Αξιολόγηση των συγκεντρώσεων στον τραπεζικό τομέα στην Ελλάδα : μια θεωρητική και εμπειρική διερεύνηση
The appraisal of the concentration in the banking sector in Greece : a theoretical and empirical investigation
Ντζαμίλης, Διονύσιος - Ιωάννης
KeywordsΤράπεζες ; Ανακεφαλαιοποίηση ; Συγχωνεύσεις ; Εξαγορές ; Ανταγωνισμός ; Banks ; Recapitalization ; Mergers ; Acquisitions ; Competition
This master thesis examines the phenomenon of concentration in the banking system of Greece, during the economic crisis that began in 2008 and until nowadays afflicts all areas of our country. In order to achieve this, we are going to examine the abnormal returns of the shares of banks that are involved to concentrations during the period 2008-2015.By applying the event-analysis methodology, we are going to examine the effect of the announcement of the M&A, by the Greek Competition Commission, to the share prices of banks that are associated with these concentrations. The first chapter is an introduction to the historical development of both European and Greek banking system and furthermore we will study the structure and the classification of this system. In the second chapter, we are going to refer to M&A's and the reasons that prompt them to choose them as strategic solutions. We also make references to the reasons that prompt a company to choose this strategy, but also the dangers that may appear. Furthermore, we are going to observe the evolution of concentrations both to Europe and Greece. At the last part of this chapter, we make reference to the ways with which our banking system has been strengthened during this economic crisis and we also mention with facts that the Greek banking system presents the highest concentration rate in the E.U. In the third chapter the methodological process that the current study has followed will be presented and in the fourth chapter, we are going to analyze the concentrations that took place during this time and through this analysis we will also observe whether the announcement of the M&A had an impact on stock prices of the banks under study. Finally, in the fifth chapter of this thesis, we are going to report the conclusions of this empirical investigation and if these results had positive or negative effects.