文档介绍：本科毕业论文(设计)
外文翻译
原:
Mergers and acquisitions and bank performance in Europe
Non-technical summary
During the 1990s a large process of financial consolidation has taken place in the European Union although cross-border mergers and acquisitions activity remains limited in the banking sector. Given the central role played by banks in the credit process and the economy in general, this process of financial consolidation has attracted substantial attention not only from managers and shareholders but also from borrowers and policy-makers. While in the United States there is extensive empirical evidence on the effects of financial consolidation, the empirical literature remains limited in Europe. This paper aims to shed some light on the consolidation process in the European Union banking sector.
In terms of methodology, most of the studies analyzing the effect of bank consolidation on performance tend to follow two main kinds of empirical methods. On the one hand there are a number of paring pre- and post-merger performance. On the other hand, another strand of the empirical literature uses a event-study type methodology, in which changes in the prices of specific financial market assets around the time of the announcement of the merger are analyzed. In this respect, the handful of cross-country European studies conducted to date using an event-study methodology tend to find that banks merger and acquisitions accrue significant stock market valuation gains for both the target and bidder (see for instance Cybo-Ottone and Murgia, 2000).
We use the former approach paring actual pre- and post- merger performance in acomprehensive sample of European Union banks from 1992 to 2001. The use of this methodallows us to cover a wider sample of European Union banks by including also banks which are not listed on the stock market. Building on earlier US work we also examine the impact of
strategic similarities between bidders and targets on post-merger financial performance. T