By F. Pasiouras
From a interval of development and significantly excessive degrees of profitability, Greek banks lately came upon themselves combating a massive reduce favourite within the neighborhood industry, and a rise in non-performing loans. How is the Greek banking procedure capable of live to tell the tale the predicament? this is often mentioned by means of the final 15 years of the Greek banking approach.
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Additional resources for Greek Banking: From the Pre—Euro Reforms to the Financial Crisis and Beyond
Example text
Second, cash deals generate higher abnormal returns than stock deals for the shareholders of the bidder. Third, there are significant positive cumulative average abnormal returns of horizontal and diversifying bank deals for targets’ shareholders. Fourth, the overall result, calculated as the weighted average of gains to the bidder and target bank, indicates that bank mergers and acquisitions have no impact and do not create wealth. Fifth, operating performance, measured by financial ratios, does not improve after M&As.
16 EU-15 average USA Australia Canada Heritage economic freedom index, Greece and selected countries Source: Based on data from Heritage Foundation. 17 EU-15 average USA Australia Canada Heritage financial freedom index, Greece and selected countries Source: Based on data from Heritage Foundation. terms of starting a business, Greece lags considerably behind other EU countries like Italy (2012, ease of doing business rank: 87; 2012, starting a business rank: 77) and Spain (2012, ease of doing business rank: 44; 2012, starting a business rank: 133), not to mention France (2012, ease of doing business rank: 29; 2012, starting a business rank: 25) and the UK (2012, ease of doing business rank: 7; 2012, starting a business rank: 19).
First, targets and bidders experience significant positive cumulative average abnormal returns before the announcement for a period of ten days. Second, cash deals generate higher abnormal returns than stock deals for the shareholders of the bidder. Third, there are significant positive cumulative average abnormal returns of horizontal and diversifying bank deals for targets’ shareholders. Fourth, the overall result, calculated as the weighted average of gains to the bidder and target bank, indicates that bank mergers and acquisitions have no impact and do not create wealth.