Κρίνοντας την αξιοπιστία των stress tests των ευρωπαϊκών τραπεζών. Διερεύνηση με χρήση των τιμών των τραπεζικών μετοχών.
We investigate the effects of announcement and disclosure of the European banking stress tests on banks’ shares prices. We are referring to banking stress tests, that were carried out in 2016. We checked banks that participated in the stress testing exercise and following the event study and cross – regression methods we tried to examine whether the announcement of the results, had a significant effect on the stock price of stress tested banks for a period close to the date of the results’ announcement, or not. The selected dates reflect the first reactions of the market to the inflow of new information. We concluded that the stock price during this period is not significantly affected by banks' performance in stress tests. However, the fact that banks for which investors had a better opinion passed stress tests, influenced positively cumulative abnormal returns.