Do Win-Win Outcomes Exist? A Study of Cross-Border M&A Transactions in Emerging Markets
Between 1998 and 2005, we identify 73 cross-border bank mergers and acquisitions (MA and (2) whether MA cross-border M&A activity in banking is not found to facilitate wealth redistribution from EME to industrialised countries. A regression analysis confirms the importance of the institutional and economic environment, as well as target bank profitability and the method through which international banks acquire ownership stakes, as significant determinants of abnormal returns.