Explaining M&A Success in European Banks

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Explaining M&A Success in European Banks

PatrickBeitel InstituteforMergers&Acquisitions,UniversityofWitten/Herdecke,

３２页　　英文

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2007-3-19 14:31:00 上传

Explaining M&A Success in European Banks
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Westudy98largeM&AsofEuropeanbiddingbanksfrom1985to2000inorderto
investigatedriversofexcessreturnstotheshareholdersofthetargets,thebidders,
andtothecombinedentityofthebidderandthetarget.Ourfindingsshowthat
manyof13driversidentifiedmostlyfromprior,US-focusedresearchhave
significantexplanatorypower,indicatingthatthestockmarketreactiontoM&A
announcementsofEuropeanbiddingbankscanbeatleastpartlyforecast.Our
resultsarelargelyconsistentwiththeUS-experienceandconfirmthepreferenceof
stockmarketsforfocusedtransactionsandagainstdiversification.Moreover,we
findthatlessactivebidderscreatemorevaluethanmoreactive/experienced
bidders.ThisstandsincontrasttosomeUSresearchandmayindicatethat
managersoffrequentEuropeanbiddingbanksmaybemotivatedbyotherobject-
ivesthancreatingshareholdervalue.

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