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Creation of value and performance effectiveness through mergers and acquisitions in the European banking sector
(2021-12-20) Chatzidimitri, Panagiota; Χατζηδημήτρη, Παναγιώτα; Athens University of Economics and Business, Department of Accounting and Finance; Papadaki, Afroditi; Siougle, Georgia; Doukakis, Leonidas
In this research paper we examine the market reaction to mergers and acquisitions in the banking industry in the EU, which is particularly intriguing given the increased complexity of corporate governance and the prominence of M&A activity in recent years in Europe. Through our research, we conduct an event study on the EU market (from 2010 to 2020) with two major goals: first, we notice if and when positive value creation occurs, and second, we analyze the drivers of our findings by splitting our data into subsamples and examining specific bank characteristics (banks’ and deals’ size). One of our many important results is that, for the 30 days after the deals' Announcement dates, our empirical analysis shows positive abnormal returns for the acquired banks of around 2.86% and significantly negative abnormal returns for the acquiring banks of approximately -8.63%. This finding is consistent with previous event studies on the M&A EU banking industry wealth effects. Moreover, in this study, the technique used and the hypotheses about the event date and the banking institutions participating in the M&A deals under study are critical, and we additionally show that previous studies regarding the M&A in the EU banking industry (but also in the US market) concentrated too much in the methodology selection and, at the same time, too little on the event date correct identification and selection, which turns out to have a greater influence on the general findings for both bidders and targets.