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Author : Bert Scholtens
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (247 download)
Download or read book Shareholder Wealth Effects and Bank Mergers and the Financial System written by Bert Scholtens and published by . This book was released on 2001 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sascha Kolaric
Publisher : Corporate Finance and Governance
ISBN 13 : 9783631670545
Total Pages : 0 pages
Book Rating : 4.6/5 (75 download)
Download or read book Bank Mergers and Acquisitions in the Asia-Pacific Region written by Sascha Kolaric and published by Corporate Finance and Governance. This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a comprehensive analysis of the shareholder wealth effects of the financial sector consolidation in the Asia-Pacific region and its impact on the acquirer's cost of debt. The capital market reactions of the institutions directly involved in the M&A and their rivals are examined to evaluate the success of the consolidation process.
Author : Yakov Amihud
Publisher : Springer Science & Business Media
ISBN 13 : 1475727992
Total Pages : 249 pages
Book Rating : 4.4/5 (757 download)
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.
Author : Gary Whalen
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.E/5 ( download)
Download or read book Wealth Effects of Intraholding Company Bank Mergers written by Gary Whalen and published by . This book was released on 1994 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Manoj Anand
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Impact of Merger Announcements on Shareholders' Wealth written by Manoj Anand and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The study analyses five mergers in the Indian banking sector to capture the returns to shareholders as a result of the merger announcements using the event study methodology (Brown amp; Warner, 1980, 1985; and MacKinlay, 1997). These are merger of Times Bank with the HDFC Bank, Bank of Madura with the ICICI Bank, ICICI with the ICICI Bank, Global Trust Bank with the Oriental Bank of Commerce, and Bank of Punjab with the Centurion Bank. The Fama and Miller (1972) market model and Cox and Portes (1998) two-factor model form the theoretical framework of this study. The aim is to understand the shareholder wealth effects of bank mergers. Using the single-factor model the study finds that the average cumulative abnormal return (CAR) of the bidder banks is positive and substantial. These results are statistically significant also. Thus, the bidder banks got significant positive abnormal returns. The two-factor model results reveal that the merger announcement in the Indian private sector banks generated a positive and statistical significant CAR of 5.24%, 7.83% and 8.59% in a one-day, two-day, and three-day run-up window respectively to the shareholders of the bidder banks.The single-factor model finds that the combined CAR for all target banks is positive, significant and substantial. The combined CAR has been propped up due to very high CAR registered by Bank of Madura. The bidder banks created a wealth of Rs 4,117.98 million in a one day window (single-factor model) as a result of the merger announcements. In case of target banks, the shareholders of the Global Trust Bank and Bank of Punjab appear to be the losers as they lost Rs 382.55 million in a one day run up window (single-factor model) and Rs 128.74 million in a one-day window (single-factor model) respectively. Oriental Bank of Commerce and Global Trust Bank combined lost 14.78% in value on weighted average basis in a 11 days period (-5, 5) window. This merger was first major move to bail out sick bank.The merger announcements in the Indian banking industry have positive and significant shareholder wealth effect both for bidder banks and target banks. The market value weighted CAR of the combined bank portfolio as a result of merger announcement is 4.29% in a three-day period (-1, 1) window and 9.71% in 11-days period (-5, 5) event window.
Author : Ingo Walter
Publisher : Oxford University Press
ISBN 13 : 019803606X
Total Pages : 318 pages
Book Rating : 4.1/5 (98 download)
Download or read book Mergers and Acquisitions in Banking and Finance written by Ingo Walter and published by Oxford University Press. This book was released on 2004-01-29 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is intended to lay out, in a clear and intuitive as well as comprehensive way, what we know - or think we know - about mergers and acquisitions in the financial services sector. It evaluates their underlying drivers, factual evidence as to whether or not the basic economic concepts and strategic precepts are correct. It looks closely at the managerial dimensions in terms of the efficacy of merger implementation, notably the merger integration process. The focus is on enhancing shareholder value creation and the execution of strategies for the successful management of mergers. It also has a strong public-policy component in this "special" industry where successes can pay dividends and failures can cause serious problems that reach well beyond the financial services industry itself. The financial services sector is about halfway through one of the most dramatic periods of restructuring ever undergone by a major global industry. The impact of the restructuring has carried well beyond shareholders of the firms and involved into the domain of regulation and public policy as well as global competitive performance and economic growth. Financial services are a center of gravity of economic restructuring activity. M&A transactions in the financial sector comprise a surprisingly large share of the value of merger activity worldwide -- including only deals valued in excess of $100 million, during the period 1985-2000 there were approximately 233,700 M&A transactions worldwide in all industries, for a total volume of $15.8 trillion. Of this total, there were 166,200 mergers in the financial services industry (49.7%), valued at $8.5 trillion (54%). In all of restructuring frenzy, the financial sector has probably had far more than its share of strategic transactions that have failed or performed far below potential because of mistakes in basic strategy or mistakes in post-merger integration. It has also had its share of rousing successes. This book considers the key managerial issues, focusing on M&A transactions as a key tool of business strategy - "doing the right thing" to augment shareholder value. But in addition, the degree of integration required and the historic development of integration capabilities on the part of the acquiring firm, disruptions in human resources and firm leadership, cultural issues, timeliness of decision-making and interface management have co-equal importance - "doing it right."
Author : Thomas F. Siems
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.F/5 ( download)
Download or read book Bank Mergers and Shareholder Wealth written by Thomas F. Siems and published by . This book was released on 1996 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Beng Soon Chong
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book The Wealth Effect of Forced Bank Mergers and Cronyism written by Beng Soon Chong and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the impact of forced bank mergers on the shareholders' wealth of Malaysian banks. Forced bank mergers, which are the result of direct government intervention in the consolidation of the banking industry, are generally rare. Unlike the findings on voluntary mergers and acquisitions, our study shows that the forced merger scheme destroys economic value in aggregate and the acquiring banks tend to gain at the expense of the target banks. Further analysis shows that the contrasting forced merger finding is linked to cronyism.
Author : Gordon Roy Kerr
Publisher :
ISBN 13 :
Total Pages : 192 pages
Book Rating : 4.:/5 (779 download)
Download or read book The Short-term Effect on Shareholder Wealth of Banking Mergers and Acquisitions During Periods of Real Economic Expansion and Contraction written by Gordon Roy Kerr and published by . This book was released on 2011 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Short-term, Long-term, and Efficiency Impacts of Recent Mergers and Acquisitions in the U.S. Banking Industry written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines the wealth effects of bank mergers on bidder, target, and combined firm shareholders for a sample of 785 mergers during the period 1980-2000. The dissertation employs two unique bank event study methodologies to calculate abnormal returns for bidder, target and combined firms. The first methodology is a modified market model that controls for shocks common to the banking industry. The second is an EGARCH (1,1) model that adjusts for the violated regression assumptions of the traditional market model event study. Namely, it controls for the linearity assumption, heteroskedasticity, and the correlation in the error term. The results of both methodologies reveal that target shareholders enjoy significantly positive abnormal returns, whereas the bidder shareholders experience significantly negative abnormal returns. Overall, announcements of bank mergers generate positive wealth effects for the combined shareholders. However, the evidence presented in this dissertation, to some extent, underscores the importance of the choice of models describing stock returns in examining the impact of bank mergers. In addition, when mergers are analyzed to determine the effects of relative size and relative book-to-market values, we find evidence that the relative size significantly affects the target, bidder and combined firm return; method of payment is also found to be significant in abnormal returns. Moreover, we find that the number of bidders affects only the bidder returns, while book-to-market values are irrelevant factors.
Author : Ahmad Ismail
Publisher :
ISBN 13 : 9781899275786
Total Pages : 34 pages
Book Rating : 4.2/5 (757 download)
Download or read book Further Analysis of Mergers and Shareholder Wealth Effects in European Banking written by Ahmad Ismail and published by . This book was released on 2002 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Thomas F. Siems
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Bank Mergers and Shareholder Wealth written by Thomas F. Siems and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1995, the value of U.S. bank mergers and acquisitions reached a record $73 billion, with consolidation among the largest banks surging. Using an event study methodology and data from the largest bank mergers of 1995, I find that acquiring banks in mergers with the highest percentage of office overlaps received significant positive and higher abnormal returns than banks in mergers with fewer office overlaps. However, I find no evidence that acquiring banks in mergers resulting in the largest increases in market concentration received higher abnormal returns. These results suggest that as the banking industry continues to consolidate, expected cost reductions and efficiency improvements, as opposed to potential gains in market power, are rewarded in the financial market at the merger announcement date.
Author :
Publisher :
ISBN 13 :
Total Pages : 136 pages
Book Rating : 4.F/5 ( download)
Download or read book The Employment Impact of Mergers and Acquisition in the Banking and Financial Services Sector written by and published by . This book was released on 2001 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gabriel A. Hawawini
Publisher : North Holland
ISBN 13 :
Total Pages : 252 pages
Book Rating : 4.3/5 (91 download)
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
Author : Steven N. Kaplan
Publisher : University of Chicago Press
ISBN 13 : 0226424332
Total Pages : 350 pages
Book Rating : 4.2/5 (264 download)
Download or read book Mergers and Productivity written by Steven N. Kaplan and published by University of Chicago Press. This book was released on 2007-12-01 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and Productivity offers probing analyses of high-profile mergers in a variety of industries. Focusing on specific acquisitions, it illustrates the remarkable range of contingencies involved in any merger attempt. The authors clearly establish each merger's presumed objectives and the potential costs and benefits of the acquisition, and place it within the context of the broader industry. Striking conclusions that emerge from these case studies are that merger and acquisition activities were associated with technological or regulatory shocks, and that a merger's success or failure was dependent upon the acquirer's thorough understanding of the target, its corporate culture, and its workforce and wage structures prior to acquisition. Sifting through a wealth of carefully gathered evidence, these papers capture the richness, the complexity, and the economic intangibles inherent in contemporary merger activity in a way that large-scale studies of mergers cannot.
Author : Robert DeYoung
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.E/5 ( download)
Download or read book Determinants of Cost Efficiencies in Bank Mergers written by Robert DeYoung and published by . This book was released on 1993 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mark L. Sirower
Publisher : Simon and Schuster
ISBN 13 : 1439137706
Total Pages : 321 pages
Book Rating : 4.4/5 (391 download)
Download or read book The Synergy Trap written by Mark L. Sirower and published by Simon and Schuster. This book was released on 2010-05-11 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: With acquisition activity running into the trillions of dollars, it continues to be a favorite for corporate growth strategy, but creating shareholder value remains the most elusive outcome of these corporate strategies—after decades of research and billions of dollars paid in advisory fees, why do these major decisions continue to destroy value? Building on his groundbreaking research first cited in Business Week, Mark L. Sirower explains how companies often pay too much—and predictably never realize the promises of increased performance and competitiveness—in their quest to acquire other companies. Armed with extensive evidence, Sirower destroys the popular notion that the acquisition premium represents potential value. He provides the first formal and functional definition for synergy -- the specific increases in performance beyond those already expected for companies to achieve independently. Sirower's refreshing nuts-and-bolts analysis of the fundamentals behind acquisition performance cuts sharply through the existing folklore surrounding failed acquisitions, such as lack of "strategic fit" or corporate culture problems, and gives managers the tools to avoid predictable losses in acquisition decisions. Using several detailed examples of recent major acquisitions and through his masterful integration and extension of techniques from finance and business strategy, Sirower reveals: -The unique business gamble that acquisitions represent -The managerial challenges already embedded in current stock prices -The competitive conditions that must be met and the organizational cornerstones that must be in place for any possibility of synergy -The precise Required Performance Improvements (RPIs) implicitly embedded in acquisition premiums and the reasons why these RPIs normally dwarf realistic performance gains -The seductiveness and danger of sophisticated valuation models so often used by advisers The Synergy Trap is the first exposé of its kind to prove that the tendency of managers to succumb to the "up the ante" philosophy in acquisitions often leads to disastrous ends for their shareholders. Sirower shows that companies must meticulously plan—and account for huge uncertainties—before deciding to enter the acquisition game. To date, Sirower's work is the most comprehensive and rigorous, yet practical, analysis of the drivers of acquisition performance. This definitive book will become required reading for managers, corporate directors, consultants, investors, bankers, and academics involved in the mergers and acquisitions arena.
