MERGERS AND ACQUISITIONS IN THE PORTUGUESE BANKING INDUSTRY: IS IT THERE A PROCESS OF VALUE CREATION?

Jacinto Silva and Miguel Diz
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Miguel Diz: University of Evora

Finance from University Library of Munich, Germany

Abstract: This paper examines the valuation effects of mergers & acquisitions in the Portuguese banking industry from 1995 to 2003 over a 41-day (-20, +20) event window. Evidence shows some targets gains, but no gains for the bidders. The combined entity (target+bidder) shows no significant gains contradicting some other European studies but confirming the great majority of American research.

Keywords: Mergers and acquisitions (M&A); bidder; target; event window; shareholder value; abnormal returns (search for similar items in EconPapers)
JEL-codes: G (search for similar items in EconPapers)
Pages: 16 pages
Date: 2005-03-02
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Note: Type of Document - pdf; pages: 16
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpfi:0503002

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