The role of timing at Mergers and Acquisitions in the banking industry
by Luisa Mueller, Dirk Schiereck
International Journal of Monetary Economics and Finance (IJMEF), Vol. 4, No. 1, 2011

Abstract: We identify 72 bank Mergers and Acquisitions (M&As), in which US banks acquired other financial institutions. We focus on the role of timing at M&A in the context of boom phase and financial crisis. Applying event study methodology, we examine: value generation to bank shareholders; value implications on bank shareholders according to rival banks' M&A considering whether transactions are undertaken prior to or during crisis. Since we identify JPMorgan Chase & Co. as crisis winner, we compare its returns with the results of competitors. The findings partially confirm our hypotheses that a well-performing bank creates value through M&A.

Online publication date: Tue, 25-Jan-2011

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