The market for corporate control in Greece: a critical assessment of the wealth effects to bidder-companies' shareholders
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.
Year of publication: |
2011
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Authors: | Tampakoudis, Ioannis A. ; Subeniotis, Demetres N. ; Dalakiouridou, Efpraxia |
Published in: |
International Journal of Economic Policy in Emerging Economies. - Inderscience Enterprises Ltd, ISSN 1752-0452. - Vol. 4.2011, 2, p. 117-139
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Publisher: |
Inderscience Enterprises Ltd |
Subject: | mergers | acquisitions | M&A | event study | abnormal returns | managerial incentives | corporate control | Greece | wealth effects | shareholders | bidder companies |
Saved in:
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