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Handbook of Asian Finance by Greg N. Gregoriou, David LEE Kuo Chuen

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Chapter 5

The Effect of Bank Mergers on Shareholder Value and Performance in Japan

Heather Montgomerya and Yuki Takahashib,    aInternational Christian University, 3-10-2 Osawa, Mitaka-shi, Tokyo 181–8585, Japan,    bState University of New York at Stony Brook, 100 Nicolls Road, Stony Brook, NY 11794, USA    E-mail: montgomery@icu.ac.jpyuki.takahashi.1@stonybrook.edu

Abstract

This chapter uncovers significant differences in the effect of bank mergers on shareholder value and bank performance in Japan. Banks entering into huge mega-mergers enjoy large and highly statistically significant excess returns. However, the size of the merger does not seem to affect longer-term measures of performance. Taken together, these findings suggest that the ...

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