Influencia de la prima sobre la creación de valor en las fusiones y adquisiciones bancarias en Europa.

The purpose of this paper is to test the influence of the paid premium on the value that bank M&A generate. We performed an event study on abnormal returns and a regression analysis in a sample comprised of mergers and acquisitions undertaken by European banks from 1995 to 2004. The results obtained show a negative influence of the premium on abnormal returns obtained by the stockholders for both the purchaser as well as the organisation resulting from the operation. Moreover, the payment with shares of stock in conjunction with a high premium could be a sign of high overvaluation. [ABSTRACT FROM AUTHOR]