"Does the Merger of an Investment Bank and a Commercial Bank Create Value?"
This dissertation examines the stock market
valuation of mergers and acquisitions involving investment banks and
commercial banks in the global financial industry between 1998 and
2004. The research asks the question "Does the Merger of an Investment
Bank and a Commercial Bank Create Value?" and analyses the largest bank
mergers.
11,000 words - 51 pages in length
88% graded
Excellent use of contemporary literature
Excellent use of statistics and economic models
Will help you design your own research project
Ideal for economics and finance students
1: Introduction
Introduction
The Purpose of the Study
The Organization of the Study
Justification of the Study
Trends in investment and commercial bank mergers
2: Literature Review
Introduction
Trends in investment and commercial bank mergers
Why do investment and commercial banks merge?
Policy Responses
Scale, Scope and Product Mix Efficiency
Cost Efficiency
Revenue Efficiency
Economic forces driving investment and commercial bank
mergers
Other reasons for investment and commercial banking
consolidation
Global Economic Integration
3: Research Methodology
Introduction
Event Studies
The Econometric Methodology of an Event Study
Post merger performance
4: Data Analysis and Estimation
Sample Distribution
Financial Market Valuation at announcement time
Beta Estimation and choice of Market Index
Abnormal Returns
Aggregate Market Valuation at Announcement Time
Cumulative Average Abnormal Returns
Pre and Post Merger Performance: Evidence from the Financial Markets
5: Conclusion
References
Appendix A: Post Merger Returns versus Market
Appendix B: Autocorrelation Coefficients for the Returns Distribution
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