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The Effect of Mergers and Acquisitions on the Performance of Companies – The Greek Case of Ioniki-Laiki Bank and Pisteos Bank

  • Maditinos D.
  • Theriou N.
  • Demetriades E.
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    This study investigates the merger effects of two banks. The merger took place in mid 1999s and the effect was the Alpha Bank. The research is performed in two parts. The first part investigates the merger in the short-term, while the second part investigates the long-term effects of the merger exploring the relative position of the Alpha bank within the industry. Results show a beta-risk value for the Alpha bank which is a reconciliation of the beta-risks coefficients of the two banks, and moreover, reveal that Alpha bank is not only profitable but also competitive within the industry.

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    File URL: http://www.ersj.eu/repec/ers/papers/09_2_p8.pdf
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    Article provided by European Research Studies Journal in its journal European Research Studies Journal.

    Volume (Year): XII (2009)
    Issue (Month): 2 ()
    Pages: 111-130

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    Handle: RePEc:ers:journl:v:xii:y:2009:i:2:p:111-130
    Contact details of provider: Web page: http://www.ersj.eu/

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    1. Agrawal, Anup & Jaffe, Jeffrey F & Mandelker, Gershon N, 1992. " The Post-merger Performance of Acquiring Firms: A Re-examination of an Anomaly," Journal of Finance, American Finance Association, vol. 47(4), pages 1605-21, September.
    2. Diaz, Belen Diaz & Olalla, Myriam Garcia & Azofra, Sergio Sanfilippo, 2004. "Bank acquisitions and performance: evidence from a panel of European credit entities," Journal of Economics and Business, Elsevier, vol. 56(5), pages 377-404.
    3. Eleftherios THALASSINOS, 2008. "Trends and Developments in the European Financial Sector," European Financial and Accounting Journal, University of Economics, Prague, vol. 2008(3), pages 44-61.
    4. Cybo-Ottone, Alberto & Murgia, Maurizio, 2000. "Mergers and shareholder wealth in European banking," Journal of Banking & Finance, Elsevier, vol. 24(6), pages 831-859, June.
    5. William F. Sharpe, 1963. "A Simplified Model for Portfolio Analysis," Management Science, INFORMS, vol. 9(2), pages 277-293, January.
    6. Laetitia Lepetit & Stephanie Patry & Philippe Rous, 2004. "Diversification versus specialization: an event study of M&As in the European banking industry," Applied Financial Economics, Taylor & Francis Journals, vol. 14(9), pages 663-669.
    7. Eleftherios Thalassinos & Theodoros Kyriazidis & John Thalassinos, 2006. "The Greek Capital Market: Caught in Between Poor Corporate Governance and Market Inefficiency," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 3-24.
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