VOLUME NO. 3 (2012), ISSUE NO.

7 (JULY) ISSN 0976-2183

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VOLUME NO. 3 (2012), ISSUE NO. 7 (JULY) ISSN 0976-2183
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE & MANAGEMENT
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CONTENTS CONTENTS CONTENTS CONTENTS
Sr.
No.
TITLE & NAME OF THE AUTHOR (S)
Page No.
1%
DO EXECUTIVE DIRECTORS MANIPULATE EARNINGS?
SEYED HOSSEIN HOSSEINI & MOHAMADREZA ABDOLI
1
2%
MANAGEMENT EDUCATION IMPACT OF VALUE ORIENTATIONS ON CAREER & BUSINESS
PUSHPA SHETTY
7
3%
STRATEGIC GAINS OF BY-PRODUCT MARETING! A STUDY ON SELECTED COMPANIES OF BANGLADESH
GOLAM MOHAMMAD FORKAN & TAHSAN RAHMAN KHAN
13
"%
THE EFFECT OF CURRENCY DEVALUATION ON THE ETHIOPIAN ECONOMY#S TRADE BALANCE! A TIME SERIOUS ANALAYSIS
FIKREYESUS TEMESGEN & MENASBO GEBRU
17
$%
MUTUAL FUNDS IN INDIA! AN ANALYSIS OF INVESTORS PERCEPTIONS
DR. PRASHANTA ATHMA & K. RAJ KUMAR
21
%%
FINANCES OF CENTRE FOR DISTANCE EDUCATION& OSMANIA UNIVERSITY& HYDERABAD& ANDHRA PRADESH! AN ANALYTICAL STUDY
G. VENKATACHALAM & P. MOHAN REDDY
27
7%
THE INFLUENCE OF MARETING ON CONSUMER ATTITUDE FUNCTIONS FOR ITCHEN'ARE& A STUDY 'ITH SPECIAL REFERENCE TO OCHI
METRO
ANILKUMAR. N
32
(%
BEHAVIOURAL FINANCE! A NE' PERSPECTIVE FOR INVESTMENT IN FINANCIAL MARET
DR. SREEKANTH. M S
3)
)%
THE EFFECT OF MERGER AND AC*UISITIONS ON THE SHAREHOLDERS# 'EALTH! EVIDENCE FROM THE FOOD INDUSTRY IN INDIA
DR. RAMACHANDRAN AZHAGAIAH & T. SATHISH KUMAR
"2
1+%
'HETHER DIFFERENCES MAE DIFFERENCES? A NE' PARADIGM ON 'ORFORCE DIVERSITY
D. RAMADEVI & DR. S. A. SENTHIL KUMAR
$"
11%
CORPORATE SOCIAL ENGAGEMENT! NE' BASE LINE TO CORPORATE SOCIAL RESPONSIBILITY
KAVITA MEENA
$)
12%
GREEN MARETING
BRIJESH SIVATHANU PILLAI & KANCHAN PRANAY PATIL
%"
13%
MARET EFFICIENCY AND INTERNATIONAL BENCHMARS IN THE SECURITIES MARET OF INDIA A STUDY
DR. MUNIVENKATAPPA
7"
1"%
CHALLENGE OF LI*UIDITY RIS AND CREDIT RIS IN INSURANCE COMPANIES 'ITH SPECIAL REFERENCE TO INDIAN PUBLIC SECTOR
GENERAL INSURANCE COMPANIES
AVINASH TRIPATHI
(2
1$%
CONTEMPORARY ISSUE ON DEREGULATION OF SAVING ACCOUNT INTEREST RATE
DR. RAJIV GANDHI
(7
1%%
A STUDY ON THE EFFECT OF FOOD ADVERTISEMENTS ON CHILDREN AND THEIR INFLUENCE ON PARENTS BUYING DECISION
GINU GEORGE
)2
17%
DETERMINANTS OF CORPORTATE DIVIDEND POLICY IN SELECT PRIVATE SECTOR CEMENT COMPANIES IN TAMIL NADU - AN EMPIRICAL
ANALYSIS
DR. V. MOHANRAJ & DR. N.DEEPA
1+7
1(%
THE ROLE OF ,FOLLO' THE NEIGHBOUR# STRATEGY AND FACTORS INFLUENCING INVESTMENT DECISION 'ITH REFERENCE TO NASI CITY
BHUSHAN PARDESHI, PAVAN C. PATIL & PADMA LOCHAN BISOYI
11+
1)%
IMPACT OF ADVERTISING ON BRAND RECALL AND BRAND PERSONALITY FORMATION! A STUDY OF ORGANISED FASHION RETAILING
HIMANSHU SHEKHAWAT & PREETI TAK
11%
2+%
A CASE STUDY ON STRESS MANAGEMENT IN 'ORING 'OMEN IN GOVERNMENT-SEMI-GOVERNEMNT ENTERPRISES IN SHIMLA& .H/P/0
SHALLU SEHGAL
122
21%
LEVERAGE ANALYSIS AND IT#S IMPECT ON SHARE PRICE AND EARNING OF THE SELECTED STEEL COMPANIES OF INDIA AN EMPERICAL
STUDY
MUKESH C AJMERA
12)
22%
A STUDY ON LEVEL OF EXPECTATION OF MUTUAL FUND INVESTORS & IMPACT OF DEMOGRAPHIC PROFILE ON PERIOD OF INVESTMENT IN
MUTUAL FUND
TARAK PAUL
13%
23%
IMPACT OF MERGERS & AC*UISITIONS ON FINANCIAL PERFORMANCE! 'ITH SPECIAL REFERENCE TO TATA GROUP
NEHA VERMA & DR. RAHUL SHARMA
1"+
2"%
EXPLORING SERVICE INNOVATION PROCESS AND STRATEGY IN DEVELOPING CUSTOMER RELATIONSHIP-'ITH REFERNCE 2112
CENTURYBAN ,YES BAN#
SHILPA SANTOSH CHADICHAL & DEBLINA SAHA VASHISHTA
1""
2$%
EMPLOYEE LOYALTY ABOVE CUSTOMER LOYALTY
AFREEN NISHAT A. NASABI
1$2
2%%
FDI IN MULTIBRAND RETAILING IN INDIA! PERCEPTION OF THE UNORGANISED RETAILERS IN BUSINESS CAPITAL OF UTTARAHAND
DEEPAK JOSHI
1$%
27%
COMPARATIVE STUDY OF SELECTED PRIVATE SECTOR BANS IN INDIA
NISHIT V. DAVDA
1%1
2(%
IMPACT OF HRM PRACTICES ON PERFORMANCE OF NON-ACADEMIC EMPLOYEES OF OPEN UNIVERSITIES IN INDIA
B. LAXMINARAYANA
1%7
2)%
POST-MERGER FINANCIAL PERFORMANCE APPRAISAL OF AC*UIRING BANS IN INDIA! A CASE ANALYSIS
AZEEM AHMAD KHAN
172
3+%
MANPO'ER RE*UIREMENT ASSESSMENT CONSIDERING THE MAE OR BUY DECISION POLICY OF CENTRAL 'ORSHOP IN AN
INTEGRATED STEEL & PO'ER COMPANY
AKHILESH JHA, SOUPOARNO MUKHERJEE & RANDHIR KUMAR
17%
RE*UEST FOR FEEDBAC 1(1
VOLUME NO. 3 (2012), ISSUE NO. 7 (JULY) ISSN 0976-2183
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE & MANAGEMENT
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CHIEF PATRON CHIEF PATRON CHIEF PATRON CHIEF PATRON
PROF/ / / AGGAR'AL
)hancellor" 2in#aya3s 4niversity" Delhi
!ounder 5ice-)hancellor" uru obind Sin#h Indraprastha 4niversity" Delhi
67% Pro 5ice-)hancellor" uru Ja0bheshwar 4niversity" +isar

PATRON PATRON PATRON PATRON
SH/ RAM BHAJAN AGGAR'AL
67%State Minister for +o0e 8 9ouris0" overn0ent of +aryana
5ice-President" Dadri 6ducation Society" )har:hi Dadri
President" )hinar Synte7 2td% ;9e7tile Mills<" Bhiwani

CO CO CO CO- -- -ORDINATOR ORDINATOR ORDINATOR ORDINATOR
DR/ SAMBHAV GARG
!aculty" M% M% Institute of Mana#e0ent" MaharishiMar:andeshwar4niversity" Mullana" A0bala" +aryana

ADVISORS ADVISORS ADVISORS ADVISORS
DR/ PRIYA RANJAN TRIVEDI
)hancellor" 9he lobal Open 4niversity" $a#aland
PROF/ M/ S/ SENAM RAJU
Director A% )% D%" School of Mana#e0ent Studies" I%%$%O%4%" $ew Delhi
PROF/ M/ N/ SHARMA
)hair0an" M%B%A%" +aryana)olle#e of 9echnolo#y 8 Mana#e0ent" =aithal
PROF/ S/ L/ MAHANDRU
Principal ;Retd%<" Mahara1aA#rasen)olle#e" Ja#adhri

EDITOR EDITOR EDITOR EDITOR
PROF/ R/ / SHARMA
Professor" Bharti 5idyapeeth 4niversity Institute of Mana#e0ent 8 Research" $ew Delhi

CO CO CO CO- -- -EDITOR EDITOR EDITOR EDITOR
DR/ BHAVET
!aculty" M% M% Institute of Mana#e0ent" MaharishiMar:andeshwar4niversity" Mullana" A0bala" +aryana

EDITORIAL ADVISORY BOARD EDITORIAL ADVISORY BOARD EDITORIAL ADVISORY BOARD EDITORIAL ADVISORY BOARD
DR/ RAJESH MODI
!aculty" /anbuIndustrial)olle#e" =in#do0 of Saudi Arabia
PROF/ SANJIV MITTAL
4niversitySchool of Mana#e0ent Studies" uru obind Sin#h I% P% 4niversity" Delhi
PROF/ ANIL / SAINI
)hairperson ;)R)<" uru obind Sin#h I% P% 4niversity" Delhi

VOLUME NO. 3 (2012), ISSUE NO. 7 (JULY) ISSN 0976-2183
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DR/ SAMBHAVNA
!aculty" I%I%9%M%" Delhi
DR/ MOHENDER UMAR GUPTA
Associate Professor" P%J%2%$%overn0ent)olle#e" !aridabad
DR/ SHIVAUMAR DEENE
Asst% Professor" Dept% of )o00erce" School of Business Studies" )entral 4niversity of =arnata:a" ulbar#a
MOHITA
!aculty" /a0una Institute of 6n#ineerin# 8 9echnolo#y" 5illa#e adholi" P% O% adhola" /a0unana#ar

ASSOCIATE ASSOCIATE ASSOCIATE ASSOCIATE EDITORS EDITORS EDITORS EDITORS
PROF/ NA'AB ALI HAN
Depart0ent of )o00erce" Ali#arh Musli0 4niversity" Ali#arh" 4%P%
PROF/ ABHAY BANSAL
+ead" Depart0ent of Infor0ation 9echnolo#y" A0ity School of 6n#ineerin# 8 9echnolo#y" A0ity
4niversity" $oida
PROF/ V/ SELVAM
SS2" 5I9 4niversity" 5ellore
PROF/ N/ SUNDARAM
5I94niversity" 5ellore
DR/ PARDEEP AHLA'AT
Associate Professor" Institute of Mana#e0ent Studies 8 Research" MaharshiDayanand4niversity" Rohta:
DR/ S/ TABASSUM SULTANA
Associate Professor" Depart0ent of Business Mana#e0ent" Matrusri Institute of P%% Studies" +yderabad

TECHNICAL ADVISOR TECHNICAL ADVISOR TECHNICAL ADVISOR TECHNICAL ADVISOR
AMITA
!aculty" overn0ent M% S%" Mohali
MOHITA
!aculty" /a0una Institute of 6n#ineerin# 8 9echnolo#y" 5illa#e adholi" P% O% adhola" /a0unana#ar

FINANCIAL ADVISORS FINANCIAL ADVISORS FINANCIAL ADVISORS FINANCIAL ADVISORS
DICIN GOYAL
Advocate 8 9a7 Adviser" Panch:ula
NEENA
Invest0ent )onsultant" )ha0ba#hat" Solan" +i0achal Pradesh

LEGAL ADVISORS LEGAL ADVISORS LEGAL ADVISORS LEGAL ADVISORS
JITENDER S/ CHAHAL
Advocate" Pun1ab 8 +aryana +i#h )ourt" )handi#arh 4%9%
CHANDER BHUSHAN SHARMA
Advocate 8 )onsultant" District )ourts" /a0unana#ar at Ja#adhri

SUPERINTENDENT SUPERINTENDENT SUPERINTENDENT SUPERINTENDENT
SURENDER UMAR POONIA
VOLUME NO. 3 (2012), ISSUE NO. 7 (JULY) ISSN 0976-2183
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CALL FOR MANUSCRIPTS CALL FOR MANUSCRIPTS CALL FOR MANUSCRIPTS CALL FOR MANUSCRIPTS
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)o0puter" Business" !inance" Mar:etin#" +u0an Resource Mana#e0ent" eneral Mana#e0ent" Ban:in#" Insurance" )orporate overnance
and e0er#in# paradi#0s in allied sub1ects li:e Accountin# 6ducation@ Accountin# Infor0ation Syste0s@ Accountin# 9heory 8 Practice@ Auditin#@
Behavioral Accountin#@ Behavioral 6cono0ics@ )orporate !inance@ )ost Accountin#@ 6cono0etrics@ 6cono0ic Develop0ent@ 6cono0ic +istory@
!inancial Institutions 8 Mar:ets@ !inancial Services@ !iscal Policy@ overn0ent 8 $on Profit Accountin#@ Industrial Or#ani*ation@ International
6cono0ics 8 9rade@ International !inance@ Macro 6cono0ics@ Micro 6cono0ics@ Monetary Policy@ Portfolio 8 Security Analysis@ Public Policy
6cono0ics@ Real 6state@ Re#ional 6cono0ics@ 9a7 Accountin#@ Advertisin# 8 Pro0otion Mana#e0ent@ Business 6ducation@ Mana#e0ent
Infor0ation Syste0s ;MIS<@ Business 2aw" Public Responsibility 8 6thics@ )o00unication@ Direct Mar:etin#@ 6-)o00erce@ lobal Business@
+ealth )are Ad0inistration@ 2abor Relations 8 +u0an Resource Mana#e0ent@ Mar:etin# Research@ Mar:etin# 9heory 8 Applications@ $on-
Profit Or#ani*ations@ Office Ad0inistrationAMana#e0ent@ Operations ResearchAStatistics@ Or#ani*ational Behavior 8 9heory@ Or#ani*ational
Develop0ent@ ProductionAOperations@ Public Ad0inistration@ Purchasin#AMaterials Mana#e0ent@ Retailin#@ SalesASellin#@ Services@ S0all
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VOLUME NO. 3 (2012), ISSUE NO. 7 (JULY) ISSN 0976-2183
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BOOS
Bowerso7" Donald J%" )loss" David J%" ;&JJF<" K2o#istical Mana#e0ent%K 9ata Mcraw" +ill" $ew Delhi%
+un:er" +%2% and A%J% >ri#ht ;&JF-<" K!actors of Industrial 2ocation in OhioK Ohio State 4niversity" $i#eria%
CONTRIBUTIONS TO BOOS
Shar0a 9%" =watra" % ;E''H< 6ffectiveness of Social Advertisin#B A Study of Selected )a0pai#ns" )orporate Social Responsibility" 6dited by David )rowther 8
$icholas )apaldi" Ash#ate Research )o0panion to )orporate Social Responsibility" )hapter &." pp EHI--'-%
JOURNAL AND OTHER ARTICLES
Sche0enner" R%>%" +uber" J%)% and )oo:" R%2% ;&JHI<" Keo#raphic Differences and the 2ocation of $ew Manufacturin# !acilities"K Journal of 4rban 6cono0ics"
5ol% E&" $o% &" pp% H--&'(%
CONFERENCE PAPERS
ar#" Sa0bhav ;E'&&<B KBusiness 6thicsK Paper presented at the Annual International )onference for the All India Mana#e0ent Association" $ew Delhi" India"
&J,EE June%
UNPUBLISHED DISSERTATIONS AND THESES
=u0ar S% ;E'&&<B K)usto0er 5alueB A )o0parative Study of Rural and 4rban )usto0ers"K 9hesis" =uru:shetra 4niversity" =uru:shetra%
ONLINE RESOURCES
Always indicate the date that the source was accessed" as online resources are fre?uently updated or re0oved%
'EBSITE
ar#" Bhavet ;E'&&<B 9owards a $ew $atural as Policy" Political >ee:ly" 5iewed on January '&" E'&E httpBAAepw%inAuserAviewabstract%1sp
VOLUME NO. 3 (2012), ISSUE NO. 7 (JULY) ISSN 0976-2183
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE & MANAGEMENT
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&IE
POST-MERGER FINANCIAL PERFORMANCE APPRAISAL OF AC*UIRING BANS IN INDIA! A CASE ANALYSIS

AZEEM AHMAD KHAN
RESEARCH SCHOLAR
DEPARTMENT OF COMMERCE
ALIGARH MUSLIM UNIVERSITY
ALIGARH

ABSTRACT
Thi !"!#$ !$##%& " '()!"$"&i*# &+,- (. &h# !$# "%, !(& )#$/#$ .i%"%'i"0 !#$.($)"%'# "!!$"i"0 (. "'1+i$i%/ 2"%3. Th# $##"$'h#$ h" #0#'&#, $"%,()0-
&4( '"# (. )#$/#$ (''+$$#, i% &h# -#"$ 5667 i% &h# I%,i"% 2"%3i%/ #'&($. R"&i( "%"0-# h"*# 2##% +#, &( #8")i%# &h# !$# "%, !(& )#$/#$ .i%"%'i"0
!#$.($)"%'# "!!$"i"0 (. "'1+i$i%/ 2"%3. I% ($,#$ &( &#& &h# &"&i&i'"0 i/%i.i'"%'#, $##"$'h#$ h" "!!0i#, i%,#!#%,#%& ")!0# &9&#&. Th# $#+0& i%,i'"&# &h"&
&h# !(& M&A: h"*# %(& '$#"&#, ,i..#$#%'# i% &h# .i%"%'i"0 !#$.($)"%'# (. &h# "'1+i$i%/ 2"%3.

EY'ORDS
Ban:s" Profitability" Mer#er and Ac?uisitions" !inancial Perfor0ance" Accountin# Ratios%

INTRODUCTION
er#er and Ac?uisitions are strate#ic decisions ta:en for 0a7i0i*ation of a co0panyLs #rowth by increasin# its production and 0ar:etin# operations%
9herefore 0any co0panies find the best way to #o ahead and li:e to e7pand ownership precincts throu#h Mer#er and ac?uisitions ;M8As<% Mer#er
creates syner#y and econo0ies of scale% !or e7pandin# the operations and cuttin# costs" business entrepreneur and ban:in# sector are usin# Mer#er
and Ac?uisitions worldwide as a strate#y for achievin# lar#er si*e" increased 0ar:et share" faster #rowth" and syner#y for beco0in# 0ore co0petitive throu#h
econo0ies of scale% 9he co0panies 0ust follow le#al procedure of Mer#er and Ac?uisitions ;M8As< as enshrined by RBI" S6BI" )o0panies3 Act &J.F and Ban:in#
Re#ulation Act &J(J%9he 0er#ers which are ta:in# place in the present era are 0ainly 0otivated by strate#ic and econo0ic #ains in the lon#er run" syner#y
opportunities 0ay e7ist only in the 0ind of corporate leaders% A 0er#er can also i0prove co0pany3s standin# in the invest0ent co00unity@ bi##er fir0s often
have an easier ti0e raisin# capital than s0aller ones% Many of the 0er#ers were successful but history trends show that rou#hly two-third of the 0er#er would
disappoint on their own ter0s" which 0eans they lose value in the stoc: 0ar:et% But still this strate#y used by corporate in a wide assort0ent of fields such as
infor0ation technolo#y" teleco00unications" and business process outsourcin# as well as in traditional businesses are purported at #ainin# stren#th" e7pandin#
the custo0er base" cuttin# co0petition or enterin# into a new 0ar:et or product se#0ent%

LITERATURE REVIE' AND GAP
After #oin# throu#h the available relevant literature on M8As and it co0es to :now that 0ost of the wor: hi#h li#htened the i0pact of M8As on different
aspects of the co0panies% Ra1u untar An1ana and auncar Dipa Ratna:ar ;E'&&< e7a0ined the effect of 0er#er on business houses in India and they too: the
case of the 9ata roup of )o0panies and drew conclusions that 0er#er does not creates wealth for business houses in India% oyal =%A% 8 Joshi 5i1ay ;E'&&< in
their paper entitled MMer#ers in Ban:in# Industry of IndiaB So0e 60er#in# IssuesG #ave an overview on Indian ban:in# industry and hi#hli#hted the chan#es
occurred in the ban:in# sector after post liberali*ation% Joshua O = Panachi ;E'&&< studies the co0parative analysis of the i0pact of Mer#er and Ac?uisitions
financial efficiency of ban: in $i#eria% =e0al Moha00ad 4s0an ;E'&&< finds the post 0er#er profitability of the Royal Ban: of Scotland and fro0 the accountin#
ratio analysis it is proved that RBS 0er#er proves to be a failure in Ban:in# Industry% =uria:ose Sony 8 ireesh =u0ar % S ;E'&'< in their paper" they assessed
the strate#ic and financial si0ilarities of 0er#ed Ban:s" and relevant financial variables of respective Ban:s were considered to assess their relatedness% Ben:ard
) 2anier et al%" ;E'&'< studied the si0ulatin# the dyna0ic effect of hori*ontal 0er#er and too: the case the case of 4 S Airlines% Aharon David / et al%" ;E'&'<"
analy*ed the stoc: 0ar:et bubble effect on Mer#er and Ac?uisitions and followed by the reduction of pre bubble and subse?uent" the burstin# of bubble see0s
to have led to further consciousness by the investors and provide evidence which su##ests that durin# the euphoric bubble period investors ta:e 0ore ris:%
=uria:ose Sony et al%" ;E''J< focused on the valuation practices and ade?uacy of swap ratio fi7ed in voluntary a0al#a0ation in the Indian Ban:in# Sector and
used swap ratio for valuation of ban:s% Schierec: Dir: et al%" ;E''J<" e7plained the relationship between ban: reputation after Mer#er and Ac?uisitions and its
effects on shareholder3s wealth% It is found in the study of Bhas:ar A 4day et al%" ;E''J< that Ban:in# sector witness of Mer#er activities in India when ban:s
facin# the proble0 of loosin# old custo0er and failed to attract the new custo0ers

RESEARCH GAP
It see0s fro0 the above review that various studies have been 0ade on Mer#er and Ac?uisitions in the Indian Ban:in# Industry" but these studies provide 0i7ed
result and not ade?uately e7plore the other varied di0ensions of M8As% 9he present study would #o to investi#ate the detail of M8As with #reater focus on
ac?uirin# ban: in the Indian Ban:in# sector% 9his study will also discuss the Pre 0er#er and Post 0er#er perfor0ance of ac?uirin# ban:s

OBJECTIVES OF THE STUDY
9he present study has ai0ed to analy*e the post 0er#er operatin# perfor0ance appraisal of Ac?uirin# Ban:s in ter0s of profitability in the Indian Ban:in#
Industry and co0pare the pre and post Mer#er perfor0ance of Ac?uirin# Ban:s%

HYPOTHESIS
9o substantiate the ob1ectives 0entioned above" the hypothesis has been for0ulated and tested%
+' ;$ull +ypothesis< N 9here is no si#nificance difference between the Pre 0er#er and Post 0er#er Profitability
+& ;Alternative +ypothesis< N 9here is si#nificance difference between the Pre 0er#er and Post 0er#er Profitability

DATA AND METHODOLOGY
!or the purpose of analy*in# the profitability of ac?uirin# ban:s after Mer#er and Ac?uisitions various financial and accountin# ratios are underta:en% Data of
operatin# perfor0ance ratios for up to four years prior and seven years after the Mer#er and Ac?uisitions were collected fro0 the financial state0ent of
co0pany3s e7tracted fro0 the website of 0oney control% >ith the help of Independent sa0ple t-test the pre 0er#er spannin# for four years and post 0er#er
seven years financial ratios have been co0pared%
9he Student3s t- distribution is as followsB-
t =
x
1
x
2
s
_
n
1
n
2
n
1
+n
2

M
VOLUME NO. 3 (2012), ISSUE NO. 7 (JULY) ISSN 0976-2183
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE & MANAGEMENT
A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories
www%i1rc0%or#%in
&I-
x
1
N
x
1
n
1
" x
2
N
x
2
n
2

>herex
1
" is the 0ean of pre 0er#er ratios of ac?uirin# ban: x
2
is the 0ean of post 0er#er ratios ac?uirin# ban:" n
1
onJ n
2
are the nu0ber of observations of
&
st
and E
nd
series respectively% S is the co0bined standard deviation%
s = _
( x
1
A
1
)
2
+( x
2
A
2
)
2
n
1
(x
1
A
1
)
2
n
2
(x
2
A
2
)
2
n
1
+n
2
2

(n
1
+n
2
2) De#ree of freedo0
>here A
&
and A
E
are the assu0ed 0eans of &
st
and E
nd
series
FINANCIAL PROFITABILITY RATIOS
Operatin# Profit Mar#in N 6BI9 A$et SalesO&''
$et Profit Mar#in N $et Profit A$et salesO&''
Return on $et >orthN Pat A$et >orthO&''
Return on )apital 60ployed N $et Profit A9otal AssetsO&''

ANALYSIS AND INTERPRETATION
Researcher has selected two cases for the study that are shown in table-&% !irst the Mer#er of the lobal 9rust Ban: 2td with the Oriental Ban: of )o00erce on
&(
th
Au#ust E''(" and the second the Mer#er of the South u1arat 2ocal Area Ban: 2td with Ban: of Baroda on E.
th
June E''( has been underta:en% In order to
analy*e the financial profitability of Ac?uirin# Ban:s after the 0er#er the !inancial and Accountin# ratios li:e Operatin# Profit Mar#in" $et Profit Mar#in" Return
on $et >orth 8 Return on )apital 60ployed have been calculated%
9ablesB E 8 - show the Pre-0er#er and the Post-0er#er financial perfor0ance of ac?uirin# ban: ;Oriental Ban: of )o00erce< in ter0s of above ratios% 9he P<8-
78<?8< financial perfor0ance appraisal of the ac?uirin# ban: ;O<68423@ B34C :9 C:778<=8< on the basis of ratio analysis is done% 9he operatin# profit 0ar#in for
the year E''' was I-%--&( percent% 9he net profit 0ar#in was I%-.((I percent with RO$> 8 RO)6 at &J%.'.I( and &%&-.-& percent% 9he operatin# profit
0ar#in decreased at I&%H('- percent in E''& but the net profit 0ar#in increased at &&%--(J. percent% 9he RO$> 8 RO)6 reduced at &-%&'& and '%I(J(-
percent% 9he operatin# profit 0ar#in re0ains unchan#ed with I&%&I'.I percent and the net profit 0ar#in had sli#htly decline at &'%.(EII percent% +owever"
the RO$> 8 RO)6 shows i0prove0ent in the year E''E at &J%IJ'-- and '%JJ-.. percent% But in the financial year before the 0er#er" the operatin# profit
0ar#in dropped at FJ%--HE- percent as well as the net profit 0ar#in" RO$> 8 RO)6 escalate in the year E''- at &-%HFJEH" E&%FF-&I and &%-(((. percent% 9he
P:12-78<?8< perfor0ance appraisal of ac?uirin# ban: ;Oriental Ban: of )o00erce< for the very ne7t year declined in ter0s of operatin# profit 0ar#in at
FF%.&JII percent but the net profit 0ar#in 0ount at E'%-EIEI percent% 9he RO$> 8 RO)6 re0ain unchan#ed at E&%HE-(J and &%-(EH( percent in the year
E''.% 9he operatin# profit 0ar#in has i0proved in the year E''F with I&%'-I.. percent however the net profit 0ar#in" RO$> 8 RO)6 reduced at &-%.EFH("
&'%II.&F percent and '%J(.-( percent% 9he operatin# profit 0ar#in has increased in the year E''I at I.%JF--E percent but the other ratios li:e net profit
0ar#in 8 RO$> re0ain unchan#ed e7cept the return on capital e0ployed show declined with &&%E(.-E" &'%-I&'- and '%IH... percent% 9he net profit 0ar#in"
RO$> 8 RO)6 reduced in the year E''H at .%&F(.(" F%&&.(& 8 '%-HJ(& percent but the operatin# profit show i0proved perfor0ance and 0oved up to H(%H-H.
percent% 9he net profit 0ar#in" RO$> 8RO)6 a#ain shows positive 0ove0ent in the year E''J after declined in the previous year at &'%EE-EF" &E%EEJI 8
'%H'(EE percent and the only operatin# profit 0ar#in sli#htly decline in the year E''J at IH%(.J-F percent% 9he operatin# profit 0ar#ins a#ain fell at I.%F'I.I
percent and the net profit 0ar#in" RO$> 8 RO)6 rose in the year E'&' at &&%'FE-F" &-%II-H& 8 '%HE.F- percent% 9he ratio analyses for the year E'&& had
declined in ter0s of operatin# profit 0ar#in" net profit 0ar#in" RO$> 8 RO)6 0oved at I(%-FE(." H%I&'&I" J%(HII. 8 '%F.E.F percent%
In tables ( 8 . further shed the li#ht on the Pre Mer#er and Post Mer#er ratios of Ban: of Baroda ;Ac?uirin# Ban:< which is used for the analysis% 9he ratio
analyses of the P<8 78<?8< period of ac?uirin# ban: ;B34C :9 B3<:I3< for the years E''' to E''-%9he operatin# profit 0ar#in for the year E''' at F(%.&H-(
percent with the net profit 0ar#in was J%F-&E. percent alon# with the ratios li:e RO$> 8 RO)6 at &.%.(-(J and '%H.IHJ percent% 9he operatin# profit 0ar#in
and net profit 0ar#in declined in the year E''& at .H%H(.( 8 (%II'F percent% 9he RO$> and RO)6 also dropped off at H%&H-(F and '%(--I. percent% 2ater in
E''E all the ratios such as operatin# profit 0ar#in" net profit 0ar#in" RO$> 8 RO)6 i0proved with F.%&E.(&" J%&FF.J" &(%EFE&E 8 '%IFJHI percent% In the year
E''- operatin# profit 0ar#in decreased at F(%''J&. percent and the ratios li:e net profit 0ar#in" RO$> 8 RO)6 i0proved before the 0er#er of ban:s at
&E%FI-F&" &I%F&.-( 8 &%'&&E. percent%
9he P:12 78<?8< ratios of ac?uirin# ban: for the very ne7t year E''. were declined" the operatin# profit 0ar#in and net profit 0ar#in at (F%H'H-J and &'%.E-JI
percent% 9he RO$> and RO)6 were &E%'EFH and '%I&(JJ percent% 9he ratio analyses for the year E''F shows i0proved perfor0ance as co0parin# with the
previous year" the OPM" $PM and RO)6 0ount at .-%(JEJ." &&%F(I-E 8 '%IEJEH percent e7cept the return on net worth &'%.(&JH percent% !or the year E''I"
the operatin# profit 0ar#in increased at F(%&E(IE percent and net profit 0ar#in has re0ained sa0e at &&%(&JI percent% 9he return on net worth and return on
capital e0ployed were at &&%HFFIH and '%I&I'I percent% 9he operatin# profit 0ar#in increased in the year E''H was at FH%E'H( percent and ratios li:e $PM"
RO$> 8 RO)6 shows i0prove0ent and 0oved at&E%&.&.." &E%JJHEI and '%IJJEH percent% 9he operatin# profit 0ar#in and net profit 0ar#in showed a positive
i0prove0ent and 0oved up to at FJ%JEJ(. and &(%I.IHJ percent" while the return on net worth and return on capital e0ployed increased up to at &I%-.&HE
and '%JIJ-J percent in the year E''J% All the ratios shows positive i0prove0ent in the year E'&' the perfor0ance of ac?uirin# ban: in ter0s of OPM"
$PM"RO$> 8 RO)6 and sti0ulated at I-%''(FE" &H%-&.&I" E'%E(.EI 8 &%'JHHF percent% 9he perfor0ance of ac?uirin# ban: for the year E'&& continuously
increased e7cept the operatin# profit 0ar#in which had sli#htly reduced% But the net profit 0ar#in 8 return on capital e0ployed 0oved the hi#hest level at
&J%-H'HF and &%H-.& percent alon# with return on net worth for the sa0e year was E'%E'.& percent%
9able F shows t-test analysis of =318 I ;the lobal 9rust Ban: 2td with the Oriental Ban: of )o00erce<% 9he analysis indicates that the 0ean of operatin# profit
0ar#in ;I&%(E'& vs I.%E...< and t-value of -&%EIJ which leads to the conclusion that there is i0prove0ent in the Operatin# Profit Mar#in after the Mer#er but
not si#nificant statistically" the results also indicate that the 0ean of $et Profit Mar#in ;&'%II.( vs &&%(F.H< and t-value of -%EFI which shows the perfor0ance in
ter0s of net profit 0ar#in of oriental ban: of co00erce i0proved but not si#nificant statistically" it is found that there is increase in the 0ean of Return on $et
>orth ;&H%.&.& vs &E%'HE-< and t-value E%E.(% It see0s to have declined so it is considered that it is not affected by 0er#er therefore it is not si#nificant
statistically% 9he 0ean value of Return on )apital 60ployed;&%'..I vs '%HE'H< and t-value &%-.E which leads to the conclusion that the perfor0ance of ban: in
ter0s of return on capital e0ployed has declined so it is not si#nificant statistically%
9able I shows the =318 II .the South u1arat 2ocal Area Ban: 2td with the Ban: of Baroda<% 9he co0parison of the Pre Mer#er and Post Mer#er operatin#
perfor0ance ratios for the sa0ple of ban:s 0er#er shows that there is no chan#e in the 0ean of Operatin# Profit Mar#in ;F-%&((F vs F(%'(H'< and t-value -%&I(
which is statistically insi#nificant but there is positive i0prove0ent in the $et Profit Mar#in after the 0er#er with 0ean value ;J%'F'. vs &(%'EH&< and t-value -
E%EJE which is however si#nificant statistically% >hile Return on $et >orth the 0ean is ;&-%J'&& vs &.%'--I< and t-value -%((' which records sli#htly
i0prove0ent in post 0er#er period but leads to the conclusion that it is not si#nificant statistically% 9he 0ean value of Return on )apital 60ployed ;'%IFHE vs
'%HHHJ< and t- value -'%J'& which leads to the conclusion that there is no chan#e in the return on capital e0ployed after the 0er#er therefore it is statistically
insi#nificant% It is therefore concluded that all the financial ratios do not i0prove after the 0er#er so the perfor0ances of ban:s in ter0s of financial profitability
re0ain unchan#ed%
TABLE 1! LIST OF SELECTED BANS MERGER FOR STUDY
S/ N: N378 :9 2D8 T<34198<:< B34C N378 :9 2D8 T<34198<88 B34C D328 :9 M8<?8<
& lobal 9rust Ban: 2td% Oriental Ban: of )o00erce Au#ust &(" E''(
E South u1arat 2ocal Area Ban: 2td% Ban: of Baroda June E." E''(
S(+$'#; R##"$'h#$: '()!i0"&i(% .$() R#!($& (% T$#%, "%, P$(/$#, RBI, V"$i(+ I+#, VIII '()!#&i&i(% "%, '(%(0i,"&i(%, 67 S#! 566<.

VOLUME NO. 3 (2012), ISSUE NO. 7 (JULY) ISSN 0976-2183
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE & MANAGEMENT
A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories
www%i1rc0%or#%in
&I(
TABLE 2! PRE MERGER RATIO ANALYSIS OF ORIENTAL BAN OF COMMERCE FOR THE YEARS 2+++ TO 2++3 Financia Ra!i"# =i% P#$'#%&"/#>
/ears Operatin# Profit Mar#in $et Profit Mar#in Return on $et >orth Return on )apital 60ployed
E''' I-%--&( I%-.((I &J%.'.I( &%&-.-&
E''& I&%H('- &&%--(J. &-%&'& '%I(J(-
E''E I&%&I'.I &'%.(EII &J%IJ'-- '%JJ-..
E''- FJ%--HE- &-%HFJEH E&%FF-&I &%-(((.
S(+$'#; R##"$'h#$: '()!i0"&i(% .$() .i%"%'i"0 &"&#)#%& (. B"%3 $#&$i#*#, .$() h&&!;??444.)(%#-'(%&$(0.'()?&('3)"$3#&i%,i"?

TABLE 3! POST MERGER RATIO ANALYSIS OF ORIENTAL BAN OF COMMERCE FOR THE YEARS 2++$ TO 2+11 Financia Ra!i"# =i% P#$'#%&"/#>
/ears Operatin# Profit Mar#in $et Profit Mar#in Return on $et >orth Return on )apital 60ployed
E''. FF%.&JII E'%-EIEI E&%HE-(J &%-(EH(
E''F I&%'-I.. &-%.EFH( &'%II.&F '%J(.-(
E''I I.%JF--E &&%E(.-E &'%-I&'- '%IH...
E''H H(%H-H. .%&F.( F%&&.(& '%-HJ(&
E''J IH%(.J-F &'%EE-EF &E%EEJI '%H'(EE
E'&' I.%F'I.I &&%'FE-F &-%II-H& '%HE.F-
E'&& I(%-FE(. H%I&'&I J%(HII. '%F.E.F
S(+$'#; R##"$'h#$: '()!i0"&i(% .$() .i%"%'i"0 &"&#)#%& (. B"%3 $#&$i#*#, .$() h&&!;??444.)(%#-'(%&$(0.'()?&('3)"$3#&i%,i"?

TABLE "! PRE MERGER RATIO ANALYSIS OF BAN OF BARODA FOR THE YEARS 2+++ TO 2++3 Financia Ra!i"# =i% P#$'#%&"/#>
/ears Operatin# Profit Mar#in $et Profit Mar#in Return on $et >orth Return on )apital 60ployed
E''' F(%.&H-( J%F-&E. &.%.(-(J '%H.IHJ
E''& .H%H(.( (%II'F H%&H-(F '%(--I.
E''E F.%&E.(& J%&FF.J &(%EFE&E '%IFJHI
E''- F(%''J&. &E%FI-F& &I%F&.-( &%'&&E.
S(+$'#; R##"$'h#$: '()!i0"&i(% .$() .i%"%'i"0 &"&#)#%& (. B"%3 $#&$i#*#, .$() h&&!;??444.)(%#-'(%&$(0.'()?&('3)"$3#&i%,i"?

TABLE $! POST MERGER RATIO ANALYSIS OF BAN OF BARODA FOR THE YEARS 2++$ TO 2+11 Financia Ra!i"# =i% P#$'#%&"/#>
/ears Operatin# Profit Mar#in $et Profit Mar#in Return on $et >orth Return on )apital 60ployed
E''. (F%H'H-J &'%.E-JI &E%'EFH '%I&(JJ
E''F .-%(JEJ. &&%F(I-E &'%.(&JH '%IEJEH
E''I F(%&E(IE &&%(&JI &&%HFFIH '%I&I'I
E''H FH%E'H( &E%&.&.. &E%JJHEI '%IJJEH
E''J FJ%JEJ(. &(%I.IHJ &I%-.&HE '%JIJ-J
E'&' I-%''(FE &H%-&.&I E'%E(.EI &%'JHHF
E'&& IE%IFIEIF &J%-H'HF E'%E'.& &%&H-.&
S(+$'#; R##"$'h#$: '()!i0"&i(% .$() .i%"%'i"0 &"&#)#%& (. B"%3 $#&$i#*#, .$() h&&!;??444.)(%#-'(%&$(0.'()?&('3)"$3#&i%,i"?

TABLE %! MEAN AND MEDIAN OF THE PRE MERGER AND POST MERGER RATIOS OF AC*UIRING BAN .ORIENTAL BAN OF COMMERCE0
Mean Standard deviation t-value Si#
Pre Post Pre Post
Operatin# Profit Mar#in I&%(E'& I.%E... &%F..J& .%I-J&E -&%EIJ %E--
$et Profit Mar#in &'%II.( &&%(F.H E%FH.HJ (%FHI&I -'%EFI %IJF
Return on net worth &H%.&.& &E%'HE- -%I-(&' (%J&&FF E%E.( %'.&
Return on capital e0ployed &%'..I '%HE'H '%E(JJE '%EHJHE &%-.E %E'J
S(+$'#; R##"$'h#$: '()!i0"&i(% 2"#, (% &"20# 5&@, AB 0#*#0 (. i/%i.i'"%'#

TABLE 7! MEAN AND MEDIAN OF THE PRE MERGER AND POST MERGER RATIOS OF AC*UIRING BAN .BAN OF BARODA0
Mean Standard deviation t-value Si#
Pre Post Pre Post
Operatin# Profit Mar#in F-%&E(F F(%'(H' E%HHJ'( &'%&-HIF -'%&I( %HF.
$et Profit Mar#in J%'F'. &(%'EH& -%E...' -%...&H -E%EJE %'(H
Return on net worth &-%J'&& &.%'--I (%'.((& (%&-F.F -'%((' %FI'
Return on capital e0ployed '%IFHE '%HHHJ '%E((E. '%&JFIJ -'%J'& %-J&
S(+$'#; R##"$'h#$: '()!i0"&i(% 2"#, (% &"20# 7&A, AB 0#*#0 (. i/%i.i'"%'#

RESULTS AND DISCUSSIONS
9he analysis su##ests that the perfor0ance of Oriental Ban: of )o00erce after ac?uired #lobal trust ban: 2td has not been i0proved in ter0s of Operatin#
Profit Mar#in" $et Profit Mar#in" Return on $et >orth 8 Return on )apital 60ployed with t- values ;-&%EIJ" -%EFI" E%E.(" &%-.E< which led to the conclusion that
there is no si#nificance difference in all the ratios after the 0er#er and the perfor0ance of Oriental Ban: of )o00erce was not i0proved in ter0s of
profitability" si0ilarly the perfor0ance of Ban: of Baroda after ac?uired South u1arat 2ocal Area Ban: ltd has not been i0proved in ter0s of Operatin# Profit
Mar#in" Return on $et >orth 8 Return on )apital 60ployed% Only $et Profit Mar#in shows i0prove0ent after the 0er#er with t-values ;-%&I("-E%EJE"-%(('"-
J'&< which concludes that there is no difference in the 0ean value of the Pre Mer#er and Post Mer#er operatin# perfor0ance of ac?uirin# ;Ban: of Baroda< and
concluded that it is not si#nificant statistically% 9he profitability of both ac?uirin# ban:s has not i0proved after the 0er#er" therefore NG@@ H5F:2D8161 61
3==8F28I 34I A@28<4326H8 H5F:2D8161 61 <8;8=28I/ 9he results say that thou#h Mer#er is helpful for e7pansion and #rowth but no #uarantee for i0provin# the
profitability of ac?uirin# ban:s%

CONCLUSION
It is clear fro0 the analysis that the only hypothesis set for the validation has been accepted% Both the ac?uirin# ban:s ;Oriental Ban: of )o00erce 8 Ban: of
Baroda< have not created positive difference after the 0er#er in ter0s of profitability% !or co0parin# the accountin# ratios li:e" Operatin# Profit Mar#in" $et
Profit Mar#in" Return on $et worth etc of the Pre and Post 0er#er the t-test is applied% After the 0er#er we see that the various financial para0eters of the
ban: perfor0ance have not i0proved in both cases" the profits are not visible but it 0ay be possible that i0proved perfor0ance of 0er#ed Ban: will show in
later years% 9here are various 0otives" which attract the ban: for 0er#er but it is not necessary to achieve all ob1ectives after 0er#er% 9he si*e of the ban: 0ay
VOLUME NO. 3 (2012), ISSUE NO. 7 (JULY) ISSN 0976-2183
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE & MANAGEMENT
A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories
www%i1rc0%or#%in
&I.
increase but no #uarantee to increase net profitability after 0er#er% Result concluded that the 0er#er and ac?uisitions is the useful tool for #rowth and
e7pansion in the Indian ban:in# sector% !uture research in this area could be the study of i0pact of 0er#er on share holder3s wealth and ta:e 0ore ban:s to a
lar#er sa0ple concernin# a lon#er ti0e period for the study which would have #iven better result%

REFERENCES
&% Aharon David /" avious Ilanit 8 /osefa Ra0i ;E'&'<" MStoc: Mar:et Bubble 6ffects on Mer#ers and Ac?uisitionsG" 9he Puarterly Review Of 6cono0ics and
!inance" .'" (.F,(I'% Retrieved !ro0 httpBAA>ebE%Ono%Ac%IlAShauserpublishA!ilesA&%Pdf%
E% Ben:ard ) 2anier"Bodoh-)reed Aaron 8 2a*arev John MSi0ulatin# the Dyna0ic 6ffects of +ori*ontal Mer#ersB 4%S% AirlinesG 6leventh )epr )onference On
Applied industrial Or#ani*ation EI-EJ May E'&'
-% Bhas:ar A 4day" Ratna0 )%S 5en:ata 8 Bhal =ani:a 9 ;E''J<" MRole of )o00unication and +R Inte#rationB A Study of a Ban: Mer#erG" Retrieved !ro0
+ttpBAA>ww%IleraOnline%Or#A&.thworldcon#ressA!ilesAPapersA9rac:D&APosterA)s&wD&-Bhas:ar%Pdf
(% oyal Dr% =%A% 8 Joshi 5i1ay ;E'&&<" MMer#ers in Ban:in# Industry of IndiaB So0e 60er#in# IssuesG" Asian Journal of Business and Mana#e0ent Sciences"
IssnB E'(I-E.EH" 5ol% & $o% E" Q&.I-&F.R" Retrieved !ro0 >ww%A1b0s%Or#AArticlepdfAA1b0s"&E-&%Pdf
.% Joshua O:panachi M)o0parative analysis of the i0pact of 0er#ers and ac?uisitions on financial efficiency of ban:s in $i#eriaG Journal of Accountin# and
9a7ation 5ol% -;&<" pp% &-I" May E'&&Available online at httpBAAwww%acade0ic1ournals%or#AJA9 ISS$ E&(&-FFF( SE'&& Acade0ic Journals%
F% =e0al 4s0an Muha00ad MPost-Mer#er ProfitabilityB A )ase of Royal Ban: of Scotland ;RBS<G International Journal of Business and Social Science 5ol% E
$o% .@ QSpecial Issue -March E'&&R httpBAAwww%i1bssnet%co0A1ournalsA5ol%DED$o%D.DT.BSpecialDIssueDDMarchDE'&&T.DAE'%pdf
I% =uria:ose Sony 8 ireesh =u0ar % S ;E'&'<" MAssessin# the Strate#ic and !inancial Si0ilarities of Mer#ed Ban:sB 6vidence fro0 5oluntary A0al#a0ations
in Indian Ban:in# SectorG"Sci% 8 Soc" H;&< (J-FE" Retrieved !ro0 httpBAAIe#%I#nou%Ac%InA>i:iAI0a#esABAB(AScienceDAndDSociety%Pdf%
H% =uria:ose Sony" Ra1u M%S% Sena0 8 $arasi0ha0 $ 5% ;E''J<" M5oluntary A0al#a0ations in Indian Ban:in# SectorB 5aluation Practices and Ade?uacy of
Swap RatiosG" Retrieved !ro0 httpBAAPapers%Ssrn%)o0ASol-APapers%)f0UAbstractDIdN&F.-FJH
J% Ra1u untar An1ana and auncar Dipa Ratna:ar ;E'&&< MIs M8As >ealth creation vehicle for business houses in IndiaU )ase of 9ata #roup of )o0paniesG
9he Indian Journal of )o00erce" 5ol%F(" $o%-" July-Septe0ber E'&&
&'% Schierec: Dir:" rVb )hristof Si#l 8 4nverhau Jan ;E''J<" MInvest0ent Ban: Reputation and Shareholder >ealth 6ffects in Mer#ers and Ac?uisitionsG"
Research in International Business and !inance" E-" E.I,EI-" Retrieved fro0 +ttpBAAwww%Sciencedirect%)o0AScienceAArticleAPiiAS'EI..-&J'H'''(&7


















































VOLUME NO. 3 (2012), ISSUE NO. 7 (JULY) ISSN 0976-2183
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VOLUME NO. 3 (2012), ISSUE NO. 7 (JULY) ISSN 0976-2183
INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE & MANAGEMENT
A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories
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