Value creation in banking through strategic alliances and joint ventures

被引：28

作者：

Amici, Alessandra ^{[1
]}

Fiordelisi, Franco ^{[2
]}

Masala, Francesco ^{[1
]}

Ricci, Ornella ^{[2
]}

Sist, Federica ^{[3
]}

机构：

[1] Assoc Bancaria Italiana, I-00186 Rome, Italy

[2] Univ Rome III, Fac Econ, I-00145 Rome, Italy

[3] Lumsa Univ, I-00192 Rome, Italy

来源：

JOURNAL OF BANKING & FINANCE | 2013年 / 37卷 / 05期

关键词：

Strategic alliances; Joint ventures; Banking; Event study; SHAREHOLDER VALUE; ABNORMAL RETURNS; EVENT; PERFORMANCE; EXPERIENCE; VARIANCE; NETWORKS; SECTOR; GAINS;

D O I：

10.1016/j.jbankfin.2012.03.028

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

A large number of studies (DeYoung et al., 2009) analyze merger outcomes in the financial industry, while other forms of business cooperation are still poorly investigated. Our paper examines results of strategic alliances and joint ventures in European and US banking over the period 1999-2009. First, we estimate abnormal returns around the deal announcement date and then these are regressed on a large set of explanatory variables. We show that joint ventures create shareholder value when involving non-banking financial partners and allowing banks to expand abroad, while international strategic alliances tend to destroy shareholder value. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：1386 / 1396

页数：11

共 36 条

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