EuroEconomica, Vol 35, No 1 (2016)

Changes of Executives and Ownership in a Romanian Small Bank: an Event Study Approach

Bogdan Capraru, Iulian Ihnatov, Nicu Sprincean


The aim of this paper is to study the impact of four different events on the evolution of stock prices of Banca Comercială Carpatica, using event study methodology. The series of events ended with a substantial change of the bank ownership. In determining the expected returns, we employ two different models: Market Model and Capital Asset Pricing Model (CAPM). Our results show that in three out of four events there is a significant impact of the event, both in the pre- and in the post-event days from the event window.


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