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Abnormal stock returns of Greek banks during COVID-19: an event study

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  • Patroklos Patsoulis

Abstract

This paper aims to disentangle the impact of the COVID-19 crisis on four major Greek bank stocks that were traded in the Athens Stock Exchange during the period the pandemic begun. To this end we employ an event study methodology and estimate Cumulative Abnormal Returns (CARs) that stem from three key announcement dates. These dates include two monetary policy and a major health news announcement. The four banks we focus on are the National Bank of Greece, Eurobank, Alpha Bank and Piraeus Bank. We calculate abnormal stock returns in windows of ±10, ±5, ±2, ±1 and day of the announcements, and report that monetary policy announcements either do not affect stock performance or their effect is only mild, while health news have a positive impact on stock returns.

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  • Patroklos Patsoulis, 2024. "Abnormal stock returns of Greek banks during COVID-19: an event study," Applied Economics Letters, Taylor & Francis Journals, vol. 31(9), pages 788-793, May.
    • Handle: RePEc:taf:apeclt:v:31:y:2024:i:9:p:788-793
    DOI: 10.1080/13504851.2022.2151971
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