2024-03-29T06:37:22Zhttps://repositorio.bde.es/oai/requestoai:repositorio.bde.es:123456789/69082023-11-30T09:23:49Zcom_123456789_5661com_123456789_21col_123456789_5690
Campa, José Manuel
Hernando, Ignacio
2019-08-10T17:50:03Z
2019-08-10T17:50:03Z
2007-05-21
ISSN: 0213-2710 (en papel)
ISSN: 1579-8666 (en línea)
https://repositorio.bde.es/handle/123456789/6908
000190595
DTRA-200713-eng
This paper looks at the reaction by industry insiders, industry analysts and competing firms, to the announcement of M&As that took place in the European Union financial industry in the period 1998-2006. Analysts covering firms involved in an M&A transaction do not significantly alter their recommendation. This is consistent with the hypothesis that the transaction on average is "fairly priced" and that stock market prices reflect all relevant information on the assets. We also find that the correlation between excess returns for merging and competing firms is positive and, in some cases, significantly higher for domestic mergers than for international deals. This is consistent with the idea that domestic deals are more likely to have a negative impact on industry competition
eng
https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
http://rightsstatements.org/vocab/InC-NC/1.0/
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
In Copyright - Non Commercial Use Permitted
Mergers and acquisitions
Analysis recommendations
Rival firms
The reaction by industry insiders to M&As in the European financial industry
Documento de trabajo