... limitations/implications – The sampling framework, including only the manufacturing companies operating in a specific area of Greece, does not ensure the full generalisation of the results. A larger sample of manufacturing companies from all over Greece would be useful to obtain more reliable results...

... in a continental European market with market characteristics similar to that of Greece. It has also included the closing prices three months after the fiscal year end 2001 since the return period for each year spans nine months prior to three months after the fiscal year end (see: Easton and Harris, 1991...