Mergers and acquisitions in European banking:
"This book provides a detailed analytical assessment of merger and acquisition phenomenon in banking. It advances the prior literature focusing on some specific aspects that have been investigated by only limited previous analysis. It assesses the effect produced by M&A transactions on bank...
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Basingstoke [u.a.]
Palgrave Macmillan
2009
|
| Edition: | 1. publ. |
| Series: | Palgrave Macmillan studies in banking and financial institutions
|
| Subjects: | |
| Online Access: | Klappentext Inhaltsverzeichnis |
| Summary: | "This book provides a detailed analytical assessment of merger and acquisition phenomenon in banking. It advances the prior literature focusing on some specific aspects that have been investigated by only limited previous analysis. It assesses the effect produced by M&A transactions on bank efficiency and shareholder value"--Provided by publisher. |
| Physical Description: | XIV, 199 S. graph. Darst. |
| ISBN: | 9780230537194 |
Staff View
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| adam_text | Mergers and Acquisitions (M&A) are a key phenomenon in financial
markets. The volume of M&A transactions has risen since the
1
990s in
most countries and industries. The M&A phenomenon is particularly
exciting in European banking: while European banking consolidation was
a minor process during the
1990s
in comparison to the US, the number
and the value of deals in the European banking industry is currently similar
to that of the US. Despite its importance, few books analyze M&A in
European Banking.
This book advances prior literature by focusing on some specific aspects
that have been investigated by only a limited number of previous
publications. In doing so, Mergers and Acquisitions in European Banking will
help provide regulators and bankers with policy guidance regarding the
re-organization of banks post-crisis.
Franco Fiordelisi is Professor of Banking and Finance at the Faculty
of Economics, University of Rome III, Italy. He is also Visiting Senior
Research Fellow at Bangor Business School, UK, and at the Essex Finance
Centre of the University of Essex, UK. His main research interest relates
to the economics of banking and other financial institutions, focusing on
efficiency, productivity and shareholder value creation. He recently
published Shareholder Value in European Banking
(2007)
and New Drivers
of Performance in a Changing Financial World
(2008).
He has acted as a
consultant to many banks, leasing and factoring companies.
Contents
List
of Tables
ix
List of Figures
xi
Preface
xii
Acknowledgements
xiv
1
Why Study M&A in Banking?
1
1.1
Introduction
1
1.2
Structure of the text
6
2
Merger and Acquisition Trends in European Banking
9
2.1
Introduction
9
2.2
The evolution of the banking market
10
2.3
The structural features of European banking
15
2.4
How banks work in the new environment
23
2.5
The interest in Merger and Acquisition
27
2.6
Banking crises and the M&A phenomenon
38
2.7
Conclusion
46
3
Why Do Banks Merge?
48
3.1
Introduction
48
3.2
Consolidation motives
49
3.3
Lessons from the past
56
3.4
Conclusion
83
4
M&A of Financial Institutions: Literature Review
85
4.1
Introduction
85
4.2
The M&A effects over the short term
86
4.3
The M&A effects over the medium-long term:
the impact on banks efficiency
93
4.4
The M&A effects over the medium-long term:
the impact on banks operating performance
98
4.5
The M&A effects over the medium-long
term: other issues
102
vii
viii Contents
4.6
Conclusion:
what does the existing
literature teach us?
106
5
Do M&As Create Value for Shareholders?
The Short-term Wealth Effect
107
5.1
Introduction
107
5.2
Methods
108
5.3
Sample: Selected M&A deals
110
5.4
Results
114
5.5
Conclusion
117
6
Do M&As Create Value for Shareholders?
The
Long-Term
Wealth Effect
119
6.1
Introduction
119
6.2
Methods
119
6.3
Analyzed M&A deals
121
6.4
Results
127
6.5
Conclusion
131
7
Do M&As Create Value for Shareholders?
The Effect on Bank Efficiency
134
7.1
Introduction
134
7.2
Methods
135
7.3
Analyzed M&A deals
139
7.4
Results
141
7.5
Contributing to the existing literature
145
7.6
Conclusion
148
Annex
7.1
Efficiency estimation methods
149
8
Post-acquisition Integration
153
8.1
Introduction
153
8.2
Critical issues in the post-merger integration
154
8.3
The post-acquisition strategy
160
8.4
Implementation of the integration strategy
163
8.4
Conclusion
167
9
Conclusion
170
Notes
176
References
185
Index
195
|
| adam_txt |
Mergers and Acquisitions (M&A) are a key phenomenon in financial
markets. The volume of M&A transactions has risen since the
1
990s in
most countries and industries. The M&A phenomenon is particularly
exciting in European banking: while European banking consolidation was
a minor process during the
1990s
in comparison to the US, the number
and the value of deals in the European banking industry is currently similar
to that of the US. Despite its importance, few books analyze M&A in
European Banking.
This book advances prior literature by focusing on some specific aspects
that have been investigated by only a limited number of previous
publications. In doing so, Mergers and Acquisitions in European Banking will
help provide regulators and bankers with policy guidance regarding the
re-organization of banks post-crisis.
Franco Fiordelisi is Professor of Banking and Finance at the Faculty
of Economics, University of Rome III, Italy. He is also Visiting Senior
Research Fellow at Bangor Business School, UK, and at the Essex Finance
Centre of the University of Essex, UK. His main research interest relates
to the economics of banking and other financial institutions, focusing on
efficiency, productivity and shareholder value creation. He recently
published Shareholder Value in European Banking
(2007)
and New Drivers
of Performance in a Changing Financial World
(2008).
He has acted as a
consultant to many banks, leasing and factoring companies.
Contents
List
of Tables
ix
List of Figures
xi
Preface
xii
Acknowledgements
xiv
1
Why Study M&A in Banking?
1
1.1
Introduction
1
1.2
Structure of the text
6
2
Merger and Acquisition Trends in European Banking
9
2.1
Introduction
9
2.2
The evolution of the banking market
10
2.3
The structural features of European banking
15
2.4
How banks work in the new environment
23
2.5
The interest in Merger and Acquisition
27
2.6
Banking crises and the M&A phenomenon
38
2.7
Conclusion
46
3
Why Do Banks Merge?
48
3.1
Introduction
48
3.2
Consolidation motives
49
3.3
Lessons from the past
56
3.4
Conclusion
83
4
M&A of Financial Institutions: Literature Review
85
4.1
Introduction
85
4.2
The M&A effects over the short term
86
4.3
The M&A effects over the medium-long term:
the impact on banks' efficiency
93
4.4
The M&A effects over the medium-long term:
the impact on banks' operating performance
98
4.5
The M&A effects over the medium-long
term: other issues
102
vii
viii Contents
4.6
Conclusion:
what does the existing
literature teach us?
106
5
Do M&As Create Value for Shareholders?
The Short-term Wealth Effect
107
5.1
Introduction
107
5.2
Methods
108
5.3
Sample: Selected M&A deals
110
5.4
Results
114
5.5
Conclusion
117
6
Do M&As Create Value for Shareholders?
The
Long-Term
Wealth Effect
119
6.1
Introduction
119
6.2
Methods
119
6.3
Analyzed M&A deals
121
6.4
Results
127
6.5
Conclusion
131
7
Do M&As Create Value for Shareholders?
The Effect on Bank Efficiency
134
7.1
Introduction
134
7.2
Methods
135
7.3
Analyzed M&A deals
139
7.4
Results
141
7.5
Contributing to the existing literature
145
7.6
Conclusion
148
Annex
7.1
Efficiency estimation methods
149
8
Post-acquisition Integration
153
8.1
Introduction
153
8.2
Critical issues in the post-merger integration
154
8.3
The post-acquisition strategy
160
8.4
Implementation of the integration strategy
163
8.4
Conclusion
167
9
Conclusion
170
Notes
176
References
185
Index
195 |
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| any_adam_object_boolean | 1 |
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| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
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| illustrated | Illustrated |
| index_date | 2024-07-02T23:00:36Z |
| indexdate | 2024-07-09T21:27:01Z |
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| isbn | 9780230537194 |
| language | English |
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| spelling | Fiordelisi, Franco 1972- Verfasser (DE-588)143110926 aut Mergers and acquisitions in European banking Franco Fiordelisi 1. publ. Basingstoke [u.a.] Palgrave Macmillan 2009 XIV, 199 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Palgrave Macmillan studies in banking and financial institutions "This book provides a detailed analytical assessment of merger and acquisition phenomenon in banking. It advances the prior literature focusing on some specific aspects that have been investigated by only limited previous analysis. It assesses the effect produced by M&A transactions on bank efficiency and shareholder value"--Provided by publisher. Bank stw EU-Staaten stw Fusion stw Übernahme stw Bank Bank mergers Europe Banks and banking Europe Kreditwesen (DE-588)4032950-1 gnd rswk-swf Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf Europa Europa (DE-588)4015701-5 gnd rswk-swf Europa (DE-588)4015701-5 g Kreditwesen (DE-588)4032950-1 s Mergers and Acquisitions (DE-588)4205916-1 s DE-604 Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016994583&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Klappentext Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016994583&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Fiordelisi, Franco 1972- Mergers and acquisitions in European banking Bank stw EU-Staaten stw Fusion stw Übernahme stw Bank Bank mergers Europe Banks and banking Europe Kreditwesen (DE-588)4032950-1 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd |
| subject_GND | (DE-588)4032950-1 (DE-588)4205916-1 (DE-588)4015701-5 |
| title | Mergers and acquisitions in European banking |
| title_auth | Mergers and acquisitions in European banking |
| title_exact_search | Mergers and acquisitions in European banking |
| title_exact_search_txtP | Mergers and acquisitions in European banking |
| title_full | Mergers and acquisitions in European banking Franco Fiordelisi |
| title_fullStr | Mergers and acquisitions in European banking Franco Fiordelisi |
| title_full_unstemmed | Mergers and acquisitions in European banking Franco Fiordelisi |
| title_short | Mergers and acquisitions in European banking |
| title_sort | mergers and acquisitions in european banking |
| topic | Bank stw EU-Staaten stw Fusion stw Übernahme stw Bank Bank mergers Europe Banks and banking Europe Kreditwesen (DE-588)4032950-1 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd |
| topic_facet | Bank EU-Staaten Fusion Übernahme Bank mergers Europe Banks and banking Europe Kreditwesen Mergers and Acquisitions Europa |
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