Author details

The CAR value in China has increased slightly. CARs in India have decreased while the CARs

Table 19 shows the distribution of mean CARs in BRICS-T countries in postcrisis period for M&A transactions with a value more than \$100 million. Brazil, China, and South Africa have negative and statistically significant mean CARs while India, Russia, and Turkey have positive and statistically significant mean CARs. South Africa has the least mean CAR and Brazil and

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 conserva-

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

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

positive abnormal returns are generated after 2008 crisis in the emerging markets [3, 21].

China follow it. Russia has the largest CAR and Turkey and India follow Russia.

Name of the country Mean CAR (%)

Brazil �0.047 China �0.014 India 0.015 Russia 0.063 South Africa �0.054 Turkey 0.032

Table 19. Distribution of mean CARs in BRICS-T countries after crises (2008/2011–2013).

in Russia and Turkey have increased.

144 Financial Management from an Emerging Market Perspective

4. Conclusion

tive about M&A activities.

İrem Sevindik<sup>1</sup> \* and Fazıl Gökgöz<sup>2</sup>

