Abnormal stock returns in Greece during the Cypriot banking crisis

Spyridon Repousis

Journal of Money Laundering Control, 2016, vol. 19, issue 2, 122-129

Abstract: Purpose - The purpose of this paper is to examine the impact of the Cypriot banking crisis in specific bank stocks’ prices traded in the Athens Stock Exchange. Design/methodology/approach - In the present study, event study methodology has been used. The basis of the event study is to examine the returns derived from the stock prices of the relevant banks before March 15, 2013. Findings - This study focuses on three banks, Bank of Cyprus, Cyprus Popular Bank and Piraeus Bank, and finds abnormal stock returns during the ten-day period before the event date (announcement of prohibition and put under suspension trading of all movable securities of Bank of Cyprus and Cyprus Popular Bank). Also, an interesting matter is that during the estimation period and in specific dates, such as October 18, 22 and 23, 2012, a high volume of stocks trading took place in Bank of Cyprus and Cyprus Popular Bank. Originality/value - To the best of the author’s knowledge, this is the first study examining it.

Keywords: Greece; Stock returns; Cyprus; Event study; Banks; F30; G14; G15 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-04-2015-0015

DOI: 10.1108/JMLC-04-2015-0015

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