Biography

Professor Dimitris Petmezas is Chair in Finance. Prior to taking up this position he was a Reader and Senior Lecturer in Finance at Surrey Business School (ex-School of Management) and also held the position of Lecturer in Finance at Durham Business School. Professor Petmezas was educated at Aristotle University (BA in Economics) and Durham University (MSc in Finance and Investment with Distinction, and PhD in Finance). He is a Fellow of the Higher Education Academy and a visiting-academic in several European Business Schools teaching in EMBA, MBA and MSc programmes. Professor Petmezas has also been invited to deliver speeches in several Universities in Europe and China. He is an independent M&A advisor and he has also worked as a stock market analyst.

Professor Petmezas' main research interests lie in the area of Corporate Finance and, more specifically, in Mergers and Acquisitions (M&As). His current research focuses on the role of financial and informational intermediaries, as well as corporate governance, in M&As. Professor Petmezas' research also looks into factors that affect value creation for shareholders in M&A activity and its relation with behavioral issues such as managerial overconfidence. Additionally, he is interested in SEOs. 

Professor Petmezas has published extensively in top international journals including the Journal of Finance, Financial Management, and the Journal of Banking and Finance. His research has been featured on the programs of various US and European conferences receiving awards, such as the best paper award in International Finance at the Southwestern Finance Association (SWFA) Conference in the US in 2009, and quoted in widely read international media, such as the Financial Times and The Economist. Professor Petmezas serves as an ad-hoc referee in several academic journals and also acts as an external examiner in a number of academic institutions.

Research Interests

Mergers and Acquisitions, Investment Banking, Auditors, Executive Compensation, Board Structure, Corporate Governance, Behavioral Corporate Finance, Market Valuation, Asset Pricing and Investments, Insider Trading, Credit Ratings, SEOs, Bailouts, Forecasting of Tourism Demand

Supervision of Theses 

PhD Students (Completed) and their First Position after the PhD

• Andrey Golubov: (Lecturer in Finance at Cass Business School, City University, UK)
  PhD at the University of Surrey (2011), ‘The Reputation of Economic Agents in Mergers and Acquisitions’
• Jun (Daniel) Hua: (Teaching Fellow in Economics & Finance at Durham Business School, University of Durham, UK)
  PhD at the University of Durham (2011), ‘The Impact of Information Uncertainty on Stock Price Performance and Managers’ Equity Financing Decisions’
• Evangelos Vagenas-Nanos: (Lecturer in Finance at Glasgow Business School, University of Glasgow, UK)
  PhD at the University of Durham (2010), ‘The Impact of Managerial Overconfidence and Investor Sentiment on Bidders’ Abnormal Returns’

PhD Students (In Progress)

• Nikolaos Karampatsas: M&As and Capital Structure (PhD Level, 3rd Year), University of Surrey

Numerous Dissertations of MBA, MSc and UG students

Refereeing (Academic Journals)

• Financial Management
• Journal of Banking and Finance
• European Financial Management
• European Journal of Finance
• International Review of Financial Analysis
• Global Finance
• Multinational Finance
• Quarterly Review of Economics and Finance
• Quantitative Finance
• International Review of Economics and Finance
• International Journal of Banking, Accounting and Finance
• Emerging Markets, Finance and Trade
• African Journal of Marketing Management
• Journal of Insurance Markets and Companies: Analyses and Actuarial Computations

Publications

Book Chapters

• Golubov, Andrey, Petmezas, Dimitris & Travlos, Nickolaos G. (2012). 'Empirical M&A Research: A Review of Methods, Evidence and Managerial Implications' in Adrian Bell, Chris Brooks and Marcel Prokopczuk (eds.) Handbook of Research Methods and Applications in Empirical Finance, Edward Elgar, Forthcoming.

Journal Articles

(1) Golubov, Andrey, Petmezas, Dimitris & Travlos, Nickolaos G. (2012). 'When It Pays to Pay Your Investment Banker: New Evidence on the Role of Financial Advisors in M&As', Journal of Finance 67 (1), 271-312. ABS 4*

• Featured on The Harvard Law School Forum on Corporate Governance and Financial Regulation

doi: 10.1111/j.1540-6261.2011.01712.x

(2) Croci, Ettore, Petmezas, Dimitris & Travlos, Nickolaos G. (2012). ‘Asymmetric Information and Target Firm Returns’, European Journal of Finance 18 (7), 639-661. ABS 3*

doi: 10.1080/1351847X.2011.599850

(3) Gounopoulos, Dimitrios, Petmezas, Dimitris & Santamaria, Daniel (2012). ‘Forecasting Tourist Arrivals in Greece and the Impact of Macroeconomic Shocks from the Countries of Tourists’ Origin’ (2011), Annals of Tourism Research 39 (2), 641-666. ABS 4*

doi: 10.1016/j.annals.2011.09.001

(4) Guo, (Jie) Michael & Petmezas, Dimitris (2012). ‘What are the Causes and Effects of the M&As? The UK Evidence’, Multinational Finance 16 (1-2), 1-27 (Lead Article). ABS 2*

full text: http://www.mfsociety.org/page.php?pageID=163

(5) Alexandridis, George, Petmezas, Dimitris & Travlos, Nickolaos G. (2010). 'Gains from M&As Around the World: New Evidence', Financial Management 39 (4), 1671-1695. ABS 3*

doi: 10.1111/j.1755-053X.2010.01126.x

(6) Croci, Ettore & Petmezas, Dimitris (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. ABS 3*

doi: 10.1016/j.jbankfin.2009.09.003

(7) Croci, Ettore, Petmezas, Dimitris & Vagenas-Nanos, Evangelos (2010). ‘Managerial Overconfidence in High and Low Valuation Markets and Gains to Acquisitions’, International Review of Financial Analysis 19 (5), 368-378. ABS 3*

doi: 10.1016/j.irfa.2010.06.003

(8) Petmezas, Dimitris (2009). 'What Drives Acquisitions? Market Valuations and Bidder Performance', Journal of Multinational Financial Management 19 (1), 54-74. ABS 2*

doi: 10.1016/j.mulfin.2008.05.001

(9) Antoniou, Antonios, Guo, (Jie) Michael & Petmezas, Dimitris (2008). 'Merger Momentum and Market Valuations: The UK Evidence', Applied Financial Economics 18 (17), 1411-1423. ABS 2*

doi: 10.1080/09603100701720468

(10) Doukas, John A. & Petmezas, Dimitris (2007). 'Acquisitions, Overconfident Managers and Self-Attribution Bias', European Financial Management 13 (3), 531-577. ABS 3*

doi: 10.1111/j.1468-036X.2007.00371.x

(11) Antoniou, Antonios, Petmezas, Dimitris & Zhao, Huainan (2007). 'Bidder Gains and Losses of Firms Involved in Many Acquisitions', Journal of Business, Finance & Accounting 34 (7-8), 1221-1244. ABS 3*

doi: 10.1111/j.1468-5957.2007.02012.x

(12) Alexandridis, George,  Antoniou, Antonios & Petmezas, Dimitris (2007). 'Divergence of Opinion and Post-Acquisition Performance', Journal of Business, Finance & Accounting 34 (3-4), 439-460. ABS 3*

doi: 10.1111/j.1468-5957.2007.02043.x

Under Review

• ‘Credit Ratings and the Choice of Payment Method in Mergers and Acquisitions’ (2013), (with Nikolaos Karampatsas and Nickolaos G. Travlos), Under Review
• ‘Financing Irrelevance in Corporate Investment Decisions: Evidence from Acquisitions’ (2012), (with Andrey Golubov and Nickolaos G. Travlos), Under Review

Working Papers

• 'Target Firm Auditor Reputation, Information Asymmetry, and Corporate Takeovers' (2012), (with Andrey Golubov, Theodore Sougiannis and Nickolaos G. Travlos)
• ‘SEOs Around the World: A Comprehensive Evidence’ (2011), (with Yakov Amihud and Nickolaos G. Travlos)
• ‘Stakeholders of Last Resort or Vulture Investors? An Empirical Assessment of Governmental Rescue of Systemically Important Banks in the Global Financial Crisis?’, (2011), (with Ettore Croci, Gerard Hertig and Eric Nowak)
• ‘Board Structure and Acquirer Returns', (2011), (with Jay Dahya, Andrey Golubov and Nickolaos G. Travlos)
• 'The Impact of the Financial Crisis on Global Financial Market Risks to International Tourism Demand in Hong Kong' (2012), (with Daniel Santamaria)

Media Coverage

• Handelsblatt (in German): "Teure Banker sind ihr Geld wert - manchmal" (28 June 2012)
• The Economist: "Does It Pay to Hire Top Banks?" (21 March 2012)
• Financial Times (Alphaville): "Petmezas: It Pays to Pay Investment Bankers" (17 February 2012)
• ACQ Magazine: "Higher Synergies for Big Four Audited Takeovers" (06 October 2011)
• M&A Deals Magazine: "Audit Accuracy Key for M&A Returns" (06 October 2011)
• Financial News: "When It Pays to Pay Your Investment Banker" (28 June 2011)

Conferences

‘Do Stock-Financed M&As Destroy Value? New Methods and Evidence’
(1) Financial Management Association (FMA), Istanbul, Turkey, 2012

‘Stakeholders of Last Resort or Vulture Investors? An Empirical Assessment of Governmental Rescue of Systemically Important Banks in the Global Financial Crisis?’
(2) Conference on Financial Regulation in Uncertain Times, Lugano, Switzerland, 2011

‘How Does Target Firm Auditor Reputation Affect M&As?’
(3) American Accounting Association (AAA), Denver, Colorado, USA, 2011

‘It Pays to Pay your Investment Banker: New Evidence on the Role of Finance Advisors in M&As’
(4) Conference on Research on Economic Theory & Econometrics (CRETE2010), Tinos, Greece, 2010, By Invitation

‘Gains from M&As Around the World: New Evidence’
(5) Midwest Finance Association (MFA), Las Vegas, Nevada, USA, 2010
(6) Southern Finance Association (SFA), Captiva Island, Florida, USA, 2009

‘Idiosyncratic Volatility, Takeover Premiums and Target Gains’
(7) Financial Management Association (FMA), Turin, Italy, 2009

‘Managerial Overconfidence in High and Low Valuation Markets and Gains to Acquisitions’
(8) European Financial Management Association (EFMA), Milan, Italy, 2009

‘Depth of the Market for Corporate Control and Gains to Public Acquisitions’
(9)   Southwestern Finance Association (SWFA), Oklahoma City, Oklahoma, USA, 2009, Best Paper Award in Intern. Finance
(10) European Finance Association (EFA), Athens, Greece, 2008
(11) European Financial Management Association (EFMA), Athens, Greece, 2008

‘What are the Causes and Effects of M&As? The UK Evidence’
(12) Multinational Finance Society Conference (MFS), Orlando, Florida, USA, 2008

‘Merger Momentum and Market Valuations: The UK Evidence’
(13) Multinational Finance Society Conference (MFS), Thessaloniki, Greece, 2007

‘What Drives Acquisitions? Market Valuations and Bidder Performance’
(14) European Financial Management (EFMA), Vienna, Austria, 2007
(15) Hellenic Finance and Accounting Association (HFAA), Thessaloniki, Greece, 2006

‘Acquisitions, Overconfident Managers and Self-Attribution Bias’
(16) Southern Finance Association (SFA), Destin, Florida, USA, 2006
(17) European Financial Management Association (EFMA), Madrid, Spain, 2006

‘Divergence of Opinion and Post-Acquisition Performance’
(18) JBFA Conference in Capital Markets, Thessaloniki, Greece, 2006

‘Bidder Gains and Losses of Firms Involved in Many Acquisitions’
(19) European Financial Management Association (EFMA) Milan, Italy, 2005
(20) Multinational Finance Society Conference (MFS) Athens, Greece, 2005
(21) Southern Finance Association (SFA), Key West, Florida, 2005

Teaching

Current

• Financial Strategy (MBA)
• Corporate Finance (MSc)

Previous

• Mergers and Acquisitions (EMBA)
• Financial Management (MSc)
• Research Methods (MSc)
• Advanced Financial Theory (MSc)
• Business Finance (BSc)
• Security Investment Analysis (BSc)
• Empirical Finance (BSc)
• Financial Markets and Risk Management (BSc)

Students Feedback

• "Best Professor"
• "Good, brilliant, perfect"
• "Practical examples. They helped explain certain aspects of the topics discussed better"
• "Patient"
• "Best course in the second semester"
• "The way he presents the lecture is the best aspect of the module"
• "Excellent lecture. Well operated and high educational/informative value"
• "Awesome learning experience!"

Departmental Duties

• Representative of Surrey Business School at the University Research and Enterprise Committee
• Research Funding Senior Advisor for the Finance & Accounting Group
• Academic Staff Recruitment Advisor for the Finance & Accounting Group
• Founder, Programme Designer and Programme Director of the MSc in Accounting and Finance, 2012
• Founder, Programme Designer and Programme Director of the MSc in Banking and Finance, 2012
• Post-Graduate Admissions Tutor, 2011-2012
• Co-ordinator for Rhythmyx for the Finance & Accounting Group, 2009-2012
• Representative of the Finance & Accounting Group at the Research Management Committee (RMC), 2008-2009
• Senior Colleague of Dr Evangelia Varoutsa (Lecturer in Accounting)
• Senior Colleague of Ms Joanne Jia (Lecturer in Finance and Accounting)
• Personal Placement Tutor
• Representative of the University of Surrey at Students’ Fair Exhibition
• Internal Examiner of MPhil/PhD Theses

Affiliations

Memberships/Fellowships (Present and Past)

• American Finance Association (AFA)
• European Finance Association (EFA)          
• European Financial Management Association (EFMA) 
• Financial Management Association (FMA)         
• Hellenic Finance and Accounting Association (HFAA)    
• Midwest Finance Association (MFA)
• Multinational Finance Society (MFS)   
• Southern Finance Association (SFA)
• Southwestern Finance Association (SWFA)
• Hellenic Quality Assurance and Accreditation Agency (HQAAA)
• Higher Education Academy Fellow                                                                                                                

Guest Lectures/Seminars

• ICMA Centre, Henley Business School, University of Reading, Reading, UK, 2013
• Surrey Business School, University of Surrey, Guildford, Surrey, UK, 2012
• University of Piraeus, Department of Banking and Financial Management, Piraeus, Greece, 2012
• European Centre for Corporate Control Studies, SKEMA Business School, Lille, France, 2012
• Greek Public Policy Forum (2nd Forum), Nottingham, UK, 2012
• International Hellenic University, Thessaloniki, Greece, 2011
• Athens University of Economics and Business, Department of Business Administration, Athens, Greece, 2010
• Cass Business School, City University, London, UK, 2008
• Ren Min University, School of Economics, Beijing, China, 2007
• Ren Min University, School of Finance, Beijing, China, 2007
• Fudan University, School of Economics, Shanghai, China, 2007
• CITY College, University of Sheffield, Thessaloniki, Greece, 2007

External Examiner/Assessor

• ICMA Centre, Henley Business School, University of Reading, Reading, UK, 2013-Present
• Brunel University, Department of Economics and Finance, School of Social Sciences, UK - External Examiner in a PhD Viva, 2010
• University of Portsmouth, Portsmouth Business School, Portsmouth, UK - External Examiner, 2007-2012
• Canterbury Christ Church University, Business School, Canterbury, Kent, UK - External Examiner & Validation Assessor of the MSc in Managerial Finance

Editorial Boards/Conference Committees

• Journal of Insurance Markets and Companies: Analyses and Actuarial Computations
• European Financial Management Association (EFMA), Reading, UK, 2013 - Member of the Program Committee
• Financial Management Association (FMA), Istanbul, Turkey, 2012 - Member of the Committee for the Best Paper Award in Corporate Finance