@misc{Budny_Katarzyna_Performance_2019,
 author={Budny, Katarzyna and Krasodomska, Joanna and Świetla, Katarzyna},
 identifier={DOI: 10.15611/fins.2019.2.03},
 year={2019},
 rights={Pewne prawa zastrzeżone na rzecz Autorów i Wydawcy},
 description={Financial Sciences. Nauki o Finansach, 2019, vol. 24, no. 2, s. 28-45},
 publisher={Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu},
 language={eng},
 abstract={This study investigates the influence of M&A on the performance of banks operating in Poland. We use a sample of 14 transactions that occurred in the Polish banking sector from 2001 to 2015. Our data set includes pre and post-merger accounting information covering a period of two years before and after the merger. We follow Pilloff’s [1996] approach to determine the average performance changes measured with ROAA and ROAE. According to the research results, M&As transactions seem to affect profitability as both ROAA and ROAE means change. However, these changes do not follow the same trend. The correlations between the acquirer’s pre-merger weighted performance measured with ROAA and ROAE and merger-related changes in performance are significant and negative. The same situation is observed as regards the target pre-merger weighted performance measured with ROAE and merger-related changes in performance. The results also suggest that large acquirers are associated with less successful M&A},
 title={Performance changes around banks mergers and acquisitions: evidence from Poland},
 type={artykuł},
 keywords={banks, M&A, Poland, ROAA, ROAE, banki, fuzje i przejęcia, Polska},
}