How Did the Asian Stock Markets React to Bank Mergera after the 1997 Financial Crisis?

Abstract : The objective of this paper is to empirically assess the stock market reaction to the announcement of bank mergers and acquisitions (M&As) in eight East Asian countries over the 1997-2003 period. M&As are classified according to the status of entity, the time period of the deal and the maturity of the banking system. A bivariate GARCH model is used to estimate abnormal returns taking beta conditional variability into account. We find that the market reacted negatively to M&As during the crisis period (1997-2000) and also in the less mature banking systems (Indonesia, Malaysia, the Philippines, South Korea and Thailand).
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Céline Meslier-Crouzille, Laetitia Lepetit, Carlos C. Bautista. How Did the Asian Stock Markets React to Bank Mergera after the 1997 Financial Crisis?. Pacific Economic Review, Wiley, 2008, 13 (2), pp.171-182. ⟨10.1111/j.1468-0106.2008.00395.x⟩. ⟨hal-00828518⟩

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