Dimitris Petmezas

Professor Dimitris Petmezas


Chair in Finance
BA (Aristotle) MSc (Dunelm) PhD (Dunelm)
+44 (0)1483 686376
16 MS 02
Monday 11:30–13:30 Wednesday 12:00–13:00

Biography

Research

Research interests

My teaching

My publications

Highlights

Book Chapters

  • Golubov Andrey, Dimitris Petmezas & Nickolaos G. Travlos, (2013). '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, Cheltenham, UK), 287–313.

link: http://www.elgaronline.com/view/9780857936080.00021.xml

Journal Articles

(1) Aktas Nihat, Christodoulos Louca, & Dimitris Petmezas, (2019). ‘CEO Overconfidence and the Value of Corporate Cash Holdings’, Journal of Corporate Finance 54, 85–106.

doi: 10.1016/j.jcorpfin.2018.11.006

(2) Croci Ettore, Christos Pantzalis, Jung Chul Park & Dimitris Petmezas, (2017). ‘The Role of Corporate Political Strategies in M&As’, Journal of Corporate Finance 43, 260–287.

doi: 10.1016/j.jcorpfin.2017.01.009

(3) Dahya Jay, Andrey Golubov, Dimitris Petmezas & Nickolaos G. Travlos, (2016). ‘Governance Mandates, Outside Directors and Acquirer Performance’, Journal of Corporate Finance, Forthcoming.

doi: 10.1016/j.jcorpfin.2016.11.005

(4) Golubov Andrey, Dimitris Petmezas & Nickolaos G. Travlos, (2016). ‘Do Stock-Financed Acquisitions Destroy Value? New Methods and Evidence’, Review of Finance 20, 161–200.

doi: 10.1093/rof/rfv009 

(5) Croci Ettore & Dimitris Petmezas, (2015). ‘Do Risk-Taking Incentives Induce CEOs to Invest? Evidence from Acquisitions’, Journal of Corporate Finance 32, 1–23. (Lead Article)

doi: 10.1016/j.jcorpfin.2015.03.001

(6) Aktas Nihat, Ettore Croci & Dimitris Petmezas, (2015). ‘Is Working Capital Management Value-Enhancing? Evidence from Firm Performance and Investments’, Journal of Corporate Finance 30, 98–113.

doi: 10.1016/j.jcorpfin.2014.12.008

(7) Karampatsas Nikolaos, Dimitris Petmezas & Nickolaos G. Travlos, (2014). ‘Credit Ratings and the Choice of Payment Method in Mergers and Acquisitions’, Journal of Corporate Finance 25, 474–493.

doi: 10.1016/j.jcorpfin.2014.01.008 

(8) Petmezas Dimitris & Daniel Santamaria, (2014). ‘Investor Induced Contagion during the Banking and European Sovereign Debt Crisis of 2007-2012: Wealth Effect or Portfolio Rebalancing?’, Journal of International Money and Finance 49, 401–424.

doi: 10.1016/j.jimonfin.2014.06.005

(9) Golubov Andrey, Dimitris Petmezas & Nickolaos G. Travlos, (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. 

doi: 10.1111/j.1540-6261.2011.01712.x

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

doi: 10.1080/1351847X.2011.599850

(11) Gounopoulos Dimitrios, Dimitris Petmezas & Daniel Santamaria, (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. 

doi: 10.1016/j.annals.2011.09.001

(12) Guo (Michael) Jie & Dimitris Petmezas, (2012). ‘What are the Causes and Effects of the M&As? The UK Evidence’, Multinational Finance 16 (1-2), 21–47. 

full text: http://www.mfsociety.org/page.php?pageID=175&reqJournInstID=41

(13) Alexandridis George, Dimitris Petmezas & Nickolaos G. Travlos, (2010). ‘Gains from M&As Around the World: New Evidence’, Financial Management 39 (4), 1671–1695. 

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

(14) Croci Ettore & Dimitris Petmezas, (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. 

doi: 10.1016/j.jbankfin.2009.09.003

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

doi: 10.1016/j.irfa.2010.06.003

(16) Petmezas Dimitris, (2009). ‘What Drives Acquisitions? Market Valuations and Bidder Performance’, Journal of Multinational Financial Management 19 (1), 54–74. 

doi: 10.1016/j.mulfin.2008.05.001

(17) Antoniou Antonios, Jie (Michael) Guo & Dimitris Petmezas, (2008). ‘Merger Momentum and Market Valuations: The UK Evidence’, Applied Financial Economics 18 (17), 1411–1423. 

doi: 10.1080/09603100701720468

(18) Doukas John A. & Dimitris Petmezas, (2007). ‘Acquisitions, Overconfident Managers and Self-Attribution Bias’, European Financial Management 13 (3), 531–577. 

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

(19) Antoniou Antonios, Dimitris Petmezas & Huainan Zhao, (2007). ‘Bidder Gains and Losses of Firms Involved in Many Acquisitions’, Journal of Business, Finance & Accounting 34 (7-8), 1221–1244. 

doi: 10.1111/j.1468-5957.2007.02012.x

(20) Alexandridis George, Antonios Antoniou & Dimitris Petmezas, (2007). ‘Divergence of Opinion and Post-Acquisition Performance’, Journal of Business, Finance & Accounting 34 (3-4), 439–460. 

doi: 10.1111/j.1468-5957.2007.02043.x

Under Review

  • ‘Uncertainty and Corporate Innovation: Evidence from Terrorist Attacks’, (2019), (with Eliezer Fich and Tung Duy Nguyen), Under Review
  • ‘Selling to Buy: Asset Sales and Acquisitions’, (2019), (with Christos Mavis, Nathan McNamee and Nickolaos G. Travlos), Under Second Round Review
  • ‘Great Expectations: Institutional Logics and the Evaluation of Corporate Social Responsibility’, (2019), (with Panagiotis Avramidis, Christos Koritos, Michael Lounsbury, and Pavlos A. Vlachos), Under Review
  • ‘Does Safety Uncertainty Affect Acquisitions?’, (2019), (with Tung Duy Nguyen and Nikolaos Karampatsas), Under Review
  • ‘Credit Ratings and Acquisitions’, (2019), (with Nihat Aktas, Nikolaos Karampatsas and Henri Servaes), Under Review

Working Papers

  • ‘Do Empty Creditors Matter? CDS and Corporate Acquisitions’, (2018), (with Paul M. Guest, Nikolaos Karampatsas and Nickolaos G. Travlos).
  • ‘CEO Overconfidence–Induced Agency Costs of Debt and Inside Debt’, (2019), (with Christodoulos Louca and Shuhui Wang).
  • ‘New Method for Measuring CEO Overconfidence: Evidence from Acquisitions’, (2019), (with Ahmad Ismail and Christos Mavis).
  • ‘The Impact of Asset Sales on the Method of Payment Used for Subsequent Acquisitions’, (2019), (with Christos Mavis, Nathan McNamee and Nickolaos G. Travlos).
  • ‘Financing Through Asset Sales: Evidence from Acquisitions’, (2019), (with Christos Mavis and Nathan McNamee).
  • ‘Bidders and Targets Made for Each Other’, (2017), (with Nihat Aktas, Nikolaos Karampatsas and Nickolaos G. Travlos).
  • ‘SEOs Around the World: A Comprehensive Evidence’, (2011), (with Yakov Amihud and Nickolaos G. Travlos).

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

‘Does Safety Uncertainty Affect Acquisitions?’

(1) American Finance Association (AFA), San Diego, California, USA, 2020

‘Terrorism Intensity and Acquisitions’

(2) Financial Management and Accounting Research Conference (FMARC), Limassol, Cyprus, 2019

‘Credit Default Swaps, Financial Distress and Corporate Acquisitions’

(3) Financial Management Association (FMA), San Diego, California, USA, 2018  (4) European Financial Management Association (EFMA), Milan, Italy, 2018 – Nominated for the Best Paper Award in Corporate Finance

‘Credit Ratings and Acquisitions’ 

(5) 5th International Credit Risk Conference, Basel, Switzerland, 2017 – Keynote Speaker 

‘Selling to Buy: Asset Sales and Merger Waves’

(6) Financial Management Association (FMA), Boston, Massachusetts, USA, 2017  (7) European Financial Management Association (EFMA), Athens, Greece, 2017  (8) Financial Management Association (FMA), Lisbon, Portugal, 2017 

‘CEO Overconfidence and the Value of Corporate Cash Holdings’

(9) Financial Management Association (FMA), Las Vegas, Nevada, USA, 2016

‘Is Cash More Valuable in the Hands of Overconfident CEOs?’

(10) Annual Conference of the Multinational Finance Society (MFS), Stockholm, Sweden, 2016

‘Credit Default Swaps and Corporate Acquisitions’

(11) EFiC Conference in Banking and Finance, Essex Business School, UK, 2016 – By Invitation

‘Credit Ratings and Acquisitions’ & ‘Selling to Buy: Asset Sales and Method of Payment in M&As’

(12) World Finance Conference (WFC), New York, USA, 2016

‘Credit Ratings and Acquisitions’

(13) Spring Conference of the Multinational Finance Society (MFS), Limassol, Cyprus, 2016

‘Executive Compensation and Deployment of Corporate Resources: Evidence from Working Capital’ & ‘Selling to Buy: Asset Sales and Method of Payment in M&As’

(14) European Financial Management Association (EFMA), Basel, Switzerland, 2016

‘How to Publish in Top Finance Journals’ – Keynote Speaker & ‘Selling to Buy: Asset Sales and Method of Payment in M&As’

(15) Hellenic Finance and Accounting Association (HFAA), Athens, Greece, 2015

‘Executive Compensation and Deployment of Corporate Resources: Evidence from Working Capital’

(16) Conference of the Swiss Society for Financial Market Research (SGF), Zurich, Switzerland, 2016  (17) Financial Management Association (FMA), Helsinki, Finland, 2016  (18) Paris December 2015 Finance Meeting, Paris, France, 2015  (19) Financial Management Association (FMA), Orlando, Florida, USA, 2015 

‘Governance Mandates, Outside Directors and Acquirer Perfromance’

(20) IFABS Corporate Finance Conference, Oxford, UK, 2015

‘Bidders and Targets Made for Each Other: Financial Constraints, Growth Opportunities and Bidder Gains’

(21) World Finance Conference, Buenos Aires, Argentina, 2015 

‘The Role of Corporate Political Strategies in M&As’

(22) Annual Conference of Multinational Finance Society (MFS), Halkidiki, Greece, 2015  (23) European Financial Management Association (EFMA), Amsterdam, Netherlands, 2015  (24) Financial Management Association (FMA), Venice, Italy, 2015  (25) Conference of the Swiss Society for Financial Market Research (SGF), Zurich, Switzerland, 2015 

‘Executive Compensation and Deployment of Corporate Resources: Evidence from Working Capital’ & ‘Do Risk-Taking Incentives Induce CEOs to Invest? Evidence from Acquisitions’

(26) Spring Conference of the Multinational Finance Society, Larnaca, Cyprus, 2015 

‘The Role of Corporate Political Strategies in M&As’ & ‘Is Working Capital Management Value-Enhancing? Evidence from Firm Performance and Investments’

(27) Financial Management Association (FMA), Nashville, Tennessee, USA, 2014 

‘Bidders and Targets Made for Each Other: Credit Ratings and Acquisition Returns’ & ‘Is Working Capital Management Value-Enhancing? Evidence from Firm Performance and Investments’

(28) European Financial Management Association (EFMA), Rome, Italy, 2014 

‘Is Working Capital Management Value-Enhancing? Evidence from Firm Performance and Investments’

(29) Financial Management Association (FMA) Maastricht, Netherlands, 2014  (30) Conference of the Swiss Society for Financial Market Research (SGF), Zurich, Switzerland, 2014 (31) Multinational Finance Society (MFS) Symposium, Larnaca, Cyprus, 2014

‘Do Risk-Taking Incentives Induce CEOs to Invest? Evidence from Acquisitions’

(32) Financial Management Association (FMA), Tokyo, Japan, 2014

‘Due Diligence on the Bidder and the Certification Effect’

(33) Financial Management Association (FMA), Chicago, Illinois, USA, 2013

Shining Brighter than the Stars? Corporate Evidence on Competing With Superstars

(34) European Finance Association (EFA), Cambridge, UK, 2013 – Served as Discussant 

‘Due Diligence on the Bidder and the Certification Effect’, ‘Do Risk-Taking Incentives Induce CEOs to Invest? New Evidence from Acquisitions’ & ‘Credit Ratings and the Choice of Payment Method in Mergers and Acquisitions’

(35) European Financial Management Association (EFMA), Reading, UK, 2013

‘Due Diligence on the Bidder and the Certification Effect’ & ‘Do Risk-Taking Incentives Induce CEOs to Invest? New Evidence from Acquisitions’

(36) Financial Management Association (FMA), Luxembourg City, Luxembourg, 2013

‘Investor Induced Contagion or Portfolio Rebalancing? Evidence from the Banking and Sovereign Debt Crisis of 2007-2012’

(37) International Conference on the Global Financial Crisis: European Financial Markets and Institutions, Southampton, UK, 2013

‘Do Stock-Financed M&As Destroy Value? New Methods and Evidence’

(38) Financial Management Association (FMA), Istanbul, Turkey, 2012

‘Valuation Effects of Credit Ratings in Mergers and Acquisitions’

(39) International FEBS (IFEBS) Conference, London, UK, 2012

‘Stakeholders of Last Resort or Vulture Investors? An Empirical Assessment of Governmental Rescue of Systemically Important Banks in the Global Financial Crisis?’

(40) Conference on Financial Regulation in Uncertain Times, Lugano, Switzerland, 2011

‘How Does Target Firm Auditor Reputation Affect M&As?’

(41) American Accounting Association (AAA), Denver, Colorado, USA, 2011

‘It Pays to Pay your Investment Banker: New Evidence on the Role of Financial Advisors in M&As’

(42) Conference on Research on Economic Theory & Econometrics (CRETE2010), Tinos, Greece, 2010 – By Invitation

‘Gains from M&As Around the World: New Evidence’

(43) Midwest Finance Association (MFA), Las Vegas, Nevada, USA, 2010 (44) Southern Finance Association (SFA), Captiva Island, Florida, USA, 2009

‘Idiosyncratic Volatility, Takeover Premiums and Target Gains’ & ‘Managerial Overconfidence in High and Low Valuation Markets and Gains to Acquisitions’

(45) Financial Management Association (FMA), Turin, Italy, 2009 (46) European Financial Management Association (EFMA), Milan, Italy, 2009

‘Depth of the Market for Corporate Control and Gains to Public Acquisitions’

(47) Southwestern Finance Association (SWFA), Oklahoma City, Oklahoma, USA, 2009 – Best Paper Award in International Finance (48) European Finance Association (EFA), Athens, Greece, 2008 (49) European Financial Management Association (EFMA), Athens, Greece, 2008

‘What are the Causes and Effects of M&As? The UK Evidence’

(50) Multinational Finance Society Conference (MFS), Orlando, Florida, USA, 2008

‘Merger Momentum and Market Valuations: The UK Evidence’

(51) Multinational Finance Society Conference (MFS), Thessaloniki, Greece, 2007

‘What Drives Acquisitions? Market Valuations and Bidder Performance’

(52) European Financial Management (EFMA), Vienna, Austria, 2007 (53) Hellenic Finance and Accounting Association (HFAA), Thessaloniki, Greece, 2006

‘Acquisitions, Overconfident Managers and Self-Attribution Bias’

(54) European Financial Management Association (EFMA), Madrid, Spain, 2006

‘Divergence of Opinion and Post-Acquisition Performance’

(55) JBFA Conference in Capital Markets, Thessaloniki, Greece, 2006

‘Bidder Gains and Losses of Firms Involved in Many Acquisitions’

(56) European Financial Management Association (EFMA) Milan, Italy, 2005 (57) Multinational Finance Society Conference (MFS) Athens, Greece, 2005 (58) Southern Finance Association (SFA), Key West, Florida, 2005