Consolidation in the European Insurance Industry: Do Mergers and Acquisitions Create Value for Shareholders?

Topics:
Insurance,
Mergers
Tags:
Consolidation,
Stock Price,
Stock,
Shareholder,
Mergers & Acquisitions,
M&A,
Investment,
Financial Accounting,
Finance,
Stock Price Effect
Source:
University of Pennsylvania

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Overview: The objective of this paper is to determine whether (Mergers and Acquisitions) M&As in the European insurance market create value for shareholders by studying the stock price impact of M&A transactions on target and acquiring firms. The stock price effects are measured using a standard market model event study analysis. The stock price effect of M&As is measured by looking at abnormal returns on the transaction event day and surrounding days, i.e., by measuring the stock price impact on target and acquiring firms beyond what is predicted using a market model of stock returns. This paper also examines Cumulative Average Abnormal Returns (CAARs) which accumulate the abnormal returns over event windows surrounding the M&A transaction dates.

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Format: PDF | Size: 1,106KB | Date: Jan 2004 | Pages: 52

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