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Mergers And Acquisitions In The Portuguese Banking Industry: Is It There A Process Of Value Creation?

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Author Info
Jacinto Vidigal da Silva (University of Evora)
Miguel Diz (University of Evora)

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Abstract

This paper examines the valuation effects of mergers & acquisitions in the Portuguese banking industry from 1995 to 2003 over a 41-day (-20, +20) event window. Evidence shows some targets gains, but no gains for the bidders. The combined entity (target+bidder) shows no significant gains contradicting some other European studies but confirming the great majority of American research.

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File URL: http://129.3.20.41/eps/fin/papers/0503/0503002.pdf
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Publisher Info
Paper provided by EconWPA in its series Finance with number 0503002.

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Length: 16 pages
Date of creation: 02 Mar 2005
Date of revision:
Handle: RePEc:wpa:wuwpfi:0503002

Note: Type of Document - pdf; pages: 16
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Web page: http://129.3.20.41

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Related research
Keywords: Mergers and acquisitions (M&A); bidder; target; event window; shareholder value; abnormal returns;

Find related papers by JEL classification:
G - Financial Economics

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Jason Karceski & Steven Ongena & David C. Smith, 2000. "The impact of bank consolidation on commercial borrower welfare," International Finance Discussion Papers 679, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  2. 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. [Downloadable!] (restricted)
  3. Goergen, Marc & Renneboog, Luc, 2003. "Shareholder Wealth Effects of European Domestic and Cross-Border Takeover Bids," EIFC - Technology and Finance Working Papers 20, United Nations University, Institute for New Technologies. [Downloadable!]
    Other versions:
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