股票市场对并购的反应：来自银行业的证据

Q3 Business, Management and Accounting

Latin American Business Review Pub Date : 2020-02-19 DOI:10.2139/ssrn.3545599

Juan M. Lozada, Lina M. Cortés, Daniel Velásquez-Gaviria

{"title":"股票市场对并购的反应：来自银行业的证据","authors":"Juan M. Lozada, Lina M. Cortés, Daniel Velásquez-Gaviria","doi":"10.2139/ssrn.3545599","DOIUrl":null,"url":null,"abstract":"Abstract This paper focuses on the effect of mergers and acquisitions (M&As) announcements on the stocks of Latin American banks and their rivals between 2000 and 2019. We evaluate two impacts of M&A announcements: impacts on cumulative abnormal returns (CAR) and impacts on event-induced variance (EIV). We use the GARCH-based event-study method, finding that acquirers and target banks have a statistically significant CAR and that their rivals and targets are not affected by M&A announcements. We observe that EIV is negative for acquirers, targets, and rivals. Finally, in a robustness exercise, we estimate a multivariate GARCH model, finding that the results remain qualitatively equal.","PeriodicalId":35384,"journal":{"name":"Latin American Business Review","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2020-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"The Stock Market Reaction to Mergers and Acquisitions: Evidence from the Banking Industry\",\"authors\":\"Juan M. Lozada, Lina M. Cortés, Daniel Velásquez-Gaviria\",\"doi\":\"10.2139/ssrn.3545599\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Abstract This paper focuses on the effect of mergers and acquisitions (M&As) announcements on the stocks of Latin American banks and their rivals between 2000 and 2019. We evaluate two impacts of M&A announcements: impacts on cumulative abnormal returns (CAR) and impacts on event-induced variance (EIV). We use the GARCH-based event-study method, finding that acquirers and target banks have a statistically significant CAR and that their rivals and targets are not affected by M&A announcements. We observe that EIV is negative for acquirers, targets, and rivals. Finally, in a robustness exercise, we estimate a multivariate GARCH model, finding that the results remain qualitatively equal.\",\"PeriodicalId\":35384,\"journal\":{\"name\":\"Latin American Business Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2020-02-19\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Latin American Business Review\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3545599\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"Business, Management and Accounting\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Latin American Business Review","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3545599","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"Business, Management and Accounting","Score":null,"Total":0}

引用次数: 1

摘要

摘要本文主要研究2000年至2019年间拉美银行及其竞争对手的并购公告对其股票的影响。本文评估了并购公告对累积异常收益(CAR)和事件诱导方差(EIV)的影响。我们使用基于garch的事件研究方法，发现收购方和目标银行具有统计显著的CAR，其竞争对手和目标银行不受并购公告的影响。我们观察到EIV对收购者、目标和竞争对手都是负面的。最后，在稳健性练习中，我们估计了一个多变量GARCH模型，发现结果在质量上仍然相等。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

The Stock Market Reaction to Mergers and Acquisitions: Evidence from the Banking Industry

Abstract This paper focuses on the effect of mergers and acquisitions (M&As) announcements on the stocks of Latin American banks and their rivals between 2000 and 2019. We evaluate two impacts of M&A announcements: impacts on cumulative abnormal returns (CAR) and impacts on event-induced variance (EIV). We use the GARCH-based event-study method, finding that acquirers and target banks have a statistically significant CAR and that their rivals and targets are not affected by M&A announcements. We observe that EIV is negative for acquirers, targets, and rivals. Finally, in a robustness exercise, we estimate a multivariate GARCH model, finding that the results remain qualitatively equal.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Latin American Business Review Business, Management and Accounting-Business and International Management

CiteScore

2.40

自引率

0.00%

发文量

期刊介绍： Latin American Business Review is a quarterly, refereed journal which facilitates the exchange of information and new ideas between academics, business practitioners, public policymakers, and those in the international development community. Special features of the journal will keep you current on various teaching, research, and information sources. These activities all focus on the business and economic environment of the diverse and dynamic countries of the Americas.