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The Euro and the changing face of European banking : evidence from mergers and acquisitions

Ekkayokkaya, Manapol and Holmes, Phil and Paudyal, Krishna (2009) The Euro and the changing face of European banking : evidence from mergers and acquisitions. European Financial Management, 15 (2). pp. 451-476. ISSN 1354-7798

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Abstract

During the last fifteen years, the European banking industry has experienced considerable consolidation through mergers and acquisitions against the background of the introduction of the single currency and reductions in cross-border barriers. This paper investigates whether these changes impacted on announcement period gains of the banks acquiring targets by examining the pre-euro, run-up to the euro and post euro eras. Evidence suggests bidders' gains have fallen with the development of economic and monetary union. It also reveals significant differences in the gains from acquisitions within and outside the eurozone. These results are consistent with increased competition among bidders and increased integration of the market in the eurozone area in the post-euro era. However, differing results relating to focused and diversifying bids suggest that the level of market integration is sector dependent.

Item type: Article
ID code: 30161
Keywords: finance, European banking, Euro, currency, single currency, Accounting, Economics, Econometrics and Finance(all), Accounting
Subjects: Social Sciences > Commerce > Accounting
Department: Strathclyde Business School > Accounting and Finance
Related URLs:
    Depositing user: Pure Administrator
    Date Deposited: 29 Mar 2011 15:14
    Last modified: 05 Sep 2014 08:08
    URI: http://strathprints.strath.ac.uk/id/eprint/30161

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