All Outputs (28)

Gains from Mergers and Acquisitions Around the World: New Evidence (2010)
Journal Article
Alexandridis, G., Petmezas, D., & Travlos, N. (2010). Gains from Mergers and Acquisitions Around the World: New Evidence. Financial Management, 39(4), 1671-1695. https://doi.org/10.1111/j.1755-053x.2010.01126.x

Using a global M&A data set, this paper provides evidence that the empirical observations relating public acquisitions to, at best, zero abnormal returns, and their stock-financed subset to negative abnormal returns for acquiring firms around the dea... Read More about Gains from Mergers and Acquisitions Around the World: New Evidence.

Managerial Overconfidence in High and Low Valuation Markets and Gains to Acquisitions (2010)
Journal Article
Croci, E., Petmezas, D., & Vagenas-Nanos, E. (2010). Managerial Overconfidence in High and Low Valuation Markets and Gains to Acquisitions. International Review of Financial Analysis, 19(5), 368-378. https://doi.org/10.1016/j.irfa.2010.06.003

In this paper we empirically investigate bidders' performance managed by overconfident and non-overconfident managers in high and low market valuation periods. Using a sample of UK acquisitions in the period 1990–2005, we provide evidence that the in... Read More about Managerial Overconfidence in High and Low Valuation Markets and Gains to Acquisitions.

Minority Shareholders’ Wealth Effects and Stock Market Development: Evidence from Increase-in-Ownership M&As (2009)
Journal Article
Croci, E., & Petmezas, D. (2010). Minority Shareholders’ Wealth Effects and Stock Market Development: Evidence from Increase-in-Ownership M&As. Journal of Banking and Finance, 34(3), 681-694. https://doi.org/10.1016/j.jbankfin.2009.09.003

This paper examines, using a global M&A data set, the relationship between the target firm’s minority shareholders’ returns and a country’s stock market development in deals in which large shareholders increase their ownership stakes. For the purpose... Read More about Minority Shareholders’ Wealth Effects and Stock Market Development: Evidence from Increase-in-Ownership M&As.

What Drives Acquisitions? Market Valuations and Bidder Performance (2008)
Journal Article
Petmezas, D. (2009). What Drives Acquisitions? Market Valuations and Bidder Performance. Journal of Multinational Financial Management, 19(1), 54-74. https://doi.org/10.1016/j.mulfin.2008.05.001

Given the recent theoretical development that documents stock market misvaluations’ driven acquisition, this paper examines the relation between market valuations and bidder performance. We focus on hot stock markets and find that bidder reactions to... Read More about What Drives Acquisitions? Market Valuations and Bidder Performance.

Merger momentum and market valuations: the UK evidence (2008)
Journal Article
Antoniou, A., Guo, M. (., & Petmezas, D. (2008). Merger momentum and market valuations: the UK evidence. Applied financial economics, 18(17), 1411-1423. https://doi.org/10.1080/09603100701720468

This study examines the effect of merger momentum on acquirer's returns both in the short and long-run. The focus is on high valuation markets and the source of momentum is investigated employing three different hypotheses: the neoclassical hypothesi... Read More about Merger momentum and market valuations: the UK evidence.

Bidder Gains and Losses of Firms Involved in Many Acquisitions (2007)
Journal Article
Antoniou, A., Petmezas, D., & Zhao, H. (2007). Bidder Gains and Losses of Firms Involved in Many Acquisitions. Journal of Business Finance and Accounting, 34(7-8), 1221-1244. https://doi.org/10.1111/j.1468-5957.2007.02012.x

We examine shareholders' wealth effects (both in the short- and the long-run) of UK frequent bidders acquiring public, private, and/or subsidiary targets with alternative methods of payment between 1987 and 2004. We find that, in the short-run, bidde... Read More about Bidder Gains and Losses of Firms Involved in Many Acquisitions.

Acquisitions, Overconfident Managers and Self-attribution Bias (2007)
Journal Article
Petmezas, D., & Doukas, J. (2007). Acquisitions, Overconfident Managers and Self-attribution Bias. European Financial Management, 13(3), 531-577. https://doi.org/10.1111/j.1468-036x.2007.00371.x

We examine whether acquisitions by overconfident managers generate superior abnormal returns and whether managerial overconfidence stems from self-attribution. Self-attribution bias suggests that overconfidence plays a greater role in higher order ac... Read More about Acquisitions, Overconfident Managers and Self-attribution Bias.

Divergence of Opinion and Post-Acquisition Performance (2006)
Journal Article
Alexandridis, G., Antoniou, A., & Petmezas, D. (2007). Divergence of Opinion and Post-Acquisition Performance. Journal of Business Finance and Accounting, 34(3-4), 439-460. https://doi.org/10.1111/j.1468-5957.2007.02043.x

We examine the relation between divergence of opinion about the value of the acquiring firm in the pre-acquisition announcement period and post-acquisition stock returns. We find that acquirers subject to high opinion dispersion earn lower future ret... Read More about Divergence of Opinion and Post-Acquisition Performance.