Effects of M&A on shareholder wealth : evidence from the european banking industry

Detalhes bibliográficos
Autor(a) principal: Spanovic, Viktor
Data de Publicação: 2021
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/23557
Resumo: Mestrado Bolonha em Finanças
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spelling Effects of M&A on shareholder wealth : evidence from the european banking industryMerger and AcquisitionsAbnormal ReturnsCumulative Average Abnormal ReturnsWealth CreationBankingMestrado Bolonha em FinançasThis thesis investigates the impact of M&A activity on the wealth of shareholders. The study is focused on the European banking industry, during the 12-year period: 2008-2020. Using a sample of 25 M&A deals, involving 47 publicly traded European banks, the event study method is applied to analyse the abnormal returns to stocks of the involved banks around the deal announcement dates. The results show positive and statistically significant abnormal returns for the shareholders of target banks in the sample, while the results for the bidding banks shareholders were also positive, however not showing statistical significance. Finally, the overall wealth creation was assessed by analysing weighted abnormal returns for bidding and target bank as an imaginary combined entity. The results were positive and statistically significant, indicating that M&A activity in the European banking industry, during the analysed period, increased shareholders wealth.Instituto Superior de Economia e GestãoNeves, João Carvalho dasRepositório da Universidade de LisboaSpanovic, Viktor2022-02-16T18:23:30Z2021-102021-10-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.5/23557engSpanovic, Viktor (2021). "Effects of M&A on shareholder wealth : evidence from the european banking industry". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:53:07Zoai:www.repository.utl.pt:10400.5/23557Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:07:46.157138Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Effects of M&A on shareholder wealth : evidence from the european banking industry
title Effects of M&A on shareholder wealth : evidence from the european banking industry
spellingShingle Effects of M&A on shareholder wealth : evidence from the european banking industry
Spanovic, Viktor
Merger and Acquisitions
Abnormal Returns
Cumulative Average Abnormal Returns
Wealth Creation
Banking
title_short Effects of M&A on shareholder wealth : evidence from the european banking industry
title_full Effects of M&A on shareholder wealth : evidence from the european banking industry
title_fullStr Effects of M&A on shareholder wealth : evidence from the european banking industry
title_full_unstemmed Effects of M&A on shareholder wealth : evidence from the european banking industry
title_sort Effects of M&A on shareholder wealth : evidence from the european banking industry
author Spanovic, Viktor
author_facet Spanovic, Viktor
author_role author
dc.contributor.none.fl_str_mv Neves, João Carvalho das
Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Spanovic, Viktor
dc.subject.por.fl_str_mv Merger and Acquisitions
Abnormal Returns
Cumulative Average Abnormal Returns
Wealth Creation
Banking
topic Merger and Acquisitions
Abnormal Returns
Cumulative Average Abnormal Returns
Wealth Creation
Banking
description Mestrado Bolonha em Finanças
publishDate 2021
dc.date.none.fl_str_mv 2021-10
2021-10-01T00:00:00Z
2022-02-16T18:23:30Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/23557
url http://hdl.handle.net/10400.5/23557
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Spanovic, Viktor (2021). "Effects of M&A on shareholder wealth : evidence from the european banking industry". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Instituto Superior de Economia e Gestão
publisher.none.fl_str_mv Instituto Superior de Economia e Gestão
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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