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  • Μικρογραφία εικόνας
    Τεκμήριο
    Mergers and acquisitions in the European banking sector
    (2021-10-31) Goumenos, Dionysios; Γούμενος, Διονύσιος; Athens University of Economics and Business, Department of International and European Economic Studies; Spyrou, Spyros; Georgoutsos, Dimitrios; Leledakis, Georgios
    The present study examines the value creation through European bank Mergers and Acquisitions between 2000 and 2019. Following the event-study analysis method, positive Cumulative Abnormal Returns around the deal announcement day are interpreted as value creation. Based on the results, acquires earn in most cases slightly positive and significant abnormal returns, while targets earn extremely positive and significant returns around the announcement day. The targets abnormal returns are explained using the least-squares method. The regression’s dependent variable is the CAR, while the independent variables are the firm’s size, the leverage, the Return on Equity, The return on Assets, the deal premium, the dividend yield, the ratios book to market and earnings to price and a dummy variable for cross-border deals. Among them, leverage, premium, return on assets, return on equity and firm’s size seem to have a significant influence on targets CAR.