts. Experiencing for other benefits such as entering in new market, cost reduction, cross selling, risk diversification, increasing shareholder's value, M&A can be done within the industry or outside the industry. Reports on daily basis provided by media for various update of any of the industry either bollywood for latest releases, sports for world cup matches or stock market for ups and downs. Banking Industry in India is also in news for its various deals of Mergers and Acquisitions from long years back. Various mergers have taken place in the industry such as State Bank of India acquired Bank of Bihar Ltd and National Bank of Lahore in the year 1969 and 1970 respectively. ICICI Bank has done many mergers with different banks. It got started to acquire banks in 2001 with Bank of Madura Ltd, in 2002 with ICICI Personal Finance Services Ltd and ICICI Capital Services Ltd, in 2007 with Sangli Bank Ltd., in 2010 with the Bank of Rajasthan (BoR). This paper focuses on one of these mergers i.e., ICICI Bank (Acquirer) and The Bank of Rajasthan (Target). The main objective of this paper is to analyze financial performance of ICICI bank pre and post-merger. Financial performance has been analyzed with the help of ratios specifically in the areas of profitability, Liquidity and Leverage. Further T-test has been used to determine the significance differences in these financial performance areas. Analyses show that there is a significant benefit has been achieved by ICICI Bank after the merger. Analysis also shows that there is significant improvement in company's return on equity, interest coverage, earnings per share and dividend per share in post merger period.
Book Synopsis Mergers and Acquisitions in the U.S. Banking Industry by : Gabriel A. Hawawini
Download or read book Mergers and Acquisitions in the U.S. Banking Industry written by Gabriel A. Hawawini and published by North Holland. This book was released on 1990 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presented in this book is a comprehensive empirical analysis of mergers and acquisitions in the U.S. banking industry. The purpose of the study is to examine the merger phenomenon in the banking industry by answering the following questions: - What are the incentives for banks to merge? - Has the prohibition of interstate banking prevented banks from diversifying and has it increased the rate of bank failures by restricting (geographical) diversification opportunities? - Are bank mergers wealth-creating activities and how are the gains/losses from a merger distributed between the acquiring and acquired bank shareholders? - How can the changes in shareholder wealth resulting from bank mergers be explained and are there differences between interstate and intrastate mergers? - What are the implications of the study's findings for regulatory policy? Theory and practical implications are blended in this book which should appeal to both academics and practitioners in the field
Book Synopsis A Study on Pre & Post Performance Evaluation of Merger and Acquisition of Selected Indian Banks by : Jigna C. Trivedi
Download or read book A Study on Pre & Post Performance Evaluation of Merger and Acquisition of Selected Indian Banks written by Jigna C. Trivedi and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Indian banking sector has witnessed revolution due to tough competition from private and international counter parts. Traditional Indian banks are trying to makeover and match in terms of services provided by foreign and private counterparts. Growth and extension have become indispensable for corporate. Mergers and Acquisitions (M&As) are an easy route to achieve the twin objective. Businesses across the corporate world have only two options in hand to expand their operation and gain substantial profits. One way is to grow through internal expansion by means of introducing new technologies, altering the course of operations, enhancing work performance, and establishing new lines of products or services. Through this, the business grows gradually over time but the new strategy of external expansion has completely changed the business sector across the world. This external expansion takes place in the form of merger, acquisitions, takeovers, and amalgamations, dramatically supporting the globalization of businesses. M&A are value spinners for investors. Present paper tries to compare and evaluate the pre-merger and post- merger scenario of the selected Indian banks. Major ratios are studied to identify the overall impact of the profitability of the banks on account of mergers and acquisitions.
Book Synopsis Does Merger Be Prolific? A Study of Selected Indian Banks by : Mitesh Patel
Download or read book Does Merger Be Prolific? A Study of Selected Indian Banks written by Mitesh Patel and published by . This book was released on 2015 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banking Industry plays an important role in the economic development of India. For strengthening structure of banks, merger is adopted. This study is undertaken with an objective to check improvement in financial performance of banks after merger. This study is undertaken on selected 4 banks where 2 banks are private sector banks and 2 public sector banks. For this study, data of 10 years, i.e. 5 years before merger and 5 years after merger are considered. A comparison between pre and post-merger financial performance in terms of net profit margin, return on net worth, return on long-term fund and return on assets is done. This Study is undertaken by applying Mean score and paired sample t-test. For IDBI Bank, merger has improved financial performance where as for other banks merger remain somewhat beneficial as par as financial performance is concern. Overall impact of merger and acquisition is positive on Indian banking sector. It can be concluded that merger between the two banks is beneficial for Indian banks. Merger does not resulted in improvement of financial performance of any bank. This study is useful to investors and depositors to take their investment decisions.
Book Synopsis Efficiency of Indian Commercial Banks by : Surajit Bhattacharyya
Download or read book Efficiency of Indian Commercial Banks written by Surajit Bhattacharyya and published by . This book was released on 2016 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent times, Indian banks have resorted to mergers and acquisitions (M&A) in the expectation to reap efficiency gains brought in by such consolidation strategies. This paper explores the impact of M&A on technical efficiency of Indian commercial banks during the second decade (2000-2010) of reforms. We use data envelopment analysis (DEA) to compute the technical efficiency of banks that participated in M&A activities. The technical efficiency is computed under both common and separate frontier with the assumption of constant as well as variable returns to scale. We also compare the post-amalgamation efficiency scores of the participating banks with that of a control group comprising of such banks that did not undergo any consolidation since 1991. There have been efficiency gains for the merging and/or acquiring banks. At the same time there are banks that have experienced deterioration in their post-M&A average efficiency levels. It would be wise for the banks to carefully consider the potential gains as well as threats posed by M&A before venturing into such activities.
Download or read book Mergers written by Patrick A. Gaughan and published by John Wiley & Sons. This book was released on 2005-05-20 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: A powerful guide for seeking out the best acquisition and merger targets As increasingly more companies look to mergers and acquisitions (M&As) as a source of new growth and revenue, there is an even greater chance that these M&As will go bad. This insightful guide focuses on one of the most often debated and key issues in mergers and acquisitions-why some deals fail miserably and why others prosper. It provides a complete road map for what potential buyers should look for when picking a target and what characteristics of sellers they should steer clear of, as well as pitfalls to avoid during the M&A process. Real-world examples are provided of high-profile failures-Quaker Oats, United Airlines, Sears, and Mattel-and high-profile successes-General Electric and Cisco. Patrick A. Gaughan (New York, NY) is President of Economatrix Research Associates and a professor of Economics and Finance at the College of Business, Fairleigh Dickinson University. He is actively engaged in the practice of business valuations for mergers and acquisitions, as well as other related applications.
Book Synopsis Corporate Governance and Mergers and Acquisitions by : Rabi Narayan Kar
Download or read book Corporate Governance and Mergers and Acquisitions written by Rabi Narayan Kar and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: M&As scenario started changing in India after the introduction of liberalization process in 1991.The policy initiatives of the Government led to a structural transformation in the Indian industries. This industrial transformation has provided a launch pad for the corporate to grow and expand through M&As strategy. Corporate governance broadly refers to a set of practices that are designed to govern the behaviour of corporate enterprises. In the backdrop of several American corporate debacles, corporate governance has been increasingly seen as a means to promote healthier corporate practices and to check the errant enterprises. In this context, M&A serves as a vital instrument of corporate governance to increase corporate efficiency. Corporate governance in the context of a company, deals with laws, procedures, practices and implicit rules that determine a company's ability to take managerial decisions vis-a-vis its stakeholders. In this paper, an attempt has been made to present the relationship between corporate governance and mergers and acquisitions. Further, an exploratory attempt has been made to analyse the impact of M&A on share price bahaviour to identify the important issues, which could improve the corporate governance practices of enterprises. From the literature review, evidence of shareholders gaining positively in case of target firms has been proved at the time of M&As. In case of acquiring firms, there have been divergent of opinions on this issue. However, none of the studies in the Indian context examined these issues. Being an important area having wide policy implications, it needs to be investigated. In the recent past, some corporate actions has proved that hostile M&A front prevailing in the Indian corporate front. Many companies are also playing safe by shoring up their holdings through buy-back of shares to thwart hostile corporate raids. In this backdrop, better corporate governance practices have become more essential. The impact of mergers and acquisitions on corporate performance could be measured in several ways. One way of analysing is to evaluate the impact of M&As in terms of various measures of profitability before and after mergers and acquisitions. There are two sets of arguments. One set of arguments hold that significant improvement in profitability after M&As and vice-versa. Another aspect relating to the performance analysis is that many firms engaged in a series of M&A activities over a time as has been observed in the present study. Thus, it is difficult to isolate the influence of a single acquisition event. Thus, the best course of action is to investigate each of the pre and post merger acquisitions events to analyse impact, which has been followed in this study. The other way to measure the performance is to monitor the share prices after the merger or acquisition deal is struck, which assumes that stock markets are efficient. Empirical studies of this type indicate that a target firm's shareholders benefit and the bidding firm's shareholders either gain or do not lose. An exploratory attempt has been made here to investigate the impact of M&As on share price behaviour of the acquiring firms. This study concentrated only on acquiring firms, as relevant data is not available for target firms because either they are merged or taken over by the acquiring firms. It is observed that in majority of the cases acquiring company's shareholder's gain due to the M&A. This also in consistent with the literature that Indian stock markets do take a positive view of M&A strategies being adopted by the Indian companies. As has been stated in the research findings, the reasons for appreciation may be related to the anticipated value enhancement of the merged entity as a result of expected increase in cash flows from the M&A., This is in tandem with the arguments that the shareholders might have taken into account the expected increase in performance due to better profitability, market leadership, new growth prospects and cost efficiency. It has also been found from the literature that takeovers are motivated by expectations of improved performance due to the realization of synergistic benefits, which reflected in the share prices. This has been reflected in motives of Indian M&As which might have caused the share prices appreciation. A Strong R&D and Strategic alignment has also emerged as important motive of Indian M&As which may have influenced the share price behaviour of the Indian enterprises. However, there are some important issues, which needs to be taken care of for better corporate governance practices when corporate enterprises indulge in mergers and acquisitions.
Book Synopsis Contribution Analysis and Adequacy of Exchange Ratios in Bank Merger Deals by : Sony Kuriakose
Download or read book Contribution Analysis and Adequacy of Exchange Ratios in Bank Merger Deals written by Sony Kuriakose and published by . This book was released on 2014 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consolidation of banks through mergers and acquisitions is an important force of change taking place in the Indian banking sector. The present work investigates the fairness of valuation in bank merger deals occurred in the post-liberalization India. In contrast to the firm valuation which gives an absolute value, merger valuation is a relative valuation which is very important for both bidder and target banks. In other words, the exchange ratios fixed in the deals are very crucial as it will have a major impact on the future prospects of the acquiring bank. To check the authenticity or fairness of valuation, the study uses contribution analysis in two different ways. When the absolute ratios are considered, the deals appear more favourable to the targets as the deal values were very higher to their market capitalization. However, the study finds that target banks got underpaid and the significant increase in the share prices of target banks around the merger announcement cannot be attributed to the valuation aspects. The study is completely based on the financials of banks at the time of merger and other factors including the strategic benefits to both bidder and target banks are ignored.
Author :Dennis C. Mueller Publisher :Cambridge, Mass. : Oelgeschlager, Gunn & Hain ; Königstein/Ts. : Verlag A. Hain ISBN 13 : Total Pages :402 pages Book Rating :4.3/5 (97 download)
Book Synopsis The Determinants and Effects of Mergers by : Dennis C. Mueller
Download or read book The Determinants and Effects of Mergers written by Dennis C. Mueller and published by Cambridge, Mass. : Oelgeschlager, Gunn & Hain ; Königstein/Ts. : Verlag A. Hain. This book was released on 1980 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Impact Of Corporate Merger On Financial Performance And Hrm Policies And Practices: A Study On Selected Indian Companies by : Dr Ratna Roy
Download or read book Impact Of Corporate Merger On Financial Performance And Hrm Policies And Practices: A Study On Selected Indian Companies written by Dr Ratna Roy and published by Archers & Elevators Publishing House. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Demand Elasticities in Antitrust Analysis by : Gregory Werden
Download or read book Demand Elasticities in Antitrust Analysis written by Gregory Werden and published by . This book was released on 1996 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Does Corporate Performance Improve After Mergers? by : Paul M Healy
Download or read book Does Corporate Performance Improve After Mergers? written by Paul M Healy and published by Legare Street Press. This book was released on 2023-07-18 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the phenomenon of corporate mergers and the impact they have on performance. Drawing on extensive research and case studies, the authors explore the conditions under which mergers are most likely to succeed and offer guidance to managers looking to pursue a merger strategy. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
