Authors: Ioannis Tsakalos, Andreas Andrikopoulos

Title: Mergers and Acquisitions in Tourism Industry

Abstract

This paper examines the impact of Mergers and Acquisitions on tourism firms’ stock returns. It examines M&As impact on firms’ stock value by employing the event study methodology. The sample constitutes tourism listed firms in different stock markets. Empirical findings indicate that M&As create financial value and may help tourism firms to secure a sustainable future during turbulent economic periods, such as financial crises and COVID-19 crisis. This paper provides evidence on the impact of M&As on stock returns and captures their effect in tourism industry. Results are useful for industry practitioners, traders and portfolio managers.