Βιβλιοθήκη ΟΠΑ - Ψηφιακό Αποθετήριο

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Συλλογές :	Ιδρυματικό Αποθετήριο ΟΠΑ / AUEB Institutional Repository Σχολή Οικονομικών Επιστημών / School of Economics Τμήμα Οικονομικής Επιστήμης / Department of Economics Μεταπτυχιακές Εργασίες / Postgraduate dissertations

Τίτλος :	The impact of mergers and acquisitions in European banking on performance and efficiency

Δημιουργός :	Βελαώρα, Σωτηρία

Εκδότης :	Οικονομικό Πανεπιστήμιο Αθηνών

Τύπος :	Text

Φυσική περιγραφή :	109σ. : πίν.

Γλώσσα :	en

Βιβλιογραφική Σημείωση :	Βιβλιογραφία : σ. 103-109

Περίληψη :	This study examines the impacts of mergers and acquisitions on the banks’ performance and efficiency and how the market reacts to an announcement of a merger or an acquisition deal in the European banking markets. The study initially presents the financial consolidation in Europe and explains to some extent the banking restructuring. The basic definitions concerning the mergers and the acquisitions are then introduced. Moreover, the reasons that motivate banks to pursue a merger or an acquisition deal as well as some suggestions according to the banking literature are presented. The benefits that banks derive from a merger or an acquisitions deal are also illustrated. The study also focuses on cross border transactions, since they are one of the main determinants examined in the subsequent analysis. Several ways that a banking institution follows in order to achieve efficiency and profitability are then illustrated, although they are not used in the methodology of the analysis. The dissertation also demonstrates the ways of assessment of banks’ performance, focusing particularly on the event study methodology, which will be applied in the secondary research. The basic definitions as well as the necessary steps of the methodology are clearly described. In order to draw robust conclusions about the effects of mergers and acquisitions on shareholders’ wealth, two published academic papers are used and compared. The analysts of the relative studies apply the event study methodology and analyze the effects for the shareholders of the bidders, the targets and the combined entity. In order to successfully examine the market valuation, the analysts take into consideration the geographic and product diversification, the size and time. Subsequently, the econometric results of the relative studies are compared. In both studies, the shareholders of the target financial institutions receive a positive and highly significant revaluation of their shares. In study 1, bidders do not seem to derive the benefits of the deal. On a net basis though, in both studies merger and acquisition transactions do create additional value to the shareholders of the combined entity.

Περίληψη :

This study examines the impacts of mergers and acquisitions on the banks’ performance and efficiency and how the market reacts to an announcement of a merger or an acquisition deal in the European banking markets. The study initially presents the financial consolidation in Europe and explains to some extent the banking restructuring. The basic definitions concerning the mergers and the acquisitions are then introduced. Moreover, the reasons that motivate banks to pursue a merger or an acquisition deal as well as some suggestions according to the banking literature are presented. The benefits that banks derive from a merger or an acquisitions deal are also illustrated. The study also focuses on cross border transactions, since they are one of the main determinants examined in the subsequent analysis. Several ways that a banking institution follows in order to achieve efficiency and profitability are then illustrated, although they are not used in the methodology of the analysis. The dissertation also demonstrates the ways of assessment of banks’ performance, focusing particularly on the event study methodology, which will be applied in the secondary research. The basic definitions as well as the necessary steps of the methodology are clearly described. In order to draw robust conclusions about the effects of mergers and acquisitions on shareholders’ wealth, two published academic papers are used and compared. The analysts of the relative studies apply the event study methodology and analyze the effects for the shareholders of the bidders, the targets and the combined entity. In order to successfully examine the market valuation, the analysts take into consideration the geographic and product diversification, the size and time. Subsequently, the econometric results of the relative studies are compared. In both studies, the shareholders of the target financial institutions receive a positive and highly significant revaluation of their shares. In study 1, bidders do not seem to derive the benefits of the deal. On a net basis though, in both studies merger and acquisition transactions do create additional value to the shareholders of the combined entity.

Λέξη κλειδί :	Mergers Acquisitions Banking systems Εξαγορά Συγχώνευση επιχειρήσεων Τραπεζικό σύστημα

Ημερομηνία έκδοσης :	2013

Αρχείο: Velaora_2014.pdf

Τύπος: application/pdf

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