The market for corporate control in Greece: a critical assessment of the wealth effects to bidder-companies' shareholders

Ioannis A. Tampakoudis, Demetres N. Subeniotis and Efpraxia Dalakiouridou

International Journal of Economic Policy in Emerging Economies, 2011, vol. 4, issue 2, 117-139

Abstract: Empirical evidence do not appear to robustly support the phenomenon of mergers and acquisitions in Greece, considering the marginally positive Abnormal Returns (ARs) accruing to bidder-companies' shareholders. The returns are not statistically significant, while before and after the announcement day they show a downturn drift. The level of AR for the Greek bidder-companies is in line with those in Europe, while the particular diversifying results in the USA cannot lead to direct comparisons. Mergers and acquisitions do not constitute a business panacea and probably the extensive interest for business consolidation diachronically is accountable to the managers' objectives or the hybris hypothesis.

Keywords: mergers; acquisitions; M&A; event study; abnormal returns; managerial incentives; corporate control; Greece; wealth effects; shareholders; bidder companies. (search for similar items in EconPapers)
Date: 2011
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