The Consequences of Mergers and Acquisitions on the Value of Stocks
Performance in India's Banking Sector
NEERAJ RANI*, SANGEETA
School of Management,
Maharaja Agrasen University,
Baddi,
INDIA
*Corresponding Author
Abstract: - Mergers & Acquisitions are one of the most successful scaling up and company development strategies.
Despite being largely acknowledged in developed economies, these strategies are commonly employed in
developing countries like India. The event study approach is applied in this study to assess the consequences of
Mergers & Acquisitions (M&A) on the value of stocks performance in India's banking sector from 2013 to 2020.
The market study approach has used to determine the Abnormal return (AR) and Cumulative abnormal return
(CAR) in order to analyze how the phenomena affected share prices prior to and following the occurrence. Event
window has been used for this purpose for 81 days (40, 40), whereas estimate window is 200 days. The findings
show divergent results on the M&A activity influence the stock price performance. Research findings reveal that
while few banks saw positive AR and CAR following the M&A, the bulk of banks experienced negative returns.
Overall, the results reveal that the market's response to the recurrence of M&As in India's banking sector has
unfavorable. Findings may be useful in providing managers and investors with new views while making
investment-related decisions.
Key-Words: - Merger, Acquisition, Event Study, Indian Banking Sector, Abnormal return (AR), Cumulative
abnormal return (CAR).
Received: April 11, 2023. Revised: October 12, 2023. Accepted: November 6, 2023. Published: November 17, 2023.
1 Introduction
Financial resources are necessary for an organization
to grow or extend its activities. Launching brand-new
goods and services, as well as extending operations
beyond the capabilities of current resources, are the
ways to accomplish growth. Internal resources and
external resources are the two types of resources
utilized to achieve growth. For company
development, business organizations primarily
depend on internal resources (retained earnings). If
there are insufficient internal resources, each big
growth potential will push organizations to depend
on outside resources, [1]. The external sources might
include partnerships, bank loans, a combination with
another business, or buying another organization, [2].
The emerging company development techniques used
in the corporate sector are mergers and acquisitions
(M&As). Due to its quick expansion, many
organizations embraced similar tactics for growing
their businesses, and the business world records
almost thousand transactions annually, [3].
Numerous factors have been listed in the literature as
causes of mergers and acquisitions between
organizations. Organizational synergy is involved,
wherein an integrated firm outperforms each
independent enterprise in terms of value. It might
reduce starting costs, increase shareholder value, aid
companies in surviving in unstable business
environments and structures, provide economies of
scale and scope, cut expenses, encourage asset
returns, and increase equity returns [1], and, [4].
The banking industry of India has seen a
considerable increase in merger & acquisition
(M&A) activity in recent years. Reserve Bank of
India (RBI) is essential to supervision and control of
M&A activities in the banking industry. It evaluates
the combined entity's financial sustainability and
stability and guarantees that banking laws are being
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followed. In the Indian banking industry, mergers &
acquisitions have been applied as a strategic strategy
to build stronger, more effective, more
internationally competitive institutions, [2]. The
assistance and regulatory control provided by the
government are essential in advancing these
measures, which have as their ultimate objective
improving the entire efficiency and stability of the
Indian banking sector. Integrating systems, cultures,
and procedures may be difficult during mergers and
acquisitions in the banking industry, [2], and, [4]. It
is crucial to ensure a smooth transition while
upholding stakeholders' and consumers' confidence.
At the beginning of the era, in the eighteenth
century, early M&A transactions were recorded in
the US. Following that, identical transactions were
discovered in nineteenth-century European markets.
Many globally successful firms have embraced these
tactics. The M&A strategy has been used more
frequently in advanced countries than in emerging
nations, [5]. Since the majority of these transactions
were documented in advanced countries on the
American and European markets, investigations in
this area have tended to increase. But in a developing
nation like India, where these techniques are less
often used, there is less literature on the subject.
However, M&As have not been widely utilized in
emerging nations like India. Thus, the study makes
an endeavor to examine the influence of the trend of
merger & acquisitions both before and after they
occur. This study's primary goal is to evaluate the
effects of mergers & acquisitions on shareholders'
wealth of Banks in India after such transactions.
2 Literature Review
A literature review offers a thorough assessment of
the current research topic and evaluates the study's
goals. It is a type of review paper that provides the
most recent information, findings, and
methodological advancements in an area of study.
[6], evaluated the five mergers, including those
within Times Bank & HDFC, Bank of Madura &
ICICI, ICICI Ltd. and ICICI, Global Trust Bank and
OBC, and Bank of Punjab & Centurion Bank, were
carried out to the announcement of merger reveal on
the Indian banking market. To evaluate the
performance following the merger, the event study
method was used. The outcome showed that the
target banks and the bidder both met their goals and
boosted shareholder wealth through cumulative
abnormal returns.
[7], observed that M&A has been a key
component of both domestic and global plans. From
1980 to 2010, the top sixteen prestigious business
journals published research on M&A. According to
the findings of a bibliometric analysis of 334 M&A
papers, environmental efficiency strategy was the
main topic of study for M&A experts.
[8], studied that between 1999 and 2010, the
Ghanaian stock market embraced M&A as a strategy
to boost efficiency and profitability. Univariate
analysis using T-testing and panel techniques had
used to evaluate the data, and this approach revealed
that M&A has decreased a company's profitability.
M&A should be planned, carried out, and reviewed
in order to boost the profitability of the companies.
The findings showed that when risk rose, profitability
fell, yet as company growth rose, profitability rose as
well.
[9], examined the financial condition (ROA &
ROE) of Nigerian Banks between 2000 and 2008, the
effects of preceding and subsequent M&A. In four
Nigerian banks, t-test, judgement sampling, and
convenience sampling were all utilized for this
purpose. As a consequence of the consolidation, the
bank's financial performance improved. It was also
proposed that the financial products be made
appealing in order to raise the efficiency of the
banking industry.
[10], examined the Indonesian banking sector's
earning capacity & ROE using the Du-Pont method.
Between 2001 and 2014, 97 Banks employed the
deliberate sampling technique. The study's main
premise was that operational effectiveness and
interest income had an impact on basic earning
capacity, as well as return on equity, capital, and
financial leverage. The findings demonstrated how
important efficiency, asset turnover, income, and
deposits are to the banking sector's performance.
[11], discovered that M&A success may be
classified into two categories. The right partner,
shared trust, careful planning and accurate
assessment, knowledge gained from prior mergers
and acquisitions, interaction prior to the M&A, and
after-transaction success factors like the plan’s
quality, its execution, quick migration, interaction
during implementation, and deliberate,
organizational, and social compatibility are all
crucial. According to the perspectives of the buyer
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and seller, the outcome was the M&A's success or
failure.
[12], studied of M&A in various Indian
industries from 1991 to 2010 used a time series, and
it was separated into three phases: the age of
consolidation from 1991 to 1995, the period of
acquisition from 1995 to 2002, and the era of
international expansion from 2002 to 2012. Changes
in government policies and political considerations
for global development were made with the aid of
M&A. Manufacturing and non-manufacturing were
separated into separate categories for the study. The
results showed that the manufacturing sector had a
larger influence in M&A activity than the industries
other than manufacturing sector.
[13], DuPont analysis was utilized in a
comparative study of international banks operating in
India, particularly CITI Bank and Standard Chartered
Bank, to support the effectiveness. Results showed
that, in terms of ROE and effective asset utilization,
CITI Bank manages financial resources more
effectively than Standard Chartered Bank.
[14], analyzed the M&A activity of Pakistani
banks between 2004 and 2015. The financial
situation after the M&A was calculated using a ratio
analysis. Following the M&A, the banks' liquidity,
profitability, and investment ratios all significantly
increased, however their solvency measures showed
that their profitability has negatively impacted by
their increasing debt load.
[15], observed information on listed firms on the
Warsaw Stock Exchange between 2008 to 2017 that
was gathered from database of EMIS and he
company’s websites. Seven factor Du-Pont model
was utilized in the study to generate (ROE) and a
specific Pearson correlation coefficient that closely
matched the relationship between the various DuPont
model components and ROE. The findings showed
that credit multiplier was the primary determinant of
ROE in the firms and also revealed a negative
association between ROE and companies.
[16], examined the financial performance of the
Indian plastics business was using comparative ratios
and Du Pont analysis. One method that has been
utilized to assess the applicability of the data is
ANOVA. The years taken have been 2014 through
2019 using secondary data. The study's main
objective was to increase profitability, efficiency, and
liquidity. Based on 18 measures over a 5-year period,
the ultimate result was an improvement in
profitability, liquidity, and efficiency for the owners.
Together, the ratios are generally performing better
for the plastics industry.
[17], evaluated 37 mining businesses listed on
the Indonesian stock market had their financial
performance for the years 2013 through 2017.
Financial indicators that showed variations in the
variables included liquidity, activity, solvency,
profitability, and Du Pont analysis (ROI & ROE).
The results revealed that Return-on-investment &
Return-on-equity both improved, pointing to strong
corporate governance and improved operating
profitability.
[18], observed that M&A has sped up
advancement and growth across all industries and
businesses. Two firms, HUL and Emami Limited,
who both purchased Zandu Pharmaceuticals Works
Limited and the cooked prawns and pasteurized crab
business of the Amalgam Group of firms, conducted
a study on the Indian FMCG market. According to
the findings, M&A had a beneficial impact on
productivity, ROCM, and RONW, however neither
the total revenue ratio nor the net profit margin ratio
saws any significant changes. used ratio analysis to
gauge company productivity.
[19], assessed the efficiency and profitability of
pharmaceutical goods for human and veterinary use
produced by Saidal Group firms in Algeria were
from 2016 to 2020. For this, the ROI and ROE have
been examined using the Du Pont model. Utilized
secondary data, the financial system's performance
has been evaluated.
[20], utilized information from Chinese M&A,
researchers examined the short-term market insider
economic performance from 2013 to 2017. Du Pont
analysis, event study, and regression analysis were
used to analyze the data. Chinese companies are
profitable and have strong financial leverage, but
their cumulative abnormal returns are negative. The
results demonstrated that when compared to other
types of payment, pure cash payments declined
badly.
[21], studied the consequences of mergers and
acquisitions across eight distinct Indian enterprises.
In this regard, information was gathered from
January 2017 to December 2018. The event research
technique has been utilized to evaluate the AR &
CAR using Market adjusted model. The study found
that shorter time periods result in more significant
findings than longer ones. In cases where Average
Abnormal Return and Cumulative Return yielded
negative findings, it also looked at whether a merger
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and acquisition would benefit the target business. As
a result, a guidebook encouraging managers &
decision-takers to embrace mergers & acquisition as
a tool & practical choice to raise their level of market
competitiveness by simply moving promptly was
produced.
[22], studied the merger and purchase of SBI
with its five affiliates and Bhartiya Mahaila Bank for
their organic and inorganic consequences. For the
years 2014 to 2020, which were separated into the
three years prior to and the three years following the
merger, secondary data from the Capitalline-2000
database was retrieved. Shareholder value addition,
market value addition, and economic value addition
have all been taken into account. The goal of the
study was to assess how the announcement event will
impact the shareholders' money. As a result, the
merger's unfavorable effects were seen right away as
stockholder wealth shrank, proving that it was unable
to produce shareholder wealth following the merger.
[23], examined that the growth of the economy
has relied heavily on M&A. To do this, secondary
data from four banks—HDFC, ICICI, IDBI, and
SBI—for a period of six years—three from prior to
and three from following the merger—have been
gathered. Descriptive statistics have been used to
compare the profitability of selected banks pre-&
post-merger. Annual result of the chosen banks was
used to collect secondary information. Merger is one
powerful tool for the development and growth of
Indian banks. The results demonstrated that mergers
were essential for weaker banks to survive by joining
forces with larger banks, and these mergers had a
favorable impact on the outcome of the specific
institutions.
3 Research Methodology
This research covers mergers and acquisitions that
happened in India's banking industry between 2013
and 2020. There were around 70 mergers and
acquisitions during the years of 2013 and 2020. Due
to global banking industry competitiveness and
progress, these transactions have risen during the past
ten years. To enhance the India's banking industry,
the State Bank of India is supporting mergers and
acquisitions. As a result, from 2002 to 2012, there
were 57 financial-related occurrences recorded.
However, based on the following factors, the study's
sample was cut down to six occurrences.
The deal was publicized from 2013 to 2020.
The acquiring company must be a bank, and the
acquired company must be a part of India's
financial industry.
The acquiring bank must be a Public Bank &
listed on the National Stock Exchange.
Data accessibility.
The sample events, which are listed in Table 1,
were chosen from all mergers and acquisitions that
took place in India's banking industry. These banks
were chosen based on the data's accessibility.
Table 1. Sample of the study
Sr.
No.
Acquirer
Banks
Acquired Banks
1.
Indian Bank
Allahabad Bank
2.
Punjab
National Bank
Oriental Bank of
Commerce
3.
Punjab
National Bank
United Bank
4.
Union Bank of
India
Andhra Bank
5.
Union Bank of
India
Corporation Bank
6.
Canara Bank
Syndicate Bank
7.
Bank of
Baroda
Dena Bank
8.
Bank of
Baroda
Vijaya Bank
9.
State Bank of
India
State Bank of
Bikaner & Jaipur
10.
State Bank of
India
State Bank of
Hyderabad
11.
State Bank of
India
State Bank of
Mysore
12.
State Bank of
India
State Bank of
Patiala
13.
State Bank of
India
State Bank of
Travancore
14.
State Bank of
India
Bhartiya Mahaila
Bank
3.1 Objectives of the Study
To assess the shareholder wealth of the Indian
Bank both pre to and following the M&A
process.
To assess the shareholder wealth of the Punjab
National Bank both pre to and following the
M&A process.
To assess the shareholder wealth of the Union
Bank both pre to and following the M&A
process.
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To assess the shareholder wealth of the Canara
Bank both pre to and following the M&A
process.
To assess the shareholder wealth of the Bank of
Baroda both pre to and following the M&A
process.
To assess the shareholder wealth of the State
Bank of India both pre to & following the M&A
process.
3.2 Research Hypothesis
To achieve the goals, the research hypothesis has
been created. According on the study's aims, research
obstacles, and literature analysis, several hypotheses
have been created.
H0: There is no significant difference in the
shareholder wealth of Selected Acquiring banks both
pre to and following the M&A phase.
Data Collection
The National Stock Exchange, financial reports and
official websites of the selected sample banks has
used to gather the study's data. The Business
Recorder's website, which maintains track of the
daily stock prices of companies registered on the
National Stock Exchange, is where the stock price
information for banks has gathered.
3.3 Event Study Methodology
The Market Study Approach, which is regarded as a
typical technique for analyzing the effects of sample
events, has applied. This method employs stock price
data to assess the returns of stocks in transaction-
related to events. Market studies are those in which
the market response is determined by the rise or fall
in the firm's share price following the occurrence of
specific events, [2], and, [6]. Distinction between the
actual return of the stock and predicted return, called
Abnormal returns (ARs), is a common way to
evaluate market reaction, [24]. The basic principle of
the market analysis describes how these occurrences
reveal the organization's stock value. It also describes
how the shape is created using the firm's stock value.
This study measures the effect of events on stock
value prior to & following the announcement of
M&A by analyzing AR and CAR of the stock. Using
information on the selected sample banks' stock
prices, the AR have calculated. The discrepancy
within the predicted market return & the actual
market return of the stocks is what is known as the
AR. By adding up all AR in the event window of the
simulation, CAR are derived.
3.4 Event-day, Event Window and Estimation
Window
On the day of the event, the bank makes the M&A
announcements. Performance of the banks is
evaluated in light of these transactions on this day,
which is significant. If unusual earnings have been
observed prior to the event, it is possible that market
information about it has leaked, [3]. As a result,
market data must be collected in order for the event
to have a better result. The National Stock
Exchange's website list is used to derive the event
day for every event included in the research.
Research period used to evaluate the stock's ARs and
CARs is known as the event window. Many of the
studies have been utilized lot of event windows to
measure the returns.
Event window for examining may be brief to
remove a rise or drop in share prices as a result of an
event, according to Market efficiency theory. The
idea backs on the brief timeline for the event research
in mergers and acquisitions. Long-term economic
variables may have an impact on both the growth and
reduction, [1]. Although the shorter window might
not provide accurate information on the closure of
market. Public may not immediately get the
announcement's details till the following event day,
or it might leak ahead of time & take effect prior to
the announcement day, [2]. Researcher of this study
has chosen an event window of 81 days, which is 40
days prior-to & 40 days post the announcement of the
event, in order to get around the disadvantage of
these effects.
The days selection and taken prior to the event
window are considered the estimate window since
the event-day may not correctly describe the
occurrence, [4], and, [21]. If no mergers &
acquisitions between the acquirer and acquired firm,
the Market Model uses this window to compute the
Expected Returns (ERs) on stocks as a consequence
of news of mergers & acquisitions. The estimated
window has been taken into consideration in this
study 200 days prior-to the event window.
3.5 Abnormal Return & Cumulative
Abnormal Return
The distinction between the actual return & the
expected return as of a particular date is known as the
abnormal return (AR). The method below has used to
calculate abnormal returns, which are the increased
effect on stock returns due to an event over and
beyond typical market swings.
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AR it = R it - E Ri,t
AR I,t refers to Abnormal return on the given day t.
R I,t refers to stock return on the given day t.
E R I,t refers to expected return on the given day t.
For calculating the expected return, the following
formula is applied:
E R I,t = α i + β i R m,t + ε i,t
Estimates from the stock's regression against the
market index are α and β.
α i refers to the regression line's intercept (The
intercept is Y's anticipated mean value when all of X
is 0)
β i refers to the line's slope (The line's slope indicates
how sensitive the return on investment is to market
returns.
R m,t refers to Market return on the given day t.
ε it refers to security i model error term on day t, with
an expected value of zero.
The CAR is created by adding the AR on each day
within the event timeframe. i.e.
CAR i = ΣAR it
CAR i refers to Cumulative abnormal return of
acquiring banks for time t.
For each bank in the study's sample, the AR & CAR
are computed.
Table 2. Stock Prices of selected acquiring banks Pre
& Post event
Acquirer Bank
Pre-Event
Post-Event
%age Change
Effect
SBI
-0.00203
0.039855
-0.04188
Decrease
PNB
-0.0054
0.0088
-0.01418
Decrease
CNB
-0.0049
-0.0010
-0.00392
Decrease
IND
-0.0070
-0.0019
-0.0051
Decrease
UNI
-0.0093
-0.0034
-0.00588
Decrease
BOB
0.0372
-0.0004
0.037598
Increase
Table 2 depicts the average change in stock
prices due to mergers and acquisitions in pre and post
event of selected acquirer banks. After M&As, an
increase in mean returns indicates a favorable effect,
whereas a fall in mean returns indicates an adverse
effect. Difference in mean return between pre- and
post-event for a selected banks that indicates an
increase or decrease. All of the acquirer banks have
decrease in stock return after the merger except BOB.
Rising stock returns indicate much more significant
effects on shareholder wealth While declining stock
returns reduce the value of shareholders. Highest
decrease in stock return of SBI (-0.04188) while
lowest decrease in CNB (-0.00392). Results indicates
that selected acquirer banks except BOB have not
increase the shareholder wealth after the merger.
3.6 Computation of Abnormal Return and
Cumulative abnormal return
Prior-to and following the announcement of M&As,
the AR & CAR of the stock values are estimated to
determine the effects of events on stockholder
wealth. The discrepancy between the stock's return &
the actual market returns of the stock is known as the
abnormal return. The Cumulative abnormal returns
are correctly describing the event by adding up all of
the AR during the study's event window.
Table 3. Abnormal Return & Cumulative Abnormal
Return of selected acquiring banks
Acquirer
Bank
Variabl
es
Pre-
Event
Post-
Event
Differen
ce
SBI
AR
0.0017
-0.0016
-0.0033
CAR
0.0631
0.0275
-0.0355
BOB
AR
0.0021
-0.0016
-0.0037
CAR
0.0860
-0.0307
-0.1168
PNB
AR
0.0006
-0.0039
-0.0045
CAR
0.0156
-0.1133
-0.1290
CAN
AR
-0.0039
-0.0036
0.0003
CAR
-0.0850
-0.1081
-0.0231
IND
AR
-0.0029
-0.0104
-0.0075
CAR
-0.0818
-0.3109
-0.2291
UNI
AR
-0.0020
-0.0060
-0.0041
CAR
-0.0358
-0.1382
-0.1024
Table 3 depicts the result of Abnormal Return
and Cumulative Abnormal Return of Six acquirer
banks of the study. The outcome demonstrates that
following a merger, all acquiring banks have a
negative impact on AR and CAR. The AR for CAN
Bank is just good. The difference of pre and post
event for both AR and CAR found negative in the
event window of 81 days (40, 40). Results from each
of the chosen acquirer banks are depicted in the
Figure 1, Figure 2, Figure 3, Figure 4, Figure 5 and
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Figure 6. The outcome shows that the selected banks,
with the exception of Canara Bank's AR, have
negative AR and CAR. Therefore, it may be
suggested that the occurrence of mergers &
acquisitions has mostly had a negative effect on
shareholders' wealth in India's banking industry.
Fig. 1: Abnormal Return and Cumulative Abnormal Return of State Bank of India
Fig. 2: Abnormal Return and Cumulative Abnormal Return of Bank of Baroda
Fig. 3: Abnormal Return and Cumulative Abnormal Return of Punjab National Bank
-0,0200
0,0000
0,0200
0,0400
0,0600
0,0800
0,1000
-40 -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 40
AR & CAR
No. of Days
AR and CAR of SBI
CAR AR
-0,1000
0,0000
0,1000
0,2000
-40 -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 40
AR & CAR
No. of Days
AR and CAR of BOB
AR CAR
-0,2
-0,1
0
0,1
-40 -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 40
AR & CAR
No. of Days
AR and CAR of PNB
AR CAR
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Fig. 4: Abnormal Return and Cumulative Abnormal Return of Canara Bank
Fig. 5: Abnormal Return and Cumulative Abnormal Return of Indian Bank
Fig. 6: Abnormal return & Cumulative abnormal return of Union Bank
4 Conclusion and Implication
In this study, the consequences of merger &
acquisitions on the wealth of shareholder in India's
banking industry from 2013 to 2020 was examined.
The main goal of the study is to evaluate the
abnormal and cumulative abnormal stock price
returns in the banking business. The empirical
evidence shows that the ARs and CARs of the
research sample events had negative results.
Following the announcement of merger &
acquisitions, one bank's abnormal return (AR) is
positive while those of other banks are negative. The
ARs were discovered to be positive of PNB and IND
Bank while negative of SBI, BOB, CAN, and UNI on
the event day. However, the aggregate findings
indicate that merger transactions have a negative
impact on ARs and CARs. The null hypothesis is
supported and there is no significant difference in
shareholder wealth between pre- to and fallowing the
merger of selected acquiring banks.
-0,2000
-0,1500
-0,1000
-0,0500
0,0000
0,0500
-40 -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 40
AR & CAR
No. of Days
AR and CAR of CAN
AR CAR
-0,6000
-0,4000
-0,2000
0,0000
0,2000
-40 -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 40
AR & CAR
No. of Days
AR and CAR of IND
AR CAR
-0,3000
-0,2000
-0,1000
0,0000
0,1000
0,2000
-40 -35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 40
AR & CAR
No. of Days
AR and CAR of UNI
AR CAR
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Study’s result suggests that because the markets did
not respond favorably to bank mergers &
acquisitions, the acquired banks underperformed as a
result of the mergers. Because most banks saw
declines in their market value, it may be inferred
from the data that, with the exception of a few
institutions in the banking industry, the occurrence of
merger & acquisitions did not bring future
advantages to all banks in the sector. The results also
suggest that internal management did not make
choices throughout the M&A process efficiently.
Finally, the findings indicate that few institutions
benefit from M&As, raising the possibility that there
may be some potential benefits to M&As in the
banking sector. As a result, companies might choose
M&As following.
According to the survey, banks may also
concentrate on alternatives to mergers and
acquisitions in order to acquire skilled labor, improve
technology, grow their market share, reduce bad
loans, expand their client base, etc. These goals will
subsequently raise the bank's worth. In order to help
merging banks that are losing money, the
government may also develop comprehensive
regulations about technology advancement, minimum
capital requirements, capital adequacy ratios, legal
framework fast track processing, and moral
persuasion about the banking industry. The effective
modification of these policies could enhance the
performance of the acquired banks. The study was
restricted to looking at M&As in the Indian banking
industry. Additionally, research focusing on different
economic sectors would be more beneficial for
determining how mergers and acquisitions affect
stock returns.
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Neeraj Rani, Sangeeta
E-ISSN: 2224-2899
2565
Volume 20, 2023
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Contribution of Individual Authors to the
Creation of a Scientific Article (Ghostwriting
Policy)
The authors equally contributed in the present
research, at all stages from the formulation of the
problem to the final findings and solution.
Sources of Funding for Research Presented in a
Scientific Article or Scientific Article Itself
No funding was received for conducting this study.
Conflict of Interest
The authors have no conflict of interest to declare.
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US
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.218
Neeraj Rani, Sangeeta
E-ISSN: 2224-2899
2566
Volume 20, 2023