The Euro and the Changing Face of European Banking: Evidence from Mergers and Acquisitions
Manapol Ekkayokkaya,
Phil Holmes and
Krishna Paudyal
European Financial Management, 2009, vol. 15, issue 2, 451-476
Abstract:
During the last fifteen years, the European banking industry has experienced considerable consolidation through mergers and acquisitions against the background of the introduction of the single currency and reductions in cross‐border barriers. This paper investigates whether these changes impacted on announcement period gains of the banks acquiring targets by examining the pre‐euro, run‐up to the euro and post euro eras. Evidence suggests bidders' gains have fallen with the development of economic and monetary union. It also reveals significant differences in the gains from acquisitions within and outside the eurozone. These results are consistent with increased competition among bidders and increased integration of the market in the eurozone area in the post‐euro era. However, differing results relating to focused and diversifying bids suggest that the level of market integration is sector dependent.
Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (17)
Downloads: (external link)
https://doi.org/10.1111/j.1468-036X.2007.00411.x
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:bla:eufman:v:15:y:2009:i:2:p:451-476
Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=1354-7798
Access Statistics for this article
European Financial Management is currently edited by John Doukas
More articles in European Financial Management from European Financial Management Association Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().