Effects of merger and acquisition announcements on stock returns: an empirical study of banks listed on NSE & NYSE

Dharen Kumar Pandey and Vineeta Kumari

back

References:

[1] Adnan, ATM., & Hossain, A. (2016). Impact of M&A announcement on acquiring and target firm’s stock price: an event analysis approach. International Journal of Finance and Accounting, 5(5), 228-232. doi: 10.5923/j.ijfa.20160505.02

[2] Antoniadis, I., Alexandridis, A. & Sariannidis, N. (2014). Mergers and acquisitions in the Greek banking sector: An event study of a proposal. Procedia Economics and Finance, 14, 13-22. doi: 10.1016/S2212-5671(14)00680-7

[3] Big bank mergers: Government turns ten PSBs into four (2019, September 2), The Economic Times. Retrieved from (...)

[4] Brown, S. J., & Warner, J. B. (1980). Measuring security price performance. Journal of Financial Economics, 8(3), 205–258. Retrieved from ( ... )

[5] Brown, S. J., & Warner, J. B. (1985). Using daily stock returns, the case of event studies. Journal of Financial Economics, 14(1), 3–31.
Retrieved from http://leeds-faculty.colorado.edu/bhagat/brownwarner1985.pdf

[6] Campa, J. M., & Hernando, I. (2005). M&As performance in the European financial industry.
Journal of Banking & Finance, 30(12), 3367–3392. Retrieved from https://scihub.bban.top/https://doi.org/10.1016/j.jbankfin.2006.06.006


[7] Chen, F., Ramaya, K. & Wu, W. (2019). The wealth effects of merger and acquisition announcements on bondholders: new evidence from the over-the-counter market. Journal of Economics and Business. https://doi.org/10.1016/j.jeconbus.2019.105862

[8] Diaw, A. (2011). The effect of mergers and acquisitions on shareholder wealth: the case of European banks. First International Conference of Cost Action IS0902, Systemic Risks, Financial Crises, and Credit, COST, May 2011, Saint-Denis, France. hal-01184673. Retrieved from https://hal.archives-ouvertes.fr/hal-01184673/document

[9] Duso, T., Gugler, K., & Yurtoglu, B. (2010). Is the event study methodology useful for merger analysis? A comparison of stock market and accounting data. International Review of Law and Economics, 30, 186–192. Retrieved from https://www.wu.ac.at/fileadmin/wu/d/i/iqv/Gugler/Artikel/dgy_irle.pdf

[10] Farinos, J. E., Herrero, B., & Latorre, M. A. (2019). Market valuation and acquiring firm performance in the short and long term: Out-of-sample evidence from Spain. BRQ Business Research Quarterly. https://doi.org/10.1016/j.brq.2019.01.001

[11] Gopalaswamy, A. K., Acharya, D. & Malik, J. (2008). Stock price reaction to merger announcements: an empirical note on Indian markets. Investment Management and Financial Innovations, 5(1), 95-103. Retrieved from ( ... )

[12] Graca, T., & Masson, R. (2016). A structural event study for M&As: an application in corporate governance. Applied Economics, DOI:10.1080/00036846.2016.1156237

[13] Henry, D. & Mendonca, J. (2012, August 27). Reutors. Retrieved from
https://www.reuters.com/article/us-hudsoncity-offer/mt-bank-to-buy-hudson-city-bancorp-in-3-7-billion-deal-idUSBRE87Q0GL20120827

[14] ICICI Bank to buy Bank of Rajasthan (2010, May, 18). Livemint. Retrieved from
https://www.livemint.com/Home-Page/D2f0qaXoo4P0NEiO4HcSuN/ICICI-Bank-to-buy-Bank-of-Rajasthan.html

[15] KeyCorp to Acquire First Niagara Financial Group (2015, October 30). Key Bank (Press Release). Retrieved from ( ... )

[16] Kotak Mahindra Bank to acquire ING Vysya in all-stock deal (2014, November 27). Livemint. Retrieved from https://www.livemint.com/Companies/d3JEmWoM4ZxUc31WRDOA6O/Kotak-Mahindra-Bank-to-acquire-ING-Vysya.html

[17] Kumara, N. R., Vidhya, VJ., & Reddy, M. B. (2019). A study on the impact of pre and post bank merger announcement on stock price movement. International Journal of Research and Analytical Reviews, 6(1), 995-1001. Retrieved from http://www.ijrar.org/papers/IJRAR19J1788.pdf

[18] Levitt, H. (2019, February, 7). BB&T to Buy SunTrust in Biggest Bank Merger in a Decade. Bloomberg. Retrieved from https://www.bloomberg.com/news/articles/2019-02-07/bb-t-and-suntrust-banks-agree-to-combine

[19] Merle, R. (2011, June, 16). Capital One Bank to acquire ING Direct USA, The Washington Post. Retrieved from
https://www.washingtonpost.com/business/economy/capital-one-bank-to-acquire-ing-direct-usa/2011/06/16/AG4fVzXH_story.html

[20] Oler, D. K., Harrison, J. S. & Allen, M. R. (2008). The danger of misinterpreting short-window event study findings in strategic management research: an empirical illustration using horizontal acquisitions. Strategic Organization, 6(2), 151-184. Doi: 10.1007/s11156-013-0385-5

[21] Perepeczo, A. (2007). Event study in the evaluation of the effects of mergers and acquisitions. Folia Oeconomica Stetinensia, 6(1), 107-122. Retrieved from https://ideas.repec.org/a/vrs/foeste/v6y2007i1p107-122n7.html#download

[22] PNC Announces Agreement to Buy RBC Bank (USA) (2011, June 20). PR Newswire. Retrieved from
https://www.prnewswire.com/news-releases/pnc-announces-agreement-to-buy-rbc-bank-usa-124176974.html

[23] Rahman, Z., Ali, A., & Zebran, K. (2018). The effects of mergers and acquisitions on stock price behavior in banking sector of Pakistan. The Journal of Finance and Data Science, 4, 44-54. Retrieved from http://iranarze.ir/wp-content/uploads/2018/09/E9188-IranArze.pdf

[24] Sachdeva, T., Sinha, N., & Kaushik, K. P. (2015). Impact of merger and acquisition announcement on shareholders’ wealth an empirical study using event study methodology. Delhi Business Review, 16(2), 19-36. Retrieved from http://www.delhibusinessreview.org/V16n2/dbr_v16n2c.pdf

[25] SBI Proposes Merger of Five Associate Banks, BMB, Unions Protest (2016, May 16), Outlook India. Retrieved from https://www.outlookindia.com/newswire/story/sbi-proposes-merger-of-five-associate-banks-bmb-unions-protest/940384

[26] Selcuk, E.A. (2015). Do mergers and acquisitions create value for Turkish target firms? an event study analysis. Procedia Economics and Finance, 30, 15-21. Retrieved from https://ideas.repec.org/p/sek/iefpro/2204990.html#download

[27] Shah & Arora (2014). M&A Announcements and Their Effect on Return to Shareholders: An Event Study. Accounting and Finance Research, 3(2), 170-190. Retrieved from http://www.sciedu.ca/journal/index.php/afr/article/download/4684/2805

[28] Shah, A. & Deo, M. (2013). Bank mergers and shareholder value creation in India. International Journal of Business and Society, 14(2), 245 – 264. Retrieved from http://www.ijbs.unimas.my/repository/pdf/Vol14No2paper6.pdf

[29] Song, M. H., & Walkling, R. A. (2000). Abnormal returns to rivals of acquisition targets: A test of the acquisition probability hypothesis. Journal of Financial Economics, 55(2), 143-171. Retrieved from https://scihub.bban.top/https://doi.org/10.1016/S0304-405X(99)00048-3

[30] Sylvani, N. F., & Yunita, I. (2017). Market reactions toward mergers and acquisitions announcement in telecommunication firms listed in Asia-pacific stock markets. International Journal of Management and Applied Science, 3(5), 14-18. Retrieved from
http://www.iraj.in/journal/journal_file/journal_pdf/14-369-150035525714-18.pdf

[31] Vijaya Bank, Dena Bank, BoB to merge: Govt (2018, September, 17), The Hindu Business Line. Retrieved from
https://www.thehindubusinessline.com/money-and-banking/vijaya-bank-dena-bank-bob-to-merge-govt/article24968935.ece

[32] Wilcox, H. D., Chang, K. C. & Grover, V. (2001). Valuation of mergers and acquisitions in the telecommunications industry: a study on diversi?cation and ?rm size. Information & Management, 32, 459-471. Retrieved from https://sites.uark.edu/wp-content/uploads/2017/06/2001-IandM1.pdf

[33] Wilmington Trust to Merge with M&T Bank Corporation (2010, November 1), PR Newswire. Retrieved from https://www.prnewswire.com/news-releases/wilmington-trust-to-merge-with-mt-bank-corporation-106436898.html

[34] Yilmaz, I. S., & Tanyeri, B. (2018). Global Merger and Acquisition (M&A) activity: 1992–2011. Finance Research Letters, 17, 110–117. Retrieved from http://basak.bilkent.edu.tr/Isil2018.pdf

Copyright © 2009 | All rights reserved