- The document discusses a study on the effects of bank-insurance mergers and acquisitions (M&As) on shareholder value. - Preliminary results from the event study analysis show that M&As in the sample generated positive abnormal returns overall, indicating positive wealth effects. Specifically, bank bidders saw significantly positive returns around the announcement dates. - However, insurance bidders' returns were insignificant, conflicting with some prior studies that found both types of bidders experienced wealth changes. The results so far are limited but provide initial evidence on the shareholder impacts of bancassurance M&As.