FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W3125076105> ?p ?o ?g. }

• W3125076105 endingPage "258" @default.
• W3125076105 startingPage "217" @default.
• W3125076105 abstract "Consolidation in the European Insurance IndustryDo Mergers and Acquisitions Create Value for Shareholders? J. David Cummins and Mary A. Weiss Perhaps the most important development in the financial services market of the past two decades has been the integration of the financial services sector. Deregulation, advances in communications and information technology, and economic forces have led to the breakdown of the fire-walls that traditionally separated financial intermediaries such as commercial banks, thrift institutions, investment banks, mutual fund companies, and insurance companies. The European Union gradually deregulated the financial services sector through a series of banking and insurance directives, culminating in the virtual deregulation of financial services (except for solvency) in the Second Banking Coordination Directive, implemented in the early 1990s, and the Third-Generation Insurance Directives, implemented in 1994.1 The objective of the banking and insurance directives was to create a single European market in financial services. The introduction of the euro in 1999 also profoundly changed the economic landscape for financial services firms in the European market. European deregulation in insurance was particularly important, because insurers traditionally had been limited to operating within specific European countries, with little or no price competition and cross-border transactions limited mainly to reinsurance and some commercial coverages. The Third Generation Insurance Directives introduced true price and product competition [End Page 217] in European retail insurance markets for the first time in both life and non-life insurance. The result of deregulation and other economic drivers of financial sector integration has been an unprecedented wave of mergers and acquisitions (M&As) of European financial institutions. There were 2,549 reported consolidation transactions involving European financial firms valued at $504 billion from 1990 through 1999.2 This total included 507 insurance transactions, valued at $127 billion. Significant consolidation occurred both cross-border and within-border as financial services firms sought to consolidate their position within national markets and to take advantage of deregulation and the monetary union to open up or expand their markets in neighboring countries. The consolidation dramatically changed the structure of insurance markets in most European countries and led to lower prices in most European national insurance markets.3 In spite of the dramatic changes in European financial markets, there has been little research to date on the economic impact of these developments. This is particularly true for the insurance market, where some of the more dynamic changes in market structure have been taking place. The purpose of this paper is to remedy this limitation in the existing literature by analyzing the market value effects of mergers and acquisitions in the European insurance industry. We analyze M&A transactions over the period 1990-2002, as reported in Thomson Financial Securities Data's Worldwide Merger and Acquisitions (SDC) database. The sample is defined as including all transactions where either the acquiring firm or the target firm was a European insurance company. Included in the analysis are all transactions reported in SDC that involved significant acquisition of value as well as the subset of these transactions that involved a change in control, defined as an acquisition that increased the stake of the acquiring institution from less than 50 percent to 50 percent or more of the ownership shares of the target institution. We conduct an event-study analysis to determine the market value effects of the transactions included in our sample. Specifically, we obtained stock price data from the Datastream database and studied the market reaction to the M&A transactions for both target and acquirer firms in a series of event windows surrounding the transaction dates. The use of market value data is more powerful than other approaches in studying the effects of events such as mergers and acquisitions because market prices immediately reflect the [End Page 218] market's assessment of new information on the target and acquiring firms.4 In effect, conducting an event study enables us to capture the market's expectation of the net effect of an M&A transaction on the present value of the expected future cash flow of firms involved in the transaction and thus to determine whether M&As tend to create value for shareholders. Although M&As clearly can have..." @default.
• W3125076105 created "2021-02-01" @default.
• W3125076105 creator A5004359442 @default.
• W3125076105 creator A5057680046 @default.
• W3125076105 date "2004-01-01" @default.
• W3125076105 modified "2023-10-18" @default.
• W3125076105 title "Consolidation in the European Insurance Industry: Do Mergers and Acquisitions Create Value for Shareholders?" @default.
• W3125076105 cites W1488073887 @default.
• W3125076105 cites W1488207166 @default.
• W3125076105 cites W1965635191 @default.
• W3125076105 cites W1987196766 @default.
• W3125076105 cites W1991157387 @default.
• W3125076105 cites W1992617348 @default.
• W3125076105 cites W1994368223 @default.
• W3125076105 cites W2006550259 @default.
• W3125076105 cites W2018474480 @default.
• W3125076105 cites W2024239087 @default.
• W3125076105 cites W2033910434 @default.
• W3125076105 cites W2038309987 @default.
• W3125076105 cites W2042452012 @default.
• W3125076105 cites W2042861055 @default.
• W3125076105 cites W2044133943 @default.
• W3125076105 cites W2047747706 @default.
• W3125076105 cites W2049324641 @default.
• W3125076105 cites W2050565774 @default.
• W3125076105 cites W2062738382 @default.
• W3125076105 cites W2078838966 @default.
• W3125076105 cites W2081624798 @default.
• W3125076105 cites W2082273240 @default.
• W3125076105 cites W2125802601 @default.
• W3125076105 cites W2127121393 @default.
• W3125076105 cites W2128778916 @default.
• W3125076105 cites W2130162792 @default.
• W3125076105 cites W2138942858 @default.
• W3125076105 cites W2142541155 @default.
• W3125076105 cites W2158324090 @default.
• W3125076105 cites W2167444648 @default.
• W3125076105 cites W2170907645 @default.
• W3125076105 cites W3121220117 @default.
• W3125076105 cites W3122237500 @default.
• W3125076105 cites W3123830574 @default.
• W3125076105 cites W3125062060 @default.
• W3125076105 cites W3125920561 @default.
• W3125076105 cites W604654492 @default.
• W3125076105 doi "https://doi.org/10.1353/pfs.2004.0001" @default.
• W3125076105 hasPublicationYear "2004" @default.
• W3125076105 type Work @default.
• W3125076105 sameAs 3125076105 @default.
• W3125076105 citedByCount "34" @default.
• W3125076105 countsByYear W31250761052012 @default.
• W3125076105 countsByYear W31250761052013 @default.
• W3125076105 countsByYear W31250761052014 @default.
• W3125076105 countsByYear W31250761052015 @default.
• W3125076105 countsByYear W31250761052016 @default.
• W3125076105 countsByYear W31250761052017 @default.
• W3125076105 countsByYear W31250761052018 @default.
• W3125076105 countsByYear W31250761052020 @default.
• W3125076105 countsByYear W31250761052021 @default.
• W3125076105 countsByYear W31250761052022 @default.
• W3125076105 countsByYear W31250761052023 @default.
• W3125076105 crossrefType "journal-article" @default.
• W3125076105 hasAuthorship W3125076105A5004359442 @default.
• W3125076105 hasAuthorship W3125076105A5057680046 @default.
• W3125076105 hasConcept C10138342 @default.
• W3125076105 hasConcept C105639569 @default.
• W3125076105 hasConcept C120757647 @default.
• W3125076105 hasConcept C126159913 @default.
• W3125076105 hasConcept C139043278 @default.
• W3125076105 hasConcept C14293393 @default.
• W3125076105 hasConcept C144133560 @default.
• W3125076105 hasConcept C15241564 @default.
• W3125076105 hasConcept C162324750 @default.
• W3125076105 hasConcept C166970017 @default.
• W3125076105 hasConcept C168042013 @default.
• W3125076105 hasConcept C18903297 @default.
• W3125076105 hasConcept C2776014549 @default.
• W3125076105 hasConcept C2777817046 @default.
• W3125076105 hasConcept C2910001868 @default.
• W3125076105 hasConcept C34447519 @default.
• W3125076105 hasConcept C39389867 @default.
• W3125076105 hasConcept C510755694 @default.
• W3125076105 hasConcept C548217281 @default.
• W3125076105 hasConcept C65146658 @default.
• W3125076105 hasConcept C68799949 @default.
• W3125076105 hasConcept C73283319 @default.
• W3125076105 hasConcept C78780426 @default.
• W3125076105 hasConcept C86803240 @default.
• W3125076105 hasConcept C91306197 @default.
• W3125076105 hasConceptScore W3125076105C10138342 @default.
• W3125076105 hasConceptScore W3125076105C105639569 @default.
• W3125076105 hasConceptScore W3125076105C120757647 @default.
• W3125076105 hasConceptScore W3125076105C126159913 @default.
• W3125076105 hasConceptScore W3125076105C139043278 @default.
• W3125076105 hasConceptScore W3125076105C14293393 @default.
• W3125076105 hasConceptScore W3125076105C144133560 @default.
• W3125076105 hasConceptScore W3125076105C15241564 @default.
• W3125076105 hasConceptScore W3125076105C162324750 @default.
• W3125076105 hasConceptScore W3125076105C166970017 @default.

• next