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Value Creation in Banking Through Strategic Alliances and Joint Ventures

42 Pages Posted: 26 Jul 2011  

Alessandra Amici

affiliation not provided to SSRN

Franco Fiordelisi

University of Rome III - Department of Business Studies; Middlesex University - Business School

Francesco Masala

Independent

Ornella Ricci

University of Roma Tre, Department of Business Studies

Federica Sist

affiliation not provided to SSRN

Date Written: July 26, 2011

Abstract

A large number of studies (DeYoung et al., 2009) analyze merger outcomes in the financial industry, while other forms of business cooperation are still poorly investigated. Our paper examines results of strategic alliances and joint ventures in European and US banking over the period 1999 and 2009. First, we estimate abnormal returns around the deal announcement date and then these are regressed on a large set of explanatory variables. We show that joint ventures create shareholder value when involve non-banking financial partners and allow banks to expand abroad; domestic strategic alliances also lead banks to create shareholder value.

Keywords: strategic alliances, joint ventures, banking, event study

JEL Classification: G14, G21, L24

Suggested Citation

Amici, Alessandra and Fiordelisi, Franco and Masala, Francesco and Ricci, Ornella and Sist, Federica, Value Creation in Banking Through Strategic Alliances and Joint Ventures (July 26, 2011). Available at SSRN: https://ssrn.com/abstract=1895325 or http://dx.doi.org/10.2139/ssrn.1895325

Alessandra Amici

affiliation not provided to SSRN ( email )

Franco Fiordelisi (Contact Author)

University of Rome III - Department of Business Studies ( email )

Via Silvio D'Amico 77
Via Silvio D'Amico 77
Rome, RM 00145
Italy

HOME PAGE: http://host.uniroma3.it/docenti/fiordelisi/?home

Middlesex University - Business School ( email )

The Burroughs
London, NW4 4BT
United Kingdom

Francesco Masala

Independent ( email )

No Address Available

Ornella Ricci

University of Roma Tre, Department of Business Studies ( email )

Via Ostiense, 159
Rome, RM 00145
Italy

Federica Sist

affiliation not provided to SSRN ( email )

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