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By Roberto Bottiglia, Elisabetta Gualandri, Gian Nereo Mazzocco

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On average, CARs are negative for bidders and positive for targets, thus using different event windows. Cross-border operations are value-neutral for buyers, while domestic ones destroy value. Both can generate positive returns for target companies. The findings seem to indicate that international consolidations are beneficial. Diaz–Olalla–Azofra (2004) This research analyses intra and cross-sector mergers. The results show an increase in acquirers’ long-term profitability, in particular in M&As between banks.

With regard to the stability of the system, the consequences of financial sector consolidation processes are potentially very clear. While on the one hand their larger size tends to protect individual banks or intermediaries from the risk of financial difficulties, due to risk diversification and more efficient management methods, on the other, the development of large financial groups with a high degree of diversification and globalisation, created through crossborder and cross-sector M&A operations, tends to give rise to contagion and systemic risk.

Mergers that generate a strong productive and geographical focus create value on average, while others do not. The aggregate revenues of the banks involved in these operations are positively correlated to the ratio between the size of the bidder and target. 1 (Continued) Authors Results Hart–Apilado (2002) This study considers banks undertaking their first interstate merger operations, with reference to the period before and after the changes in the relative legislation (Riegle-Neal Interstate Banking and Branching Efficiency Act, 1994).

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