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The difference in acquisition strategies of acquirers in the bankingsector and their abnormal returns pre-, mid-, and post-crisis: evidence from the world
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2017 (English)Independent thesis Advanced level (degree of Master (One Year)), 20 HE creditsStudent thesis
Abstract [en]

This study investigates whether different acquisition strategies provide dissimilar abnormal returns forthe bidders’ investors before, during and after the financial crisis. The study focuses on acquisitionsconducted by banks between 2004 and 2012. The data is split in a pre-, mid-, and post-crisis sample.The dataset consists out of 950 completed acquisitions conducted by 378 unique banks. Crosssectionalresults point out that investors are generally indifferent to which acquisition strategy is usedby banks, both at announcement and at completion. Moreover, it seems that investors do not reactfiercer to the announcement compared to the completion of a deal. The results are robust whensplitting the sample in acquirers originating from common- and code law countries. However, the studyfinds that opposed to what is suggested by prior research, shareholders from code law countries earnhigher returns than shareholders from common law countries.

Place, publisher, year, edition, pages
2017. , p. 47
Keywords [en]
Financial crisis, event study, banking, acquisition strategies
National Category
Economics
Identifiers
URN: urn:nbn:se:uu:diva-317542OAI: oai:DiVA.org:uu-317542DiVA, id: diva2:1082149
Subject / course
Business Studies
Educational program
Freestanding course
Supervisors
Examiners
Available from: 2017-03-16 Created: 2017-03-15 Last updated: 2017-03-16Bibliographically approved

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fulltext(1206 kB)64 downloads
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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf