We analyze the shareholder wealth implications of the financial sector consolidation in the Asia-Pacific region between 1995 and 2013. The results suggest that market power potentials play a prom-inent role when capital markets value M&As between Asian financial institutions. Asian bidders earn highly significant positive returns, while their non-Asian peers achieve insignificant wealth effects. The rivals of Asian bidders profit from further consolidation, particularly on the national level, sug-gesting that market power considerations are potentially a dominant motivation behind these mergers.
JEL classification: G14, G21, G34, F23
Keywords: Mergers and acquisitions (M&A) ∙ Banks ∙ Emerging markets ∙ Rival reactions ∙ Event study ∙ Market power
학회소식
[2015년 제 4차] Bidders, Rivals, and Wealth Creation of the Banking
작성자 : 관리자
조회수 : 925
게시일 :
2016-01-08
