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Abnormal stock returns in Greece during the Cypriot banking crisis

Author

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  • Spyridon Repousis

Abstract

Purpose - The purpose of this paper is to examine the impact of the Cypriot banking crisis in specific bank stocks’ prices traded in the Athens Stock Exchange. Design/methodology/approach - In the present study, event study methodology has been used. The basis of the event study is to examine the returns derived from the stock prices of the relevant banks before March 15, 2013. Findings - This study focuses on three banks, Bank of Cyprus, Cyprus Popular Bank and Piraeus Bank, and finds abnormal stock returns during the ten-day period before the event date (announcement of prohibition and put under suspension trading of all movable securities of Bank of Cyprus and Cyprus Popular Bank). Also, an interesting matter is that during the estimation period and in specific dates, such as October 18, 22 and 23, 2012, a high volume of stocks trading took place in Bank of Cyprus and Cyprus Popular Bank. Originality/value - To the best of the author’s knowledge, this is the first study examining it.

Suggested Citation

  • Spyridon Repousis, 2016. "Abnormal stock returns in Greece during the Cypriot banking crisis," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 19(2), pages 122-129, May.
    • Handle: RePEc:eme:jmlcpp:jmlc-04-2015-0015
    DOI: 10.1108/JMLC-04-2015-0015
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    More about this item

    Keywords

    Greece; Stock returns; Cyprus; Event study; Banks; F30; G14; G15;
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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