121-144

• Μυλωνίδης, Νικόλαος
• Κελνικόλα, Ιωάννα

The purpose of this paper is to assess the overall financial performance and value implications of recent mergers and acquisitions in the Greek banking system. The operating performance (OP) methodology is based on accounting data and observes the pre- and post-merger financial performance of banks. The event study approach utilizes stock returns of acquiring and target banks around the announcement date of the merger to determine the presence of abnormal returns. Consistent with the international literature, OP results do not provide much evidence of performance gains resulting from bank mergers. Nevertheless, merged banks seem to outperform the group of non-merging banks. The event study approach indicates that mergers create value on a net aggregate basis.

• Economics and Business
• Computer and information sciences

• Finance
• Economics
• Statistics

banks, M&As, operating performance, event study

Περιέχει διάγραμμα, πίνακες, παράρτημα, σημειώσεις και βιβλιογραφία, The authors wish to acknowledge two anonymous referees for their helpful comments and suggestions. Any errors remain the responsibility of the authors., JEL Classification: M41, G20