Evaluating the Nordea Experiment

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Evaluating the Nordea Experiment

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dc.contributor.author Goldberg, Lawrence G. en_US
dc.contributor.author Sweeney, Richard J. en_US
dc.contributor.author Wihlborg, Clas G. en_US
dc.date.accessioned 2009-02-04T10:24:54Z
dc.date.available 2009-02-04T10:24:54Z
dc.date.issued 2005-12-09T00:00:00Z en_US
dc.identifier.uri http://hdl.handle.net/10398/6812
dc.description.abstract This paper discusses results and difficulties of comparing banks' performance based on publicly available data for the case of Nordea, a pan-Nordic bank created through mergers of important national banks. The objective of the performance comparison is to determine whether Nordea's unique strategy of functional intergation across four countries can be advantageous. For stock-market data, however, Nordea does not have stable betas on risk factors, as illustrated by market betas, and thus the comparables method must be used with great care. The Nordea holding company performed about as well as the comparables, both in terms of stock-market and accounting data. Nordea banks in individual countries outperformed comparable holding companies; by arithmetic, Nordea non-bank operations are not as profitable as its bank operations. In event studies, the market views Nordea's acquisitions as adding value. en_US
dc.format.extent 50 s. en_US
dc.language eng en_US
dc.relation.ispartofseries LEFIC Working paper;2005-005 en_US
dc.title Evaluating the Nordea Experiment en_US
dc.type wp en_US
dc.accessionstatus modt05dec09 miel en_US
dc.contributor.corporation Copenhagen Business School. CBS en_US
dc.contributor.department Institut for Finansiering en_US
dc.contributor.departmentshort LEFIC en_US
dc.contributor.departmentuk Department of Finance en_US
dc.contributor.departmentukshort FI en_US
dc.description.notes In Memory of Larry Goldberg who initiated and inspired our joint research on banking in the Nordic countries en_US
dc.idnumber x656504209 en_US
dc.publisher.city København en_US
dc.publisher.year 2005 en_US
dc.title.subtitle Evidence from Market and Accounting Data en_US


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