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How Did The Asian Stock Markets React To Bank Mergers After The 1997 Financial Crisis?

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Author Info

  • Céline Crouzille
  • Laetitia Lepetit
  • Carlos Bautista

Abstract

The objective of this paper is to empirically assess the stock market reaction to the announcement of bank mergers and acquisitions (M&As) in eight East Asian countries over the 1997-2003 period. M&As are classified according to the status of entity, the time period of the deal and the maturity of the banking system. A bivariate GARCH model is used to estimate abnormal returns taking beta conditional variability into account. We find that the market reacted negatively to M&As during the crisis period (1997-2000) and also in the less mature banking systems (Indonesia, Malaysia, the Philippines, South Korea and Thailand). Copyright 2008 The Authors. Journal compilation 2008 Blackwell Publishing Ltd

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Pacific Economic Review.

Volume (Year): 13 (2008)
Issue (Month): 2 (05)
Pages: 171-182

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Handle: RePEc:bla:pacecr:v:13:y:2008:i:2:p:171-182

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