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Performance Changes and Shareholder Wealth Creation Associated with Mergers of Publicly Traded Banking Institutions

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  • Pilloff, Steven J

Abstract

This paper examines the mean and cross-sectional behavior of performance changes and consolidated abnormal returns among a sample of forty-eight mergers occurring from 1982 to 1991 involving publicly traded banking institutions. Although both merger-related performance changes and consolidated abnormal returns are small or nonexistent, these measures show a great deal of cross-sectional variation. However, the dispersion in performance changes and abnormal returns is related to different factors suggesting that expectations and outcomes are influenced by different variables. Further strengthening this notion that expectations and outcomes are unrelated are insignificant correlations of abnormal returns and performance changes. Copyright 1996 by Ohio State University Press.

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  • Pilloff, Steven J, 1996. "Performance Changes and Shareholder Wealth Creation Associated with Mergers of Publicly Traded Banking Institutions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(3), pages 294-310, August.
    • Handle: RePEc:mcb:jmoncb:v:28:y:1996:i:3:p:294-310
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