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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)

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://128.118.178.162/eps/fin/papers/0503/0503002.pdf
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Bibliographic 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://128.118.178.162

Related research

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

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  1. Jason Karceski & Steven Ongena & David C. Smith, 2005. "The Impact of Bank Consolidation on Commercial Borrower Welfare," Journal of Finance, American Finance Association, vol. 60(4), pages 2043-2082, 08.
  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.
  3. Goergen, M. & Renneboog, L.D.R., 2002. "Shareholder Wealth Effects of European Domestic and Cross-Border Takeover Bids," Discussion Paper 2002-50, Tilburg University, Center for Economic Research.
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