This paper evaluates the financial results of 23 Greek merger transactions that were completed between 1993 and 1998 using the accounting based methodology. A set of 20 performance ratios is examined for a period of 5 years to get an indication of the mean weighted industry- adjusted performance difference between the pre- to post-merger period. Additionally, a cross-sectional analysis is performed to conclude on whether special characteristics of the merger participants are associated with improved post-merger performance. Profitability appears largely unaffected by merger activity. On a stand-alone basis, merged firms experience a bad profit record in the post-merger period. Merger participants' characteristics seem to be highly correlated with performance improvements. Large performance differences between acquirer and target are highly associated with improved post-merger performance of the new consolidated company. Fast-growing, efficient, profitable acquirers and low performance targets are related to increased post-merger weighted industry- adjusted performance. Absolute and relative size of the merger participants does not seem to be associated with merger outcomes.