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Global patterns of mergers and acquisition activity in the financial services industry

Author: Walter, Ingo ; Smith, R. CINSEAD Area: Economics and Political Science Series: Working Paper ; 1996/80/EPS Publisher: Fontainebleau : INSEAD, 1996.Language: EnglishDescription: 23 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: This paper analyzes empirical evidence regarding mergers and acquisitions in the global financial services industry. It examines the global deal-flow during the eleven-year period 1985-95 and generates a global typology of intra- and inter-sectoral MandA transactions among and between banks, insurance companies and securities firms. From these data it identifies financial services as one of the most active industries involved in the global MandA deal-flow. It also identifies the areas of greatest MandA intensity within the world financial services industry. The paper then assesses the motivations for financial services MandA transactions in the context of changed regulatory and competitive factors and evolution in management objectives emphasizing the pursuit of greater operating efficiencies, enhanced economies of scale and scope and greater market power which executives and boards of directors believe has led (or will lead) to increased shareholder value and competitive performance.
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This paper analyzes empirical evidence regarding mergers and acquisitions in the global financial services industry. It examines the global deal-flow during the eleven-year period 1985-95 and generates a global typology of intra- and inter-sectoral MandA transactions among and between banks, insurance companies and securities firms. From these data it identifies financial services as one of the most active industries involved in the global MandA deal-flow. It also identifies the areas of greatest MandA intensity within the world financial services industry. The paper then assesses the motivations for financial services MandA transactions in the context of changed regulatory and competitive factors and evolution in management objectives emphasizing the pursuit of greater operating efficiencies, enhanced economies of scale and scope and greater market power which executives and boards of directors believe has led (or will lead) to increased shareholder value and competitive performance.

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