Paper Title
Value Relevance of Goodwill: The Case of Greece

Abstract
The aim of this study is to investigate the value relevance of goodwill as well as several other aspects of it during a long-term period in Greece. Furthermore, implementing Ohlson’s price model, we examine the impact of goodwill on stock prices of Greek companies listed on the Athens Stock Exchange market, during the period from 2007 to 2018, i.e. a period of 12 years in which International Financial Reporting Standards (IFRS) are applied. Furthermore, we analyze how the Greek debt crisis has impacted on goodwill’s information content. Thus, by creating dummy variables we investigate how the crisis has changed the influenced investors’ perception towards goodwill. Our results provide evidence that the year-end goodwill accounting balance is value relevant and that the Debt crisis has improved goodwill’s information content. Following other authors approach in value relevant research papers, we examined goodwill’s value relevance and its change during the Greek debt crisis by applying Easton and Harris’ return model. The above conclusions according to the price model were also confirmed by the application of the return model. To this end, results provide evidence to accounting standard setters about the impact of IFRS 3 "Business Combinations" during a long-term period of IFRS implementation in Greece. Keywords - Goodwill, IFRS, Value Relevance, Greece, Debt Crisis