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Athens Stock Exchange (athen + stock_exchange)
Selected AbstractsPrinciples of Corporate Governance in GreeceCORPORATE GOVERNANCE, Issue 2 2001Harilaos Mertzanis This article presents the reasons which led the business community in Greece to reconsider existing corporate governance practices of listed corporations in the Athens Stock Exchange, outlines the general rationale for the creation and adoption of specific recommendations for best corporate practice, presents the recommendations in full detail and finally provides suggestions for the required corporate legal reform. [source] The Role of Political Instability in Stock Market Development and Economic Growth: The Case of GreeceECONOMIC NOTES, Issue 3 2000Dimitrios Asteriou This article examines empirically the relationship between stock market development, political instability and economic growth in Greece. We measure socio-political instability by constructing an index which captures the occurrence of various phenomena of political violence using time-series data. The main advantages of analysing political instability in a case study framework using time-series, in contrast with the widely used cross-country empirical studies, are: (a) a more careful and in-depth examination of institutional and historical characteristics of a particular country; (b) the use of a data set comprised of the most appropriate and highest quality measures; and (c) a more detailed exposition of the dynamic evolution of the economy. The empirical results indicate the existence of a strong negative relationship between uncertain socio-political conditions and the general index of the Athens Stock Exchange (ASE) and support the theoretical hypothesis that uncertain socio-political conditions affect economic growth negatively, is true for the Greek case. (J.E.L.: G10, G14, O40, C32) [source] Forecasting financial volatility of the Athens stock exchange daily returns: an application of the asymmetric normal mixture GARCH modelINTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 4 2010Anastassios A. Drakos Abstract In this paper we model the return volatility of stocks traded in the Athens Stock Exchange using alternative GARCH models. We employ daily data for the period January 1998 to November 2008 allowing us to capture possible positive and negative effects that may be due to either contagion or idiosyncratic sources. The econometric analysis is based on the estimation of a class of five GARCH models under alternative assumptions with respect to the error distribution. The main findings of our analysis are: first, based on a battery of diagnostic tests it is shown that the normal mixture asymmetric GARCH (NM-AGARCH) models perform better in modeling the volatility of stock returns. Second, it is shown that with the use of the Kupiec's tests for in-sample and out-of-sample forecasting performance the evidence is mixed as the choice of the appropriate volatility model depends on the trading position under consideration. Third, at the 99% confidence interval the NM-AGARCH model with skewed Student-distribution outperforms all other competing models both for in-sample and out-of-sample forecasting performance. This increase in predictive performance for higher confidence intervals of the NM-AGARCH model with skewed Student-distribution makes this specification consistent with the requirements of the Basel II agreement. Copyright © 2010 John Wiley & Sons, Ltd. [source] Structural Changes in Expected Stock Returns Relationships: Evidence from ASEJOURNAL OF BUSINESS FINANCE & ACCOUNTING, Issue 9-10 2006Evangelos Karanikas Abstract:, This paper suggests a recursive application of Fama and MacBeth's (1973) testing procedure to assess the significance of macroeconomic factors and firm-specific effects priced in explaining the cross-sectional variation of expected stock returns over time. The paper applies the suggested testing procedure to investigate the source of risks of the Athens Stock Exchange (ASE). Among the variables examined, it finds out that the changes in the short term interest rates and firm size can explain a significant proportion of the variation of the ASE individual returns. The paper argues that the significance of interest rate changes can be associated with monetary policy changes introduced by the Greek authorities after the mid-nineties. These changes were focused on targeting interest rates, instead of monetary aggregates. [source] Endogeneity and the relationship between board structure and firm performance: a simultaneous equation analysis for the Athens Stock ExchangeMANAGERIAL AND DECISION ECONOMICS, Issue 6 2010A. A. Drakos The main goal of this paper is to examine the relationship between the three most important characteristics of the board of directors with firm performance. More specifically, we investigate whether the independence of the board, the leadership structure and the board size, are exogenous determinants to the firm's performance, using a simultaneous equations framework. Our database is composed of firms quoted in the ASE, starting from 146 observations in 2000 and ending with 232 firms in 2006. The findings suggest that the board independence and the leadership structure do not affect the firm performance. On the other hand, an inverse relationship between board size and firm performance is observed. Copyright © 2010 John Wiley & Sons, Ltd. [source] R&D and Tobin's q in an emerging financial market: the case of the Athens Stock ExchangeMANAGERIAL AND DECISION ECONOMICS, Issue 5 2010Efstathios G. Parcharidis This paper aims at providing further evidence on the consequences of R&D investment on Tobin's q for firms publicly traded in an emerging financial market. Panel data methodology is applied using data for the manufacturing and computer firms listed in the Athens Stock Exchange, a market classified as emerging by the major securities analysts, for the period 1996,2004. The empirical findings show first, that the Greek firms' R&D investment effect on the market value of a firm is consistent with other US and European studies. Second, the impact of the R&D investment on the market value is higher for small firms. The findings of this paper may have significant industrial and technological policy implications for other emerging markets sharing similar characteristics to Greece. Copyright © 2010 John Wiley & Sons, Ltd. [source] A note on equity ownership and corporate value in GreeceMANAGERIAL AND DECISION ECONOMICS, Issue 8 2004G.A. Karathanassis This study attempts to investigate whether corporate performance is affected by the ownership structure, using data from companies quoted on the Athens Stock Exchange for the period 1996,1998. Given such an objective, the basic hypothesis examined, is that corporate performance as measured by Tobin's Q ratio is a function of ownership and other control variables. Our econometric approach relies on the use of a combination of time series and cross section data (panel-data analysis), a procedure that avoids many statistical problems. After examining the role of each identifiable shareholder, we find a positive relationship between institutional investors and corporate performance. Copyright © 2004 John Wiley & Sons, Ltd. [source] | ||||||||||