Announcement effects of bank mergers in Europe and the US

Bert Scholtens*, Robert de Wit

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

22 Citations (Scopus)


We investigate the announcement effect of large bank mergers in the European and US stock market. Cumulative abnormal returns are calculated on the basis of the performance vis-à-vis the market and a sector index. Mergers result in small positive abnormal returns. Target banks realize significantly higher returns than bidders. In many respects, there is a difference between the announcement effects of European bank mergers compared to those in the US.

Original languageEnglish
Pages (from-to)217-228
Number of pages12
JournalResearch in International Business and Finance
Issue number2
Publication statusPublished - Jun 2004


  • Announcement effects
  • Banking
  • Mergers and acquisitions
  • Shareholder wealth


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