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The identification of acquisition targets in the EU banking industry: An application of multicriteria approaches

  • Pasiouras, Fotios
  • Tanna, Sailesh
  • Zopounidis, Constantin

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File URL: http://www.sciencedirect.com/science/article/B6W4W-4M33SMK-1/2/871428de3c3b90ccbbfb37b65df064e1
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Article provided by Elsevier in its journal International Review of Financial Analysis.

Volume (Year): 16 (2007)
Issue (Month): 3 ()
Pages: 262-281

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Handle: RePEc:eee:finana:v:16:y:2007:i:3:p:262-281
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/620166

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  3. Allen N. Berger & Anthony Saunders & Joseph M. Scalise & Gregory F. Udell, 1997. "The effects of bank mergers and acquisitions on small business lending," Finance and Economics Discussion Series 1997-28, Board of Governors of the Federal Reserve System (U.S.).
  4. Palepu, Krishna G., 1986. "Predicting takeover targets : A methodological and empirical analysis," Journal of Accounting and Economics, Elsevier, vol. 8(1), pages 3-35, March.
  5. Barnes, Paul, 1999. " Predicting UK Takeover Targets: Some Methodological Issues and an Empirical Study," Review of Quantitative Finance and Accounting, Springer, vol. 12(3), pages 283-301, May.
  6. Cudd, Mike & Duggal, Rakesh, 2000. "Industry Distributional Characteristics of Financial Ratios: An Acquisition Theory Application," The Financial Review, Eastern Finance Association, vol. 35(1), pages 105-20, February.
  7. Went, Peter, 2003. "A quantitative analysis of qualitative arguments in a bank merger," International Review of Financial Analysis, Elsevier, vol. 12(4), pages 379-403.
  8. Hannan, Timothy H & Rhoades, Stephen A, 1987. "Acquisition Targets and Motives: The Case of the Banking Industry," The Review of Economics and Statistics, MIT Press, vol. 69(1), pages 67-74, February.
  9. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 110.
  10. Cornett, Marcia Millon & Tehranian, Hassan, 1992. "Changes in corporate performance associated with bank acquisitions," Journal of Financial Economics, Elsevier, vol. 31(2), pages 211-234, April.
  11. Espahbodi, Hassan & Espahbodi, Pouran, 2003. "Binary choice models and corporate takeover," Journal of Banking & Finance, Elsevier, vol. 27(4), pages 549-574, April.
  12. Ronan G. Powell, 2001. "Takeover Prediction and Portfolio Performance: A Note," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 28(7&8), pages 993-1011.
  13. David C. Wheelock & Paul W. Wilson, 1995. "Why do banks disappear? The determinants of U.S. bank failures and acquisitions," Working Papers 1995-013, Federal Reserve Bank of St. Louis.
  14. Imbens, Guido W, 1992. "An Efficient Method of Moments Estimator for Discrete Choice Models with Choice-Based Sampling," Econometrica, Econometric Society, vol. 60(5), pages 1187-214, September.
  15. Barniv, Ran & McDonald, James B, 1999. " Review of Categorical Models for Classification Issues in Accounting and Finance," Review of Quantitative Finance and Accounting, Springer, vol. 13(1), pages 39-62, July.
  16. Anderson, Christopher W. & Becher, David A. & Campbell, Terry II, 2004. "Bank mergers, the market for bank CEOs, and managerial incentives," Journal of Financial Intermediation, Elsevier, vol. 13(1), pages 6-27, January.
  17. William C. Hunter & Larry D. Wall, 1989. "Bank merger motivations: a review of the evidence and an examination of key target bank characteristics," Economic Review, Federal Reserve Bank of Atlanta, issue Sep, pages 2-19.
  18. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73, pages 351.
  19. Zopounidis, Constantin & Doumpos, Michael, 2002. "Multi-group discrimination using multi-criteria analysis: Illustrations from the field of finance," European Journal of Operational Research, Elsevier, vol. 139(2), pages 371-389, June.
  20. Ronan G. Powell, 1997. "Modelling Takeover Likelihood," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 24(7&8), pages 1009-1030.
  21. Slowinski, R. & Zopounidis, C. & Dimitras, A. I., 1997. "Prediction of company acquisition in Greece by means of the rough set approach," European Journal of Operational Research, Elsevier, vol. 100(1), pages 1-15, July.
  22. Doumpos, Michael & Zopounidis, Constantin, 2004. "A multicriteria classification approach based on pairwise comparisons," European Journal of Operational Research, Elsevier, vol. 158(2), pages 378-389, October.
  23. Arturo Estrella & Sangkyun Park & Stavros Peristiani, 2000. "Capital ratios as predictors of bank failure," Economic Policy Review, Federal Reserve Bank of New York, issue Jul, pages 33-52.
  24. Manski, Charles F & Lerman, Steven R, 1977. "The Estimation of Choice Probabilities from Choice Based Samples," Econometrica, Econometric Society, vol. 45(8), pages 1977-88, November.
  25. Stevens, Donald L., 1973. "Financial Characteristics of Merged Firms: A Multivariate Analysis," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 8(02), pages 149-158, March.
  26. Dario Focarelli & Fabio Panetta & Carmelo Salleo, 1999. "Why Do Banks Merge?," Temi di discussione (Economic working papers) 361, Bank of Italy, Economic Research and International Relations Area.
  27. Barnes, Paul, 2000. "The identification of U.K. takeover targets using published historical cost accounting data Some empirical evidence comparing logit with linear discriminant analysis and raw financial ratios with indu," International Review of Financial Analysis, Elsevier, vol. 9(2), pages 147-162.
  28. Tourani Rad, Alireza & Van Beek, Luuk, 1999. "Market valuation of European bank mergers," European Management Journal, Elsevier, vol. 17(5), pages 532-540, October.
  29. Wheelock, David C. & Wilson, Paul W., 2004. "Consolidation in US banking: Which banks engage in mergers?," Review of Financial Economics, Elsevier, vol. 13(1-2), pages 7-39.
  30. Bartley, Jon W. & Boardman, Calvin M., 1986. "Replacement-cost-adjusted valuation ratio as a discriminator among takeover target and nontarget firms," Journal of Economics and Business, Elsevier, vol. 38(1), pages 41-55, February.
  31. Bauer, Wolfgang & Ryser, Marc, 2004. "Risk management strategies for banks," Journal of Banking & Finance, Elsevier, vol. 28(2), pages 331-352, February.
  32. Diaz, Belen Diaz & Olalla, Myriam Garcia & Azofra, Sergio Sanfilippo, 2004. "Bank acquisitions and performance: evidence from a panel of European credit entities," Journal of Economics and Business, Elsevier, vol. 56(5), pages 377-404.
  33. Cyree, Ken B. & Wansley, James W. & Boehm, Thomas P., 2000. "Determinants of bank growth choice," Journal of Banking & Finance, Elsevier, vol. 24(5), pages 709-734, May.
  34. Focarelli, Dario & Pozzolo, Alberto Franco, 2001. "The patterns of cross-border bank mergers and shareholdings in OECD countries," Journal of Banking & Finance, Elsevier, vol. 25(12), pages 2305-2337, December.
  35. Focarelli, D. & Panetta, F. & Salleo, C., 1999. "Why do Banks Merge?," Papers 361, Banca Italia - Servizio di Studi.
  36. Allen N. Berger & David B. Humphrey, 1992. "Megamergers in banking and the use of cost efficiency as an antitrust defense," Finance and Economics Discussion Series 203, Board of Governors of the Federal Reserve System (U.S.).
  37. Cybo-Ottone, Alberto & Murgia, Maurizio, 2000. "Mergers and shareholder wealth in European banking," Journal of Banking & Finance, Elsevier, vol. 24(6), pages 831-859, June.
  38. Teija Laitinen & Maria Kankaanpaa, 1999. "Comparative analysis of failure prediction methods: the Finnish case," European Accounting Review, Taylor & Francis Journals, vol. 8(1), pages 67-92.
  39. Vennet, Rudi Vander, 1996. "The effect of mergers and acquisitions on the efficiency and profitability of EC credit institutions," Journal of Banking & Finance, Elsevier, vol. 20(9), pages 1531-1558, November.
  40. Evi Neophytou & Cecilio Mar Molinero, 2004. "Predicting Corporate Failure in the UK: A Multidimensional Scaling Approach," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(5-6), pages 677-710.
  41. Jennifer C. Ireland, 2003. "An Empirical Investigation of Determinants of Audit Reports in the UK," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30, pages 975-1016.
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