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Impact of Financial Crisis on Banking Acquisitions: A Look at Shareholder Wealth

Lookup NU author(s): Dr Rekha Nicholson


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This paper examines the influence of the 2007–08 financial crisis on value creation for acquirer’s shareholders in the banking industry using a sample of 883 deals over 2004–12. Applying an exploratory and top-down approach, banking acquisitions are considered at the global level, narrowing the analysis step by step to consider domestic versus cross-border acquisitions. Then cross-border deals are split based on the economic development of the acquirer and target countries. It is observed that only acquisitions involving emerging-economy acquirers and developed-economy targets generate positive and significant returns to shareholders after the crisis. Major changes in the global acquisition landscape are also observed since 2007, with emerging-economy banks increasing their acquisition activity, both nationally and internationally.

Publication metadata

Author(s): Rao-Nicholson R, Salaber J

Publication type: Article

Publication status: Published

Journal: International Journal of the Economic of Business

Year: 2015

Volume: 22

Issue: 1

Pages: 87-117

Print publication date: 21/01/2015

Online publication date: 21/01/2015

Acceptance date: 21/01/2015

ISSN (print): 1357-1516

ISSN (electronic): 1466-1829

Publisher: Routledge


DOI: 10.1080/13571516.2014.982901


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