Arbeitspapier
Growth strategies and value creation: what works best for stock exchanges?
In recent years, demutualized stock exchanges have increasingly engaged in M&A and alliance activities. To shed light on this topic, we investigate short-run share price responses to the formation of 110 stock exchange M&As and alliances in the period 2000 2008. Our ?ndings show that the average stock-price responses to a stock-exchange M&A or alliance is positive. Stock exchange M&As create more value than alliances. For alliances, joint ventures generate more value than non-equity alliances. More value is created when the integration is horizontal and cross-border than when it is vertical and domestic. Evidence is also found for learning-by-doing effects in stock exchange integration activities. Finally, we find that the better the shareholder protection, accounting standards and degree of capital market development in the partnering exchange s country, the higher the merger and alliance premium. These patterns also obtain when we examine long-run performance measures such as the three-year buy-and-hold abnormal return, change in ROA (ROE), change in liquidity, and change in market capitalization of IPO between years t-2 and t+2.
- ISBN
-
978-952-462-571-5
- Sprache
-
Englisch
- Erschienen in
-
Series: Bank of Finland Research Discussion Papers ; No. 2/2010
- Klassifikation
-
Wirtschaft
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hasan, Iftekhar
Schmiedel, Heiko
Song, Liang
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Finland
- (wo)
-
Helsinki
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Hasan, Iftekhar
- Schmiedel, Heiko
- Song, Liang
- Bank of Finland
Entstanden
- 2010
Ähnliche Objekte (12)
Are expansions cost effective for stock exchanges? A global perspective
Technology, automation and productivity of stock exchanges: International evidence
How large banks use CDS to manage risks: bank-firm-level evidence
Do networks in the stock exchange industry pay off? European evidence
Secrecy, information shocks, and corporate investment: Evidence from European Union countries
Credit default swaps and bank loan sales: evidence from bank syndicated lending
Private information and lender discretion across time and institutions
Financial crises and bank failures: a review of prediction methods
Real effects of bank capital regulations: Global evidence
Friends for the benefits: The effects of political ties on sovereign borrowing conditions
Should competition policy in banking be amended during crises? Lessons from the EU
The transparency of the banking industry and the efficiency of information-based bank runs
Are expansions cost effective for stock exchanges? A global perspective
Technology, automation and productivity of stock exchanges: International evidence
How large banks use CDS to manage risks: bank-firm-level evidence
Do networks in the stock exchange industry pay off? European evidence
Secrecy, information shocks, and corporate investment: Evidence from European Union countries
Credit default swaps and bank loan sales: evidence from bank syndicated lending
Private information and lender discretion across time and institutions
Financial crises and bank failures: a review of prediction methods
Real effects of bank capital regulations: Global evidence
Friends for the benefits: The effects of political ties on sovereign borrowing conditions
Should competition policy in banking be amended during crises? Lessons from the EU
The transparency of the banking industry and the efficiency of information-based bank runs
Are expansions cost effective for stock exchanges? A global perspective
Technology, automation and productivity of stock exchanges: International evidence
How large banks use CDS to manage risks: bank-firm-level evidence
Do networks in the stock exchange industry pay off? European evidence
Secrecy, information shocks, and corporate investment: Evidence from European Union countries
Credit default swaps and bank loan sales: evidence from bank syndicated lending
Private information and lender discretion across time and institutions
Financial crises and bank failures: a review of prediction methods
Real effects of bank capital regulations: Global evidence
Friends for the benefits: The effects of political ties on sovereign borrowing conditions
Should competition policy in banking be amended during crises? Lessons from the EU