Mergers and acquisitions in Greece: stock price reaction of acquiring and target firms

Παναγιώτης Π. Πρωτόπαπας, Νικόλαος Γ. Τραυλός, Νικόλαος Β. Τσαγκαράκης


This study examines the stock price reaction to mergers and acquisitions on the announcement
day by firms listed on the Athens Stock Exchange. Using an event study methodology we
investigate firms that participated in mergers and acquisitions as buyers or targets during the period
1988-1997. Our findings show that mergers and acquisitions in Greece are associated with
statistically significant abnormal returns for both the acquiring and target firms. Thus, mergers
and acquisitions in Greece create wealth shared by both parties involved in a corporate restructuring.


Consolidation and merger of corporations; Greece

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η δικτυακή πύλη της ευρωπαϊκής ένωσης ψηφιακή ελλάδα ΕΣΠΑ 2007-2013