Buscar en
Cuadernos de Economía y Dirección de la Empresa CEDE
Toda la web
Inicio Cuadernos de Economía y Dirección de la Empresa CEDE Influencia de la prima sobre la creación de valor en las fusiones y adquisicion...
Información de la revista
Vol. 11. Núm. 34.
Páginas 81-106 (Marzo 2008)
Compartir
Compartir
Descargar PDF
Más opciones de artículo
Vol. 11. Núm. 34.
Páginas 81-106 (Marzo 2008)
DOI: 10.1016/S1138-5758(08)70054-9
Open Access
Influencia de la prima sobre la creación de valor en las fusiones y adquisiciones bancarias en Europa
Visitas
...
B. Díaz Díaz, S. Sanfilippo Azofra, C. López Gutiérrez
Universidad de Cantabria. Departamento de Administración de Empresas. Avda. de los Castros, s/n. 39005 Santander (Cantabria). Tel.: 942 201660 / 942 202007
Información del artículo
Resumen

El objetivo de este trabajo consiste en contrastar la influencia de la prima pagada sobre el valor que generan las fusiones y adquisiciones (F&As) bancarias. Para ello, realizamos un estudio de eventos y un análisis de regresión sobre los rendimientos anormales obtenidos para una muestra de F&As bancarias europeas realizadas entre 1995 y 2004. Los resultados muestran una influencia negativa de la prima sobre los rendimientos anormales tanto para el adquirente como para la entidad resultante de la operación. Asimismo, el pago con acciones unido a una elevada prima podría ser una señal de elevada sobrevaloración.

Palabras clave:
fusiones y adquisiciones
prima
medio de pago
Abstract

The purpose of this paper is to test the influence of the paid premium on the value that bank M&A generate. We performed an event study on abnormal returns and a regression analysis in a sample comprised of mergers and acquisitions undertaken by European banks from 1995 to 2004. The results obtained show a negative influence of the premium on abnormal returns obtained by the stockholders for both the purchaser as well as the organisation resulting from the operation. Moreover, the payment with shares of stock in conjunction with a high premium could be a sign of high overvaluation.

Key words:
mergers and acquisitions
premium
payment method
El Texto completo está disponible en PDF
Referencias bibliográficas
[Amihud et al., 1990]
Y. Amihud, B. Lev, N.G. Travlos.
Corporate control and the choice of investment financing: the case of corporate acquisitions.
Journal of Finance, vol. 47 (1990), pp. 1605-1621
[Becher, 2000]
D.A. Becher.
The valuation effects of bank mergers.
Journal of Corporate Finance, vol. 6 (2000), pp. 189-214
[Beitel et al., 2004]
P. Beitel, D. Schiereck, M. Wahrenburg.
Explaining M&A success in European banks.
European Financial Management, vol. 10 (2004), pp. 109-139
[Berger et al., 1992]
A.N. Berger, D.B. Humphrey.
Megamergers in banking and the use of coste efficiency as an antitrust defence.
Antitrust Bulletin, vol. 37 (1992), pp. 541-600
[Bharadwaj and Shivdasani, 2003]
A. Bharadwaj, A. Shivdasani.
Valuation effects ob bank financing in acquisitions.
Journal of Financial Economics, vol. 67 (2003), pp. 113-148
[Brewer et al., 2000]
E. Brewer, W.E. Jackson, J.A. Jagtiani.
Impact of Independent directors and the regulatory environment on bank merger prices: evidence form takeover activity in the 1990s.
Federal Reserve Bank of Chicago, (2000),
[Brown and Ryngaert, 1991]
D. Brown, M. Ryngaert.
The mode of acquisition in takeovers: taxes and asymmetric information.
Journal of Finance, vol. 46 (1991), pp. 653-669
[Campa and Hernando, 2004]
J.M. Campa, I. Hernando.
Shareholder Value Creation in European M&As.
European Financial Management, vol. 10 (2004), pp. 47-81
[Campa and Hernando, 2006]
J.M. Campa, I. Hernando.
M&As performance in the European Financial Industry.
Journal of Banking & Finance, vol. 30 (2006), pp. 3367-3392
[Cheng and Lung, 2004]
L.T.W. Cheng, T.Y. Lung.
A comparative analysis of the market-based and accounting-based performance of diversifying and non-diversifying acquisitions in Hong Kong.
International Business Review, vol. 13 (2004), pp. 763-789
[Cornett, 1991]
M.M. Cornett, S. DE.
Common stock returns in corporate takeover bids: Evidence from interstate bank mergers.
Journal of Banking and Finance, vol. 15 (1991), pp. 273-295
[Cornett et al., 2003]
M.M. Cornett, G. Hovakimian, D. Palia, H. Tehranian.
The impact of the manager-shareholder conflict on acquiring bank returns.
Journal of Banking & Finance, vol. 27 (2003), pp. 103-131
[Cuervo, 1999]
A. Cuervo.
Razones para las fusiones y adquisiciones: factores organizativos no explícitos como determinantes del éxito.
Economistas, vol. 82 (1999), pp. 20-31
[Cybo-Ottone and Murgia, 2000]
A. Cybo-Ottone, M. Murgia.
Mergers and shareholder wealth in European banking.
Journal of Banking and Finance, vol. 24 (2000), pp. 831-859
[De Long, 2001]
G.L. De Long.
Stockholder gains from focusing versus diversifying bank mergers.
Journal of Financial Economics, vol. 59 (2001), pp. 221-252
[De Long, 2003]
G.L. De Long.
Does Long Term performance of mergers match market expectations?.
Evidence from the US Banking Industry», Financial Management, vol. 32 (2003), pp. 5-25
[Díaz et al., 2004]
B. Díaz, M. García, S. Sanfilippo.
Bank Acquisitions and performance: evidence from a panel of European credit entities.
Journal of Economics and Business, vol. 56 (2004), pp. 377-404
[Díaz and Sanfilippo, 2006]
B. Díaz, S. Sanfilippo.
Determinantes de la prima pagada en las fusiones y adquisiciones de entidades de crédito europeas.
Revista Europea de Dirección y Economía de la Empresa, Vol. 15 (2006), pp. 27-50
[Dodd and Warner, 1983]
P. Dodd, J. Warner.
On corporate governance: a study of proxy contest.
Journal of Financial Economics, vol. 11 (1983), pp. 401-438
[Fishman, 1989]
M.J. Fishman.
Preemptive bidding and the role of the medium of exchange in acquisitions.
The Journal of Finance, vol. 44 (1989), pp. 41-57
[Flanagan and O'Shaughessy, 2003]
D.J. Flanagan, K.C. O'Shaughessy.
Core-related acquisitions, multiple bidders and tender offer premiums.
Journal of Business Research, vol. 56 (2003), pp. 573-585
[Frieder and Petty, 1991]
L.A. Frieder, P.N. Petty.
Determinants of Bank Acquisition Premiums: Issues and Evidence.
Contemporary Policy Issues, vol. 9 (1991), pp. 13-24
[Grullon et al., 1997]
G. Grullon, R. Michaely, I. Swary.
Capital Adequacy, Bank Mergers, and the medium of payment.
Journal of Business, Finance & Accounting, vol. 24 (1997), pp. 97-124
[Hansen, 1987]
R.G. Hansen.
A theory for the choice of Exchange Medium in Mergers and Acquisitions.
Journal of Business, vol. 60 (1987), pp. 75-95
[Hart and Apilado, 2002]
J.R. Hart, V.P. Apilado.
Inexperienced banks and interstate mergers.
Journal of Economics and Business, vol. 54 (2002), pp. 313-330
[Haunschild, 1994]
P.R. Haunschild.
How much is that company worth?.: Interorganizational relationships, uncertainty, and acquisition premiums.
Administrative Science Quarterly, Vol. 39 (1994), pp. 391-411
[Havrylchyk, 2004]
O. Havrylchyk.
Consolidation of the Polish banking sector: consequences for the banking institutions and the public.
Economic Systems, vol. 28 (2004), pp. 125-140
[Hayward and Hambrick, 1997]
M.L.A. Hayward, D.C. Hambrick.
Explaining the premium paid for large acquisitions: Evidence of CEO hubris.
Administrative Science Quarterly, vol. 42 (1997), pp. 103-127
[Houston et al., 2001]
J.F. Houston, C.M. James, M.D. Ryngaert.
Where do merger gains come from?.
Bank mergers from the perspective of insiders an outsiders», Journal of Financial Economics, vol. 60 (2001), pp. 285-331
[Houston and Ryngaert, 1994]
J.F. Houston, M.D. Ryngaert.
The overall gains from large bank mergers.
Journal of Banking and Finance, vol. 18 (1994), pp. 1155-1176
[Houston and Ryngaert, 1997]
J.F. Houston, M.D. Ryngaert.
Equity issuance and adverse selection: a direct test using conditional stock offers.
Journal of Finance, vol. 52 (1997), pp. 197-219
[James and Wier, 1987]
C. James, P. Wier.
Returns to acquirers and competition in the acquisition market: the case of banking.
Journal of Political Economy, vol. 95 (1987), pp. 355-370
[Jensen, 1986]
M.C. Jensen.
Agency costs of free cash flows, corporate finance, and takeovers.
American Economic Review, vol. 76 (1986), pp. 323-329
[Louis, 2004]
H. Louis.
The cost of using bank mergers as defensive mechanisms against takeover threats.
Journal of Business, vol. 77 (2004), pp. 295-310
[Moeller et al., 2005]
S.B. Moeller, F.P. Schlingemann, R.M. Stulz.
Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave.
Journal of Finance, vol. 60 (2005), pp. 757-782
[Mueller and Sirower, 2003]
D.C. Mueller, M.L. Sirower.
The causes of mergers: Tests based on the gains to acquiring firms shareholders and the size of premia.
Managerial and Decision Economics, vol. 24 (2003), pp. 373-391
[Myers and Majluf, 1984]
S. Myers, N. Majluf.
Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.
Journal of Financial Economics, vol. 13 (1984), pp. 187-221
[Neely, 1987]
W. Neely.
Banking acquisitions: acquirer and target shareholder returns.
Financial Management, vol. 16 (1987), pp. 66-73
[Rhoades, 1987]
S.A. Rhoades.
Determinants of Premiums Paid in Bank Acquisitions.
Atlantic Economic Journal, (1987), pp. 20-30
[Rhoades, 1994]
S.A. Rhoades.
A summary of mergers performance studies in banking, 1980-93, and an assessment of the “operating performance” and “event study” methodologies.
Stuff Studies, 1990-99/ss169, Board of Governors of the Federal Reserve System, (1994),
[Roll, 1986]
R. Roll.
The hubris hypothesis of corporate takeovers.
Journal of Business, vol. 59 (1986), pp. 197-216
[Ruback, 1982]
R. Ruback.
The Conoco takeover and stockholder returns.
Sloan Management Review, vol. 23 (1982), pp. 13-33
[Scholtens and Wit, 2004]
B. Scholtens, R. Wit.
Announcement effects of bank mergers in Europe and the US.
Research in International Business and Finance, vol. 18 (2004), pp. 217-228
[Shleifer and Vishny, 1997]
A. Shleifer, W.R. Vishny.
A survey of corporate governance.
Journal of Finance, vol. 52 (1997), pp. 737-783
[Shleifer and Vishny, 2003]
A. Shleifer, W.R. Vishny.
Stock market driven acquisitions.
Journal of Financial Economics, vol. 70 (2003), pp. 295-311
[Sirower, 1997]
M.L. Sirower.
The Synergy Trap. How companies lose the acquisition game.
The Free Press, (1997),
[Slusky and Caves, 1991]
A.R. Slusky, R.E. Caves.
Synergy, agency and the determinants of premia paid in mergers.
Journal of Industrial Economics, vol. 39 (1991), pp. 277-296
[Subrahmanyam et al., 1997]
V. Subrahmanyam, N. Rangan, S. Rosenstein.
The role of outside directors in bank acquisitions.
Financial Management, vol. 26 (1997), pp. 23-26
[Tourani-RAD and Van Beek, 1999]
A. Tourani-RAD, L. Van Beek.
Market valuation of European bank mergers.
European Management Journal, vol. 17 (1999), pp. 532-540
[Travlos, 1987]
N.G. Travlos.
Corporate takeover bids, method of payment, and bidding firms'stock returns.
Journal of Finance, vol. 42 (1987), pp. 943-963
[Trifts and Scanlon, 1987]
J.W. Trifts, K.P. Scanlon.
Interstate bank mergers: the early evidence.
The Journal of Financial Research, vol. 10 (1987), pp. 305-311
[Varaiya, 1988]
N.P. Varaiya.
The “winners’ curse” hypothesis and corporate takeovers.
Managerial and Decision Economics, vol. 9 (1988), pp. 209-219
[Varaiya and Ferris, 1987]
N.P. Varaiya, K.R. Ferris.
Overpaying in corporate takeovers: The winner's curse.
Financial Analysts Journal, vol. 43 (1987), pp. 64-70
[White, 1980]
H. White.
A heteroscedasticity-consistent covariance matrix estimator and a direct test for heterocedasticity.
Econometrica, vol. 48 (1980), pp. 817-838
[Zhang, 1998]
H. Zhang.
US evidence on bank takeover motives: a note», Journal of Business.
Finance & Accounting, vol. 25 (1998), pp. 1025-1032

Una versión preliminar de este trabajo fue galardonada con el premio Sanchís Alcover concedido por la Asociación Científica de Economía y Dirección de Empresas en su XVI congreso nacional celebrado en Valencia del 10 al 12 de septiembre de 2006.

Copyright © 2008. ACEDE
Opciones de artículo
Herramientas
es en pt

¿Es usted profesional sanitario apto para prescribir o dispensar medicamentos?

Are you a health professional able to prescribe or dispense drugs?

Você é um profissional de saúde habilitado a prescrever ou dispensar medicamentos