Απόδοση συγχωνεύσεων και εξαγορών στην ελληνική αγορά την τελευταία 15ετία
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Συγχωνεύσεις ; ΕξαγορέςAbstract
The objective of the present study is to examine the short-term returns of mergers and acquisitions in a final sample of 57 Mergers and Acquisitions (M&A) in the Greek market for the period 2007-2020 after the application of certain filters such as the exclusion of divestments, spin-offs etc. In addition to the public announcement date (0), two more "event windows" were used to measure short-term abnormal returns (Cumulative Average Abnormal Returns, CAARs), which were examined around the day of the announcement, i.e. two days before and after (-2, +2) and 30 days before and after (-30, +30) the event, estimated by the Market Index Return Model. In contrast to the results of empirical studies of the US and UK (UK) markets, the following three main conclusions can be drawn with regards to the returns of acquiring companies: First, with respect to the whole sample not only were not recorded statistically significant negative returns, but also in the largest event window -30, + 30, which is the most important, positive and statistically significant returns (CAARs) of 6% were found. Second in the Greek market, again in contrast to the international literature on the Anglo-Saxon markets (USA, UK), the shareholders of the acquiring companies seem to make higher returns when the exchange of shares is used as a payment method (CAARs = 5.45%) than that of cash payment (CAARs = -3.27%). Third, in agreement with the majority of empirical studies in the international literature, clearly higher abnormal returns were established for the case of horizontal M&As (CAARs = 9.65%) compared to the sample of non-horizontal deals (CAARs = 3.28%). However, and apparently due to the small number of observations between the compared samples, no statistical significance was established in any of the controls of the sample average returns in any of the cases of payment methods, nor in the type of sectoral correlation of M&As (horizontal & non-horizontal).
Postgraduate Studies Programme
Χρηματοοικονομική και Τραπεζική με ειδίκευση στις Χρηματοδοτήσεις και ΕπενδύσειςDepartment
Σχολή Χρηματοοικονομικής και Στατιστικής. Τμήμα Χρηματοοικονομικής και Τραπεζικής ΔιοικητικήςNumber of pages
85Language
Greek
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Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα