The Impact of M As on the Romanian Banking System – an Event Study Approach

The study aims to identify the relationship between the merger announcement, the stock prices and the market efficiency. Given the limited data, the analysis has been applied to only one financial institution which merged recently, Banca Transilvania. The results have shown that in the window period...

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Published inEastern European Journal of Regional Studies Vol. 2; no. 2; pp. 56 - 65
Main Authors Mihaela BRODOCIANU, Sabina Andreea CAZAN
Format Journal Article
LanguageEnglish
Published CSEI; ASEM 01.12.2016
Subjects
Bank mergers
event study analysis
market efficiency
stock prices
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Abstract The study aims to identify the relationship between the merger announcement, the stock prices and the market efficiency. Given the limited data, the analysis has been applied to only one financial institution which merged recently, Banca Transilvania. The results have shown that in the window period, abnormal returns have been identified as the news of the mergers was linked to the press. It can be concluded that the market reaction was positive not till after the official announcement was made. Overall, the acquisitions can be considered as a value added determinant, creating wealth.
AbstractList The study aims to identify the relationship between the merger announcement, the stock prices and the market efficiency. Given the limited data, the analysis has been applied to only one financial institution which merged recently, Banca Transilvania. The results have shown that in the window period, abnormal returns have been identified as the news of the mergers was linked to the press. It can be concluded that the market reaction was positive not till after the official announcement was made. Overall, the acquisitions can be considered as a value added determinant, creating wealth.
Author Sabina Andreea CAZAN
Mihaela BRODOCIANU
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SubjectTerms Bank mergers
event study analysis
market efficiency
stock prices
Title The Impact of M As on the Romanian Banking System – an Event Study Approach
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