This study examined empirically the value relevance of, first, the total reported consolidated accounting earnings and, secondly, the earnings of the subsidiaries attributed to the parent company, under a cost of acquisition regime, via an association study. Various alternative models were...

Although bank mergers have been a topic of ongoing research in the USA, particularly in view of reforms instituted by the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, the evidence on shareholder wealth effects in European bank mergers is thin. A key question is whether...