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Changes of Executives and Ownership in a Romanian Small Bank: an Event Study Approach

Bogdan Capraru (), Iulian Ihnatov () and Nicu Sprincean
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Iulian Ihnatov: Alexandru Ioan Cuza University of Iasi

EuroEconomica, 2016, issue 1(35), 36-46

Abstract: The aim of this paper is to study the impact of four different events on the evolution of stock prices of Banca Comerciala Carpatica, using event study methodology. The series of events ended with a substantial change of the bank ownership. In determining the expected returns, we employ two different models: Market Model and Capital Asset Pricing Model (CAPM). Our results show that in three out of four events there is a significant impact of the event, both in the pre- and in the post-event days from the event window.

Keywords: ownership change; CEO turnover; banking; event study (search for similar items in EconPapers)
Date: 2016
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