This study examines firm’s stock returns’ behaviour, when they announce corporate events like management change, collaborations and stock repurchase. It examines how this change is portrayed in firms’ stock prices returns. The methodologies used are the methodology of event study analysis and bootstrap methodology. Companies selected belong to eight different sectors of Athens Stock Exchange with different Stock Exchange value in order to get a more general picture that does not only represent one sector which can be influenced individually from accidental factors. The sample constitutes forty firms listed in Athens Stock Exchange. Results indicate that corporate events’ impact is important and a key for enterprises to follow new challenges and create financial value. This paper provides evidence on the impact of corporate governance on stock returns in Greece. The implication is that corporate events create financial value.

This paper investigates calendar anomalies for four emerging stock markets (Romania,Bulgaria, Croatia and Turkey) and their mature counterpart in the Balkan region (Greece), during the period 2000-2008. Five well known calendar effects on both return and volatility are examined; the day of the week effect, the January effect, the half month effect, the turn of the month effect and the time of the month effect. We provide evidence for the existence of three calendar effects (day of the week, turn of the month, time of the month) in both mean and volatility equations for Greece and Turkey, which is consistent to the findings of previous studies. On the other hand, the effects for the three emerging Balkan markets are limited and exist only in volatility. This contradictory evidence could be due to a different level of liquidity and maturity for these markets.