The market for corporate control in Greece: a critical assessment of the wealth effects to bidder-companies' shareholders
by Ioannis A. Tampakoudis, Demetres N. Subeniotis, Efpraxia Dalakiouridou
International Journal of Economic Policy in Emerging Economies (IJEPEE), Vol. 4, No. 2, 2011

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.

Online publication date: Fri, 08-Apr-2011

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