Impact of Mergers and Acquisitions on European Insurers: Evidence from Equity Markets

Petr Jakubík and Dimitrios Zafeiris ()
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Dimitrios Zafeiris: Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Smetanovo nabrezi 6, 111 01 Prague 1, Czech Republic

No 2016/12, Working Papers IES from Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies

Abstract: The current macro-economic and financial conditions remain extremely challenging for the European insurance sector. Under the ongoing low yield environment insurers are changing their business models and looking for new investment and business opportunities to improve their profitability and the overall solvency positions. This is also reflected in an increasing interest in mergers and acquisitions to achieve sufficient returns. However, there is no clear answer in the literature whether this strategy brings the expected positive results. This study empirically tests the effects of mergers and acquisitions (M&A) on share prices of European insurers via an event study. Our results do not confirm the positive impact of such strategies on acquirers’ share prices delivering abnormal returns for shareholders.

Pages: 20 pages
Date: 2016-07, Revised 2016-07
New Economics Papers: this item is included in nep-com and nep-fmk
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Citations: View citations in EconPapers (2)

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Working Paper: Impact of Mergers and Acquisitions on European Insurers: Evidence from Equity Markets (2016)
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