63 research outputs found
Technogeopolitics of militarization and security in cyberspace:
No full textBased on democratic principles that encourage creation and transmission of information and knowledge using information and communication technologies, the Information Society has become the organizing paradigm for a digital age. Humans residing in digital rich regions of the world rely on cyberspace, the Information Society’s enabling environment, for their business, commerce, education, socialization. Governments and industry are migrating their critical processes into this domain. These trends will intensify as more people realize cyberspace’s utility. However, the promises of the Information Society may never transpire since there is a lack of trust and security in cyberspace. These two concepts are the foundation on which the utility of inter-networked ICTs, such as the Internet, are built. The increasing rate in the occurrence and sophistication of cybercrimes erodes users’ trust in subscribing to networked services Further the militarization of cyberspace by states as a new domain through which they conduct their operations also presents challenges to the Information Society. Both crime and conflict in cyberspace erode trust in digital networks.
The development of a comprehensive international law for cyberspace is essential to govern state and non-state actor behavior in this global commonage. The formation of the World Summit on the Information Society (WSIS) in the early twenty-first century marks the first time that state and non-state actors convened to develop plans of action to guide the development of in the digital world. This project examines the negotiating positions of the United States, Russia and China in the area of cybersecurity through the lens of technogeopolitics. It is shown how the political and military interests of each affect their negotiating positions in the WSIS. The methods of content analyses on material from diplomatic archives, participant-observation at international conferences and interview surveys of participants at these conferences are used to investigate the reasons why decision are made or not made in the field of international cybersecurity cooperation.Ph.D.Includes bibliographical references (p. 225-248)by Panayotis Alexander Yannakogeorgo
Impact of the International Coffee Agreement's export quota system on the World's coffee market
No full textEx-post simulations of the global coffee model over the recent period of operation of the International Coffee Agreement's export quota system, (1981-86) show the following. The quota system had a stabilizing effect on world coffee prices in the 1981-85 period. In 1986, when coffee prices increased sharply due to the drought in Brazil and the export quotas were suspended, prices would have been 24 percent higher in the absence of quotas over the 1981-85 period. However, the quotas have reduced export revenues (in real terms), except for such large producers as Brazil and Colombia. These countries gained form the scheme because they face very small or even zero marginal export revenues from increased exports, due to their large market shares. In projections of the coffee market, with and without the export quota system, prices would be substantially lower during the first half of the 1990s if the quota system were suspended in 1990. But prices would recover in the second half of the decade as production and exports declined in lagged response to the very low prices of the first half.Economic Theory&Research,Environmental Economics&Policies,Markets and Market Access,Access to Markets,Crops&Crop Management Systems
Bank acquisitions and shareholder returns
No full textThis paper examines whether acquisitions in the banking sector are associated with positive shareholder returns in the long run. It analyses 17 acquisitions of Greek and foreign banking institutions by six major Greek banks during the 1998-2006 period. The model used is adjusted for market index movements, while autoregressive models are used whenever necessary. The empirical results are interesting since they support the hypothesis that acquisitions are justified in market terms whenever the size of the acquired banks, compared to the acquirer, is small, whereas they are not justified in cases where the acquired bank is relatively large in size. This may be due to the fact that the benefits from an acquisition are not visible or large enough to justify the large, in absolute terms, premium that the acquirer pays.bank acquisitions; capital markets; market efficiency; market returns; valuation; shareholder returns; Greece; financial services management.
'Altman Ζ-score model' and prediction of business failures
No full textThis paper analyses whether Z-score, as examined by Altman and other researchers, can predict correctly company failures. The empirical analysis concentrates on the construction companies listed in Athens Exchange, for the period 1995-2006, which coincides with significant construction activity in Greece. It is investigated whether Z-score models can predict bankruptcies for a period up to eight years earlier. It is derived that a particular Altman model performs well in predicting failures for a period up to five years earlier. This is in line with other findings. The empirical results are interesting as they can be used by portfolio managers in stock selection and by company management for merger decisions or other corporate strategic moves.risk assessment; bankruptcy prediction; valuation; Altman Z-analysis; mergers; acquisitions; portfolio selection; corporate strategy; company failures; failure prediction; Greece; Z-score models; stock selection.
Short selling and equity returns with full information dissemination
No full textThis paper sheds further light on whether short selling can be associated with negative returns in the spot market. It provides evidence for the case of the capital market of the Athens Exchange (ATHEX) that is empirically tested for the first time, during the period 2003–2007. This market possesses certain interesting characteristics, as along with constrained sales it entailed the rare feature of wide short sales transparency. The empirical findings indicate that short selling is associated with subsequent negative abnormal stock returns for the heavily sold short stocks of this market.short selling; spot markets; excess returns; abnormal returns; equity returns; information dissemination; negative returns; capital markets; Athens Exchange; ATHEX; Greece; constrained sales; short sales; transparency; short stocks; stock exchanges; monetary economics; finance.
On the formation of the European Monetary Union
No full textThe main objective of this study is to search, using both theoretical analysis and empirical evidence for the European case, for the strategy to be followed for the creation of a monetary union among a group of countries, and to derive the conditions which have to be fulfilled in order to make such a strategy viable.
The theoretical foundations for the creation of a monetary union are set out. The European realities suggest gradualistic
approaches. Theoretical analysis of the strategy of economic policy coordination takes place in terms of all of the above
considerations. Analysis then follows on the extent to which this strategy, implemented in Europe since the early seventies, has been successful. Finally, in the light of this analysis and analysis of other proposals, a conclusion is reached on which should be the preferred strategy, and how it should be established successfully.
The move towards exchange rate fixity has implications for members' objectives and policies. The European arrangements were inadequate and did not pay sufficient attention to important issues which remained unsolved. Economic discipline was not forced and members' objectives diverged considerably. Policies did not depict any coordination pattern. As a result the 1972 intra-European exchange rate arrangements failed. Other undesirable implications also followed.
Policy coordination still seems to be the preferable approach provided that important changes take place, and measures to eventually develop centralisation are taken.
The decision to create a European monetary system is judged in view of these conclusions. Major weaknesses remain and the
system's ability to guarantee long-run stability is questioned.
Important changes are necessary for the Community to embark on the path to a monetary union. Indications are not encouraging, while important obstacles to the changes remain
The Return Performance of Real Estate Investment Trusts (REITs) and Portfolio Diversification Benefits
No full textAn investigation of Price – Volume intraday patterns under “Bull” and “Bear” market conditions.
No full textThere has been a common belief among stock market practitioners that stock prices move along with trading volume creating certain patterns in price and volume formation. Nevertheless, the above argument was hardly recognised by the academic community since for a number of years statistical results indicated that the stock market is an efficient market i.e. a market where past available information is of no use in predicting future returns profitably, and/or non rational factors do not influence stock prices; The last decade the research for market efficiency was expanded and the use of new large data sets and advanced techniques indicated deviations from the predictions of the Efficient Market Hypothesis (E.M.H.). This study investigates whether there exists a relationship between stock returns and trading volume in the Athens Stock Exchange (A.S.E.) and if such a relationship forms evidence against the E.M.H. We believe that we add to the research in this area since we use intraday data and investigate for a possible relationship under different market states and for different categories of shares.informational efficiency, stock prices, trading volume, causality
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