Non-U.S. bank mergers are becoming an increasingly important part of the worldwide economic landscape. Are the market reactions to non-U.S. bank mergers similar to the reaction in the United States? I address this question by examining abnormal returns of publicly traded partners on the announcement of forty-one non-U.S. bank mergers and comparing the returns with a U.S. control group. I find acquirers in non-U.S. domestic bank mergers earn more and non-U.S. targets earn less than their U.S. counterparts. However, for the subset of mergers in countries with relatively well-developed stock markets, I find that partners earn similar returns. 2003 The Southern Finance Association and the Southwestern Finance Association.
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Article provided by Southern Finance Association and Southwestern Finance Association in its journal Journal of Financial Research.
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