Announcement effects of bank mergers in Europe and the US |
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| Authors: | Bert Scholtens Robert de Wit |
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| Institution: | Department of Finance, University of Groningen, P.O. Box 800, 9700 AV, Groningen, The Netherlands |
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| Abstract: | We investigate the announcement effect of large bank mergers in the European and US stock market. Cumulative abnormal returns are calculated on the basis of the performance vis-à-vis the market and a sector index. Mergers result in small positive abnormal returns. Target banks realize significantly higher returns than bidders. In many respects, there is a difference between the announcement effects of European bank mergers compared to those in the US. |
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| Keywords: | Announcement effects Banking Mergers and acquisitions Shareholder wealth |
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