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The effects of the European bank mergers and acquisitions on bank value and risk

Categorie:

Tipul lucrării:

Data creării:

02.09.2019
Volumul: 
37 pagini
Cuprins: 

Management Summary ......................2

Preface .............................................3

 

Chapter 1 – Introduction.....................4
1.1 Research relevance .....................................................................4
1.2 Current state of literature ...........................................................5
1.3 Research method ........................................................................7
1.4 Structure ....................................................................................7

1.5 Data ...........................................................................................8

 

Chapter 2 – Literature review and hypothesis development .............9

2.1 Bank value creation/destruction........................................................9

2.2 Change in bank’ total risk ..............................................................10

2.3 Change in bank’s systematic risk ...................................................11

 

Chapter 3 – Research Method .........................................................12

3.1 Methodology and sample ................................................................12

3.2 Event studies .................................................................................13
3.3 Total risk ......................................................................................13

3.4 Systematic risk .............................................................................14

 

 

Chapter 4 - Results ...........................................................15
4.1 Abnormal and cumulative abnormal returns ...................................................15
4.1.1 Abnormal and cumulative abnormal returns for the whole sample .................15
4.1.2 Abnormal and cumulative abnormal returns before and during the crisis .......18
4.2 Changes in Total Risk ...................................................................................19
4.2.1 Total Risk for the whole sample (2002-2014) ..............................................19
4.2.2 Total Risk before and during the last financial crisis ....................................21
4.3 Changes in Systematic risk ..........................................................................23
4.3.1 Change in Systematic risk for the whole sample (2002-2014) .......................24

4.3.2 Changes in Systematic risk before and during the last financial crisis ..........26

 

 

Chapter 5 – Conclusion .............................................29
5.1 Major findings............................................................................................29
5.2 Managerial recommendations .................................................................... 31

5.3 Limitations ...............................................................................................32

 

5.4 Future research .......................................................................................32

 

 

Appendix ......................................................................33
Reference ....................................................................35

Descriere: 

Given the fact that recent years Cross-border bank Mergers and Acquisitions (M&A) increased and continue to take place after the last financial crisis, this research is addressing some important issues. The findings from the analysis would provide valuable insights to both academic and managers interested in the overall risk and value change due to engaging in a bank merger.

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