Bank mergers and acquisitions in emerging markets: evidence from Asia and Latin America
研究了1998至2009年间亚洲和拉丁美洲新兴市场的132起银行并购，发现并购为目标公司创造价值，收购方不损失价值，地理多元化、现金交易和政府推动的并购对收购方股东有利。
Following a global wave of consolidation in the banking industry, this study analyses 132 mergers and acquisitions (M&As) involving banks in emerging markets in Asia and Latin America between 1998 and 2009. An event study measures the change in shareholder value for acquirers and targets; and a multivariate regression identifies the drivers of the change in shareholder value for acquirers. On average M&As create shareholder value for target firms, while acquirer firms do not lose shareholder value. Geographical diversification creates shareholder value for acquirers. Acquirer shareholders benefit from the acquisition of underperforming targets; from transactions settled by cash rather than exchange of equity; and from government-instigated M&A transactions.