Η απόδοση των αγοραστών σε συγχωνεύσεις & εξαγορές στην ελληνική αγορά
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Keywords
Συγχωνεύσεις - Εξαγορές ; 2005-2024 ; Ελληνική αγορά ; M&A ; Mergers and Acquisitions ; Σ&Ε ; Event studyAbstract
Mergers and acquisitions (M&As) have long attracted substantial research interest, as they are linked to critical corporate strategy decisions and have direct effects on how firms are valued by capital markets. This thesis examines the short-term stock-market impact of M&A announcements on the returns of acquiring firms in the Greek market over the period 2005–2024. The data were collected from the FactSet financial database and relate to completed transactions with a target company headquartered in Greece. After the application of various filters commonly used in standard practice and subject to the availability of daily stock-market data, the final sample comprises 42 deals. First, an event study methodology is employed to calculate abnormal returns and cumulative abnormal returns (CAR/CAAR) over predefined event windows around the announcement date ((0), (−1,+1), (−5,+5), and (−30,+30)), with the aim of capturing the market’s immediate reaction to the new information event and assessing the effect of various factors on these returns. These factors include the method of payment, industry relatedness between the acquirer and the target, deal size, the geographic dimension of the transaction, and the macroeconomic environment, with emphasis on distinguishing between periods of crisis and recession (2009–2017) and non-crisis periods (2005–2008 and 2018–2024). Subsequently, a multivariate analysis using OLS regression is conducted to investigate the contribution of transaction characteristics to the variation in acquirers’ returns. The findings indicate that, on average, acquirers’ cumulative abnormal returns are limited, while there is a tendency for relatively higher returns in cash transactions, in domestic and horizontal M&As, as well as in less competitive markets. By contrast, during the years of economic recession, acquirers’ returns tend to be lower. Overall, the results contribute to the relevant literature by providing evidence from the Greek capital market and highlighting the importance of both event study design and the heterogeneity of deal characteristics in interpreting short-term effects. Finally, it is noted that the size of the final sample, due to limitations in the availability of daily data, is a factor taken into account when assessing the statistical power of the results.