資源描述：
《歐洲并購(gòu)與銀行業(yè)績(jī)【外文翻譯】》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫(kù)。
1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原：MergersandacquisitionsandbankperformanceinEuropeNon-technicalsummaryDuringthe1990salargeprocessoffinancialconsolidationhastakenplaceintheEuropeanUnionalthoughcross-bordermergersandacquisitionsactivityremainslimitedinthebankingsector.Giventhecentralr
2、oleplayedbybanksinthecreditprocessandtheeconomyingeneral,thisprocessoffinancialconsolidationhasattractedsubstantialattentionnotonlyfrommanagersandshareholdersbutalsofromborrowersandpolicy-makers.WhileintheUnitedStatesthereisextensiveempiricalevidenceontheeffectsoff
3、inancialconsolidation,theempiricalliteratureremainslimitedinEurope.ThispaperaimstoshedsomelightontheconsolidationprocessintheEuropeanUnionbankingsector.Intermsofmethodology,mostofthestudiesanalyzingtheeffectofbankconsolidationonperformancetendtofollowtwomainkindsof
4、empiricalmethods.Ontheonehandthereareanumberofstudiescomparingpre-andpost-mergerperformance.Ontheotherhand,anotherstrandoftheempiricalliteratureusesaevent-studytypemethodology,inwhichchangesinthepricesofspecificfinancialmarketassetsaroundthetimeoftheannouncementoft
5、hemergerareanalyzed.Inthisrespect,thehandfulofcross-countryEuropeanstudiesconductedtodateusinganevent-studymethodologytendtofindthatbanksmergerandacquisitionsaccruesignificantstockmarketvaluationgainsforboththetargetandbidder(seeforinstanceCybo-OttoneandMurgia,2000
6、).Weusetheformerapproachbycomparingactualpre-andpost-mergerperformanceinacomprehensivesampleofEuropeanUnionbanksfrom1992to2001.TheuseofthismethodallowsustocoverawidersampleofEuropeanUnionbanksbyincludingalsobankswhicharenotlistedonthestockmarket.BuildingonearlierUS
7、workwealsoexaminetheimpactofstrategicsimilaritiesbetweenbiddersandtargetsonpost-mergerfinancialperformance.TheanalogywiththeUSbankingsectorseemstobeausefulone,asinthiscountryanimportantprocessofbankingconsolidationandinterstateexpansiontookplacefollowingastrongproc
8、essofbankingderegulationinthelate1980sandearly1990s.Thiscanbecomparedtotheon-goingEuropeanprocessoffinancialintegration,whichacceleratedwiththesi
