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

Author

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  • Constantine Manasakis

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.

Suggested Citation

  • Constantine Manasakis, 2009. "Shareholder wealth effects from mergers and acquisitions in the Greek banking industry," International Journal of Banking, Accounting and Finance, Inderscience Enterprises Ltd, vol. 1(3), pages 242-256.
    • Handle: RePEc:ids:injbaf:v:1:y:2009:i:3:p:242-256
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    Cited by:

    1. Bisma Afzal Shah, 2019. "Shareholder Wealth Effects from Mergers and Acquisitions in the Indian Industry," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 10(1), pages 34-47, January.

    More about this item

    Keywords

    mergers and acquisitions; M&As; banking; valuation effects; Greece; shareholder wealth effects; stock market valuation.;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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