4. Conclusion

Economic activities have direct impact on firms operating in a country and M&A activities have a close relationship with the economic welfare. If stock markets have desired conditions, there are more M&A activities. When there is an economic recession, firms are more conservative about M&A activities.

Although many researchers have worked on the abnormal returns during M&As, there are only a few studies on capturing abnormal returns of M&As during financial crisis. In this manner, we investigate M&A activities with a transaction value more than \$100 million in banking industry in BRICS-T countries before and after the financial crisis in 2008. Studies have shown that positive abnormal returns are generated after 2008 crisis in the emerging markets [3, 21].

According to our results, in precrisis period, Brazil has the least mean CAR with a value �0.201 among BRICS-T countries. Russia and India follow Brazil with CAR values �0.048 and �0.029, respectively. China has the largest mean CAR value, that is, 0.062. South Africa and Turkey follow Russia with mean CARs 0.046 and 0.014, respectively. In postcrisis period, now, South Africa has the least mean CAR among BRICS-T countries. Note that mean CAR in South Africa is positive before crisis and it is negative after crisis. Brazil still has negative mean CAR in postcrisis period with an increased value compared to precrisis period. China has negative mean CAR value, which is �0.014 in post crisis period. Mean CAR in China is positive in precrisis period and it is negative in postcrisis period and this figure is similar to South Africa case. Russia has the largest and positive mean CAR in postcrisis period. The value of mean CAR in Russia is negative in precrisis period and it is positive in postcrisis period with a value 0.063. India has positive mean CAR in postcrisis period with a value 0.015, while it is negative in precrisis period. Mean CAR in Turkey remains positive mean in postcrisis period and the value is increased to 0.032. In conclusion, Russia has negative mean CAR in precrisis period while mean CAR for Russia is positive in postcrisis period. This result is compatible with [3, 21]. India has negative mean CAR in precrisis period, which switches to positive in postcrisis period, which is compatible with previous research [21]. China, in the opposite, has positive mean CAR in precrisis period but negative mean CAR in postcrisis period. The mean CAR in South Africa is positive in the precrisis period and negative in the post crisis period. These results are in line with the previous research. This is due to the sample and the period differences. Turkey has positive mean cumulative abnormal returns in both pre- and postcrisis periods. Mean CARs are higher in the postcrisis period. This result supports the previous research [21].

In further, we might conclude that 2008 crisis had a significant effect on M&As (over \$100 million) in BRICS-T countries. Consequently, abnormal return analysis would give precious results for investigating M&As in the emerging financial markets.
