International Finance and Accounting Handbook

2 • 19

Target Institution

World Total

U.S.–non-U.S.

Intra-Europe

Europe–Non-Europe

Acquiring Institution

Banks

Securities Insurance

Banks

Securities Insurance

Banks

Securities Insurance

Banks

Securities Insurance

Commercial banks

185

68

11

58

44.0

4

79

18

4

63.0

40.0

4.0

(25.9)%

(9.5)%

(1.5)%

(19.1)%

(14.5)%

(1.3)%

(28.3)%

(6.5)%

(1.4)%

(22.7)%

(14.4)%

(1.4)%

Securities firms

31

98.0

17.0

10

61.0

6.0

8

19.0

4

7

40

11

(4.3%)

(13.7)%

(2.4)%

(3.3)%

(20.1)%

(1.8)%

(2.9)%

(6.8%)

(1.4)%

(2.5)%

(14.4)%

(4.0)%

Insurance companies

26

28.0

249

1

22

98

24

3

121

2

19

90

(3.6)%

(3.9)%

(34.9)%

(0.3)%

(7.2)%

(32.3)%

(8.6)%

(1.1)%

(43.4)%

(0.7)%

(6.9)%

(32.5)%

Sources:

DeLong, Smith and Walter (1998) and Thomson Financial Securities Data. The first figure is the dollar value(in billions) of M&A ac

tivity and the

second number in parentheses is the percentage of the total (these sum to 100 for each 3

×

3 matrix). Figures reported are the sum of the equity values of

the target institutions.Exhibit 2.9.

Volume of Cross-Market Mergers and Acquisitions in the United States and Europe, 1985–2001 (US $ billion and percen

t).