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Returns to bidders and targets in the acquisition process: Evidence from the banking industry

✍ Scribed by Timothy H. Hannan; John D. Wolken

Publisher
Springer
Year
1989
Tongue
English
Weight
653 KB
Volume
3
Category
Article
ISSN
0920-8550

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✦ Synopsis

This article examines the effects of acquisition announcements of publicly traded banks on stockholder wealth using event-study methodology and an updated and enlarged sample of such banking organizations. The findings imply that on average, acquisitions in the banking industry result in a wealth transfer from the shareholders of bidding firms to the shareholders of target f'Lrms, with no overall gain to the shareholders of the two firms combined. Of the characteristics examined, only capitalization of the target firm is found to distinguish between combinations with positive and negative combined wealth effects.

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