Empirical Evidence On Cross Border M A In The European Banking Sector

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Empirical Evidence On Cross Border M A In The European Banking Sector

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Author : Johannes Weigl
language : en
Publisher: GRIN Verlag
Release Date : 2012-08-16

Empirical Evidence On Cross Border M A In The European Banking Sector written by Johannes Weigl and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-16 with Business & Economics categories.

Master's Thesis from the year 2008 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 8,5, Maastricht University, language: English, abstract: Mergers and Acquisitions (abbreviated M&A) within the European financial market have altered the European banking sector drastically in the past couple of decades. Walkner & Raes (2005) claim that cross-border M&As have not been a major feature of the EU banking sector, implying that domestic bank mergers dominated the merger process for a long time. From 1995 to 2006, the number of credit institutions decreased on average my approximately 7% in the eurozone, which was mainly driven by domestic merges. However, since the mid of the 1990s cross-border M&As gained momentum and play a significant role in the European banking consolidation process. Nevertheless, “cross-border M&A has never come close to exceeding domestic mergers and acquisitions” (Kleimeier et al., 2007). Despite the high level of M&A activity in Europe, relatively little research has been conducted dealing with cross-border M&As. Most of prior research applies event study methodology in order to analyze announcement effects of European bank M&As. Further, these studies focus on the question whether bank M&As in Europe have created or destroyed shareholder value. Others try to provide an in depth analysis of the factors that affect and may explain the value creation process. Altunbas et al. (2007) or Beitel et al. (2003) try to explain the M&A success in European bank mergers. However, the results often lack explanatory power. Therefore, this thesis looks at the success of cross-border M&A from a different perspective. The paper aims at understanding whether or not culture plays an important role in the success of M&As. Consequently, the study tries to identify cultural characteristics of bidder and targets, which have explanatory power for bidder returns and the combined effect of both bidder and target. The thesis has several unique features. First, the study conducts an extensive short-term and long-term analysis on cross-border M&As. Second, the results of the event studies are tested by employing accounting studies as well. Third, the thesis provides a real life example of the merger between UniCredit and HypoVereinsbank. This thesis is the first one, which extensively analyzes the following research question: Are cross-border M&As of cultural similar countries more successful?

Cross Border Banking In Europe

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Author : Franklin Allen
language : en
Publisher: CEPR
Release Date : 2011

Cross Border Banking In Europe written by Franklin Allen and has been published by CEPR this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Banks and banking categories.

This report argues that policy reforms in micro- and macro-prudential regulation and macroeconomic policies are needed for Europe to reap the important diversification and efficiency benefits from cross-border banking, while reducing the risks stemming from large cross-border banks.Available online as pdf at: http: //www.cepr.org/pubs/books/CEPR/cross-border_banking.pd

Measuring M And A Success In Cross Border Banking M And

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Author : Christian Alexander Wegener
language : en
Publisher: GRIN Verlag
Release Date : 2011-02

Measuring M And A Success In Cross Border Banking M And written by Christian Alexander Wegener and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02 with Business & Economics categories.

Diploma Thesis from the year 2007 in the subject Business economics - General, grade: sehr gut, University of Münster (Finance Center Münster), language: English, abstract: The recent surge in European cross-border bank mergers and the limited amount of studies investigating the value-consequences of these transactions call for further research. This book assesses the methodologies that are in use to measure M&A success in order to support a rigorous use of these approaches in future analyses. Moreover, the assessment of the bank merger between Italy's UniCredit and Germany's Hypovereinsbank exemplifies the accurate application of these tools as well as the usefulness of appraising individual deals within a multi-methodology framework.

Empirical Evidence On Managing Networks

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Author : Nayantara Hensel
language : en
Publisher:
Release Date : 2004

Empirical Evidence On Managing Networks written by Nayantara Hensel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.

With the movement toward globalization, the question of how efficiencies can be achieved through cross-border integration is becoming increasingly important. This paper argues that one avenue for cross-border efficiency is through the greater utilization of firms with under-used distribution channels by other firms with over-used distribution channels. The analysis examines the contemporary European commercial banking industry, and develops an empirical model concerning the degree to which banks' branch networks are over-utilized or under-utilized and what the efficiency implications would be of further organic growth. I find evidence indicating that larger banks are more likely to have heavily utilized branch networks than smaller banks and to exhibit fewer cost efficiencies from building more branches. I find this result both across countries, as well as within countries. The within-country effect suggests that the result is size-driven and can be independent of competitive conditions?larger banks handle more transactions within their existing networks and have higher physical capital costs in opening up new branches. The variance and magnitude of the findings within each country relative to the findings in other countries suggest the impact of factors related to different competitive environments. The findings suggest that cross-border consolidation between larger banks with over-utilized branch networks and smaller banks with under-utilized branch networks could yield cost efficiencies. The larger banks could market a greater diversity of products to an international clientele using the under-utilized distribution channels of the smaller banks.

Cross Border Banking

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Author : Gerard Caprio
language : en
Publisher: World Scientific
Release Date : 2006

Cross Border Banking written by Gerard Caprio and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Social Science categories.

Cross-border banking, while having the potential for a more efficient financial sector, also creates potential challenges for bank supervisors and regulators. This volume discusses topics that include: the landscape of cross-border bank activity, the resulting competitive implications, emerging challenges for prudential regulation, and more. Cross-border banking, while having the potential for a more efficient financial sector, also creates potential challenges for bank supervisors and regulators. It requires cooperation by regulatory authorities across jurisdictions and a clear delineation of authority and responsibility. That delineation is typically not present and regulatory authorities often have significantly different incentives to respond when cross-border-active banks encounter difficulties. Most of these issues have only begun to be seriously evaluated. This volume, one of the first attempts to address these issues, brings together experts and regulators from different countries. The wide range of topics discussed include: the current landscape of cross-border bank activity, the resulting competitive implications, emerging challenges for prudential regulation, safety net concerns, failure resolution issues, and the potential future evolution of international banking.

Are Cross Border Mergers And Acquisitions More Successful Between Culturally Similar Countries In The Eu

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Author : Cheyenne Wijnant
language : en
Publisher: GRIN Verlag
Release Date : 2017-10-02

Are Cross Border Mergers And Acquisitions More Successful Between Culturally Similar Countries In The Eu written by Cheyenne Wijnant and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-02 with Business & Economics categories.

Master's Thesis from the year 2017 in the subject Business economics - General, grade: 7.00, Maastricht University (Finance), course: International Business, language: English, abstract: Cross-border mergers and acquisitions have increased significantly over the last two decades and have substantially changed the European industry, since it has become one of the leading approaches for firms to gain access to global markets. However, there has been little progress in the research literature investigating the role of culture in explaining the success of these cross-border transactions. This paper analyzes if cross-border M&As are more valuable for acquirers between culturally similar countries by investigating the countries’ cultural distance, legal origin, trust, Hofstede’s dimensions, and corporate governance measures. The results indicate that cultural distance has a positive and negative effect on bidder announcement returns. Legal origin has a negative effect on acquirer gains in cross-border M&A whereas trust has a positive but insignificant effect. Hofstede’s dimensions have no particular effect on the data set and corporate governance measures have a strong negative effect on bidder announcement returns. The robustness checks do not alter the results.

Cross Border Entry In European Retail Financial Services

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Author : Tobias C Hoschka
language : en
Publisher: Springer
Release Date : 1993-12-13

Cross Border Entry In European Retail Financial Services written by Tobias C Hoschka and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-12-13 with Business & Economics categories.

Providing a comprehensive assessment of the strategies of banks and insurance companies in the move towards an internal European market for financial services, this book analyzes the latest theoretical and institutional developments. It also provides a range of case studies of actual cross-border entry strategies of some of the largest European financial institutions.

The Determinants Of Cross Border Bank Flows To Emerging Markets

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Author : Sabine Herrmann
language : de
Publisher:
Release Date : 2010

The Determinants Of Cross Border Bank Flows To Emerging Markets written by Sabine Herrmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.

The Resolution Of Cross Border Banking Crises In The European Union

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Author : Seraina Neva Grünewald
language : en
Publisher:
Release Date : 2014

The Resolution Of Cross Border Banking Crises In The European Union written by Seraina Neva Grünewald and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Banker categories.

Any policy aimed at resolution of a banking crisis determines which constituents - depositors, creditors, shareholders, the banking industry, and society as a whole - eventually bear the costs associated with a banking crisis, thus giving rise to legitimacy and accountability concerns. Rather than what the recent financial crisis has engendered - mostly ad hoc reactions that socialize losses but not profits - what is required, this incisive analysis shows, is an equitable and viable resolution framework, based on burden sharing, enshrined in law, and designed to deal with bank failures in a way that balances private and public interests. The author explores the design, institutional framework, and practical functioning of such a legal regime under EU law. In the process she discusses such issues as the following: the systemic risk of bank failure; exit regimes for failing banks and banking groups; difficulties produced by the increasing cross-border activities and interconnectedness of the banking sector; resolution tools to minimize the losses of the official sector; the role of various authorities in resolving failing banks; the need for resolution authorities to have robust rules and a certain level of discretion; the potential sources of resolution financing; overcoming resistance to burden-sharing arrangements; the integration potential and political drawbacks of the emerging Banking Union; the deposit insurance responsibilities of Member States; European Central Bank monetary policy operations as a burden-sharing mechanism; and the geographic scope of resolution and burden-sharing regimes and implications for non-participating Member States and third countries.

Internationalization Of Banks

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Author : Federica Sist
language : en
Publisher: Springer
Release Date : 2018-04-10

Internationalization Of Banks written by Federica Sist and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-10 with Business & Economics categories.

This book reviews banking internationalization by considering the new paradigms of globalization. The author primarily analyses why and how banks internationalize through equity deals, and the effect of regulation and market integration on the formation of deals, which allows authorities to manage the banking structure. This is a unique work that describes the relevance of the ownership model and cultural features of the partners and the key factors that help in choosing the market in which the banks bring activities abroad. The book addresses market characteristics, and new scenarios that should impact banks’ internationalization strategies and ability to achieve success in deals that capture the attention of both researchers and practitioners.