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2011•International Journal of Economic Policy in Emerging EconomiesRequires access

The market for corporate control in Greece: a critical assessment of the wealth effects to bidder-companies' shareholders

Ioannis A. Tampakoudis, Demetres N. Subeniotis, Efpraxia Dalakiouridou

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Abstract

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.

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What this paper is about

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.

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Available abstract

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.

Key concepts: Shareholder, Consolidation (business), Mergers and acquisitions, Business, Panacea (medicine), Market for corporate control, Emerging markets, Accounting

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