Abstract
We analyze 188 bank mergers and acquisitions from the 2005-2016 period in Asia and report significant Positive Abnormal Returns for acquirers in both the crises and post crisis periods. Market model event studies provide a natural setting to tackle problems of endogeneity. Acquirers seem to be proving robust to agency problems in crisis induced lower valuations as well as the post crisis scenario in Asia. Markets in Asia provide natural diversification opportunities with low and nonexistent inter market correlations, thus the evidence from markets for corporate control is significant.
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