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Barbarians in the Bank? State Fund Investments in the Financial Services Industry

Autoren:
Mietzner, Mark, Schiereck, Dirk, Simpson, Mark
Titel:
Barbarians in the Bank? State Fund Investments in the Financial Services Industry
Kurzzitat:
Mietzner, Mark, Schiereck, Dirk, Simpson, Mark: Barbarians in the Bank? State Fund Investments in the Financial Services Industry, International Journal of Finance, 2010; Jg. 22 (1-4): 6317-6339.
Publikationstyp:
Originalarbeiten in wissenschaftlichen Fachzeitschriften mit Review-Verfahren
Abstract:
We analyze the value creation of state funds acquiring minority stakes in exchange listed financial services firms – based on 35 transactions between 1995 and 2008. Several state fund investments in the financial services industry in times of financial crisis indicate the economic importance of these stake acquisitions. However, the value implications of this kind of investments remain unclear. While various empirical studies document the value destruction of M&A activity in the banking industry, there is also evidence on wealth creation by minority stake acquisitions by private equity funds in exchange-listed companies. There is a significant positive announcement effect of up to 5.66% but a long-run insignificant stock price reaction.
ISSN
1041-2743
Kontakt:
Lehrstuhl für Bank und Finanzwirtschaft
(davor: Juniorprofessur für Finanzierung)
Am Seemooser Horn 20
88045 Friedrichshafen

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Forschungsbericht der Abteilung für das Jahr 2010