The worldwide availability of easy external financing has been an essential driver of recent M&A activity and a growing perception exists that such conditions may have resulted in a large number of non-value increasing transactions. This paper evaluates the interaction between credit conditions,...

This paper looks at the performance record of M&As that took place in the European Union financial industry in the period 1998-2002. First, the paper reports evidence on shareholder returns from the merger. Merger announcements implied positive excess returns to the shareholders of the target...

Artículo de revista

Resumen del documento de trabajo n. 0220 titulado "Value creation in European M&As" ; Artículo de revista ; Analisis de las operaciones de fusiones y adquisiciones empresariales dentro de la Union Europea (UE) en la ultima decada y, en especial, en el periodo transcurrido desde la creacion de...

The worldwide availability of easy external financing has been an essential driver of recent M&A activity and a growing perception exists that such conditions may have resulted in a large number of non-value increasing transactions. This paper evaluates the interaction between credit conditions,...

This paper looks at the performance record of Mamp;As that took place in the European Union financial industry in the period 1998-2002. First, the paper reports evidence on shareholder returns from mergers. Merger announcements brought positive excess returns to the shareholders of the target...