37-55

• Eleftheriadis, Iordanis
• Pazarskis, Michail
• Christodoulou, Petros
• Δρογαλάς, Γεώργιος

We examine empirically the impact of risk on the operating performance of a sample of firms that involved in mergers and acquisitions (M&As). Using financial ratios, the post-merger performance of a sample of Greek firms, listed on the Athens Stock Exchange (ASE). The sample is sub-tracted in two different groups: (i) firms that involved in M&As activities as acquirers with firms from their industry and (ii) firms that involved in M&As activities as acquirers but with firms from a different industry. Then, the study, compares the differences in firms’ post-merger operating performance among the two sub-samples for four years after the M&A announcements, in order to measure the changes in operating performance from the extended risk exposure.

• Economics and Business

• Economics

operating performance, risk, mergers, acquisitions

JEL classification: G34, L25, M40, Appendix with tables, The authors are grateful to the helpful comments of the seminar participants of the 4rth International Conference ASECU (Association of Economic Universities of South and East Europe and Black Sea Region), May 22-24, 2008, Bucharest, Romania.

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