Thesis - The effects of the European bank mergers and acquisitions on bank value and risk - ID:03496 - Volum 37 pagini
Categoria : Finante si Banci
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Management Summary ......................2
Chapter 1 – Introduction.....................4
1.1 Research relevance .....................................................................4
1.2 Current state of literature ...........................................................5
1.3 Research method ........................................................................7
1.4 Structure ....................................................................................7
3.3 Total risk ......................................................................................13
Chapter 4 - Results ...........................................................15
4.1 Abnormal and cumulative abnormal returns ...................................................15
4.1.1 Abnormal and cumulative abnormal returns for the whole sample .................15
4.1.2 Abnormal and cumulative abnormal returns before and during the crisis .......18
4.2 Changes in Total Risk ...................................................................................19
4.2.1 Total Risk for the whole sample (2002-2014) ..............................................19
4.2.2 Total Risk before and during the last financial crisis ....................................21
4.3 Changes in Systematic risk ..........................................................................23
4.3.1 Change in Systematic risk for the whole sample (2002-2014) .......................24
Chapter 5 – Conclusion .............................................29
5.1 Major findings............................................................................................29
5.2 Managerial recommendations .................................................................... 31
Appendix ......................................................................33
Reference ....................................................................35
Preface .............................................3
1.1 Research relevance .....................................................................4
1.2 Current state of literature ...........................................................5
1.3 Research method ........................................................................7
1.4 Structure ....................................................................................7
1.5 Data ...........................................................................................8
Chapter 2 – Literature review and hypothesis development .............9
2.1 Bank value creation/destruction........................................................9
2.2 Change in bank’ total risk ..............................................................102.3 Change in bank’s systematic risk ...................................................11
Chapter 3 – Research Method .........................................................12
3.1 Methodology and sample ................................................................12
3.2 Event studies .................................................................................133.3 Total risk ......................................................................................13
3.4 Systematic risk .............................................................................14
4.1 Abnormal and cumulative abnormal returns ...................................................15
4.1.1 Abnormal and cumulative abnormal returns for the whole sample .................15
4.1.2 Abnormal and cumulative abnormal returns before and during the crisis .......18
4.2 Changes in Total Risk ...................................................................................19
4.2.1 Total Risk for the whole sample (2002-2014) ..............................................19
4.2.2 Total Risk before and during the last financial crisis ....................................21
4.3 Changes in Systematic risk ..........................................................................23
4.3.1 Change in Systematic risk for the whole sample (2002-2014) .......................24
4.3.2 Changes in Systematic risk before and during the last financial crisis ..........26
5.1 Major findings............................................................................................29
5.2 Managerial recommendations .................................................................... 31
5.3 Limitations ...............................................................................................32
5.4 Future research .......................................................................................32
Reference ....................................................................35
