EconPapers    
Economics at your fingertips  
 

Shareholder wealth effects from mergers and acquisitions in the Greek banking industry

Constantine Manasakis ()

International Journal of Banking, Accounting and Finance, 2009, vol. 1, issue 3, 242-256

Abstract: This paper studies the stock market valuation of mergers and acquisitions in the Greek banking sector, from 1995 to 2002, using the standard event study methodology. The results suggest that the targets' shareholders earned significant abnormal returns upon the announcement of both horizontal and diversifying deals. On the other hand, the bidders' shareholders had significant losses in cases of horizontal and zero effects in diversifying deals. Although mergers and acquisitions in the Greek banking sector were not value-enhancing, they can be rationalised under the prism of its recent deregulation. Mergers and acquisitions helped the bidders to increase their market share along with asset value and abstain from being acquired in the short-run. For the targets, mergers and acquisitions were perceived as vehicles to ensure their survival in the European market.

Keywords: mergers and acquisitions; M&As; banking; valuation effects; Greece; shareholder wealth effects; stock market valuation. (search for similar items in EconPapers)
Date: 2009
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://www.inderscience.com/link.php?id=22713 (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Shareholder wealth effects from mergers and acquisitions in the Greek banking industry (2006) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ids:injbaf:v:1:y:2009:i:3:p:242-256

Access Statistics for this article

More articles in International Journal of Banking, Accounting and Finance from Inderscience Enterprises Ltd
Bibliographic data for series maintained by Sarah Parker ().

 
Page updated 2022-12-30
Handle: RePEc:ids:injbaf:v:1:y:2009:i:3:p:242-256