Influence of the premium on value creation in mergers and bank acquisitions in Europe

被引：0

作者：

Diaz, B. Diaz ^{[1
]}

Azofra, S. Sanfilippo ^{[1
]}

Gutierrez, C. Lopez ^{[1
]}

机构：

[1] Univ Cantabria, Dept Adm Empresas, E-39005 Santander, Cantabria, Spain

来源：

CUADERNOS DE ECONOMIA Y DIRECCION DE LA EMPRESA | 2008年 / 34期

关键词：

mergers and acquisitions; premium; payment method;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The purpose of this paper is to test the influence of the paid premium on the value that bank M&A generate. We performed an event study on abnormal returns and a regression analysis in a sample comprised of mergers and acquisitions undertaken by European banks from 1995 to 2004. The results obtained show a negative influence of the premium on abnormal returns obtained by the stockholders for both the purchaser as well as the organisation resulting from the operation. Moreover, the payment with shares of stock in conjunction with a high premium could be a sign of high overvaluation.

引用

页码：81 / 106

页数：26

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