The Impact of Corporate Culture, Efficiency and Geographic Distance on M&A Results: the European Case

Franco Fiordelisi and Duccio Martelli

Chapter 8 in New Issues in Financial Institutions Management, 2010, pp 139-152 from Palgrave Macmillan

Abstract: Abstract The volume of merger and acquisition (M&A) transactions has soared over the last few years. According to the Thomson Financial (2007), the volume of worldwide M&As declared during 2007 reached US$ 4.5 trillion in announced deals and US$ 3.8 trillion in completed deals, that is, a 24 per cent increase over the previous record set in 2006. Since 2000, the volume of M&A deals has increased by 32 per cent, despite the fall off during the third quarter of 2007 caused by concerns in the credit markets. The M&A phenomenon concerns all countries worldwide (see Table 8.1); in 2007, M&A deals increased by 25 per cent in North America (reaching a volume of almost US$2 trillion over 2007, that is, 52 per cent of the value of M&A deals worldwide), by 18 per cent in Europe (reaching a volume of almost US$1.3 trillion over 2007, that is, 34 per cent of M&A deals by value worldwide) and also strongly increased in the Asia-Pacific area — by 61 per cent (reaching a volume of almost US$0.4 trillion over 2007, that is, 10 per cent of M&A deals by value worldwide).

Keywords: Abnormal Return; Credit Risk; Corporate Culture; Event Window; Target Firm (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-29915-3_9

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DOI: 10.1057/9780230299153_9

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