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Are there any abnormal returns for early moving companies? An event study analysis of Greek companies

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  • Dimitris K. Kalimeris

Abstract

This study examines the phenomenon of the early moving companies. 50 Greek companies of high capitalisation enlisted in the Athens Stock Exchange are tested as to whether their intention to merge with or acquire another company in the South-Eastern European region provides them with positive abnormal returns. The methodology and model used is the Event studies method and the Market Model. There were 109 events examined, an event being the day when the intention to invest was known to the public. Results show neither positive nor negative abnormal returns for the sample companies, being in partial agreement with the literature.

Suggested Citation

  • Dimitris K. Kalimeris, 2010. "Are there any abnormal returns for early moving companies? An event study analysis of Greek companies," International Journal of Trade and Global Markets, Inderscience Enterprises Ltd, vol. 3(4), pages 359-378.
    • Handle: RePEc:ids:ijtrgm:v:3:y:2010:i:4:p:359-378
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