Liberalization and privatization since the late
1990s has changed the landscape of the European and
US financial services industries, enabling
consolidation across borders and industry segments.
As evidenced by the 2008 financial crisis, however,
increased size is in and of itself not a reliable
indicator of long-term sustainable shareholder value
creation. This book analyzes the determinants of
shareholder value creation for acquirers in
financial services mergers and acquisitions, and
contrasts the key drivers in the EU versus the US.
It introduces the reader to the major changes in the
relevant regulatory frameworks and to the economic
fundamentals of shareholder value creation. The
author identifies the key variables determining
value creation for acquiring shareholders and
performs an event study based on 219 M&A
transactions. The results of this analysis will be
of interest mainly to academics and investors, and
of relevance to all industry professionals involved
in the strategic management of financial
institutions.
1990s has changed the landscape of the European and
US financial services industries, enabling
consolidation across borders and industry segments.
As evidenced by the 2008 financial crisis, however,
increased size is in and of itself not a reliable
indicator of long-term sustainable shareholder value
creation. This book analyzes the determinants of
shareholder value creation for acquirers in
financial services mergers and acquisitions, and
contrasts the key drivers in the EU versus the US.
It introduces the reader to the major changes in the
relevant regulatory frameworks and to the economic
fundamentals of shareholder value creation. The
author identifies the key variables determining
value creation for acquiring shareholders and
performs an event study based on 219 M&A
transactions. The results of this analysis will be
of interest mainly to academics and investors, and
of relevance to all industry professionals involved
in the strategic management of financial
institutions.