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Do M&As Create Value for Shareholders? The Short-term Wealth Effect

In: Mergers and Acquisitions in European Banking

Author

Listed:
  • Franco Fiordelisi

    (University of Rome III)

Abstract

The phenomenon of Merger and Acquisition (M&A) has been the object of many empirical studies in the past decade, especially with the United States banking sector. As shown in Chapter 2, the M&A phenomenon is very important in Europe: there has been a rising trend in M&As since 2001 both in terms of number of deals and of their value. In 2006 only there were around 1100 M&A deals between banks in the Euro area for an overall value of more than 130 Euro billion. The impact created by M&As in the short term has been investigated by a number of studies in Europe focusing on M&A deals over the 1990s. Namely Beitel et al., (2001; 2004) examined 98 mergers between European banks during the period 1985–2000. Cybo-Ottone and Murgia (2000) analyzed a sample of 72 European banks with a value higher than 100 million dollars during the period 1988–97.

Suggested Citation

  • Franco Fiordelisi, 2009. "Do M&As Create Value for Shareholders? The Short-term Wealth Effect," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Mergers and Acquisitions in European Banking, chapter 5, pages 107-118, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-24540-2_5
    DOI: 10.1057/9780230245402_5
    as

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