56 research outputs found
Speculative Bubbles: Conditions Of Creation And Explosion
Get PDFThis study is an attempt to illustrate the compatibility of financial bubbles, even under conditions of market efficiency and rational anticipations. The classical models of rational anticipations fail to describe a unique course of the price evolution of a financial due to the multiplicity of solutions to which they arrive. The approach of the bubble as a martingale can offer principles of approaching the bubbles, the possibility of creation and their eventual explosion, even under conditions of strong market efficiency and rational anticipations
Forecasting The Exchange Rate Between Euro And USD: Probabilistic Approach Versus ARIMA And Exponential Smoothing Techniques
Get PDFThis study attempts to model the exchange rate between Euro and USD using univariate models- in particular ARIMA and exponential smoothing techniques. The time series analysis reveals non stationarity in data and, therefore, the models fail to give reliable predictions. However, differencing the initial time series the resulting series shows strong resemblance to white noise. The analysis of this series advocates independence in data and distribution satisfactorily close to Laplace distribution. The application of Laplace distribution offers reliable probabilities in forecasting changes in the exchange rate
Market Concentration And Industry Profitability: The Case Of Greek Banking (1997-2004)
Get PDFAn empirical investigation of the relationship between market concentration and performance in the Greek banking, this paper finds that market concentration has a weak effect on bank profitability. This finding could be attributed to the long tradition of the Greek governments to keep the financial institutions under immediate either in the form of state-owned institutions or indirectly through a complex and rigid regulations concerning interest rates, credit standards and credit rationing
Individual stock market risk and price valuation: the case of Titan S.A.
No full textPurposeThe purpose of this study is twofold: to test the hypothesis that the closing prices of Titan S.A. stock can be approximated by a random walk; and to valuate the risk associated to this stock. The first question is equivalent to the efficient market hypothesis (EMH) and, therefore, to the predictability of stock's closing price. The second question follows the first in a natural way, since stock's predictability and risk are in an inverse relationship.Design/methodology/approachThe paper investigates the existence of unit roots in the stock and in all stock index, in the lines of Dicky‐Fuller modeling. It then investigates the stock's risk focusing the interest in the behavior of the time series volatility under the hypothesis that they can be described by an autoregressive scheme. Finally, it looks at the relationship between stock returns and market returns in the lines of the market model.FindingsThe study concludes that although the predictability of the stock returns is impossible, the risk associated with the stock can to some extent be statistically rationalised.Originality/valueThe paper's value lies in looking into the probability that if the EMH is even approximately true, accepting above‐average risks is the only way to obtain better‐than‐average returns.</jats:sec
Comparison of Public, Private, Hybrid, and Community Cloud Computing in Terms of Purchasing and Supply Management: A Quantitative Approach
No full textCloud computing has become increasingly popular in recent years due to its cost-effectiveness, scalability, and flexibility. It offers four different deployment models, including public, private, hybrid, and community cloud computing. In this research paper, the aim is to compare these deployment models in terms of purchasing and supply management. A quantitative study is conducted to evaluate the benefits and challenges associated with each deployment model. Additionally, four different industries were analyzed in order to be understood how cloud computing can be leveraged for purchasing and supply management
Individual stock market risk and price valuation: the case of Titan S.A.
No full textPurpose – The purpose of this study is twofold: to test the hypothesis that the closing prices of Titan S.A. stock can be approximated by a random walk; and to valuate the risk associated to this stock. The first question is equivalent to the efficient market hypothesis (EMH) and, therefore, to the predictability of stock's closing price. The second question follows the first in a natural way, since stock's predictability and risk are in an inverse relationship. Design/methodology/approach – The paper investigates the existence of unit roots in the stock and in all stock index, in the lines of Dicky-Fuller modeling. It then investigates the stock's risk focusing the interest in the behavior of the time series volatility under the hypothesis that they can be described by an autoregressive scheme. Finally, it looks at the relationship between stock returns and market returns in the lines of the market model. Findings – The study concludes that although the predictability of the stock returns is impossible, the risk associated with the stock can to some extent be statistically rationalised. Originality/value – The paper's value lies in looking into the probability that if the EMH is even approximately true, accepting above-average risks is the only way to obtain better-than-average returns.Financial risk, Greece, Stock markets, Stock returns
Beta Risk Estimation In Stocks
Get PDFThe purpose of this study is to estimate the Beta Risk Coefficient of 15 shares, which are included in the FTSE index. The risk evaluation when dealing with stocks is a very important factor, which should be taken into consideration from the inventor for the following reason: The profitability of a stock goes together with the risk of an adverse movement of the stock value. So, if the investor wants to plausibly expect high returns on his stock, he has to reckon with a high degree of risk. And inversely, high-risk stocks are the only ones promising high returns on the stock. This is the way, by which a stock exchange market works, and it cannot, by logical necessity, work in any other way. Now, given the closed positive relationship between high returns and high risk, the question rises whether the risk associated to a stock can be predicted, so that the investor is in a position to have an estimate of this undertaken risk. For this purpose various methods have been developed, some of them being of heuristic nature (technical analysis, evaluation of external information, study of the balance-sheet of the company involved etc.), other being of probabilistic and/or of statistical nature. Between the latter we can mention the most popular ones, namely the market index model (or simply the market model) due to Sharpe (1963), which postulates a linear relationship between the return on a stock and the return on the market, and can be used to decompose total risk into diversifiable and non-diversifiable risk-components, and the capital asset pricing model (CAPM), which is rather a model of assets pricing, was developed by Sharpe (1963) and Lintner (1965)
Perceptions of Climate Change: How Social Dynamics Shape Environmental Decision-Making
Get PDFThis research paper examines how social dynamics shape environmental decision-making by analyzing qualitative data on public perceptions of climate change. Understanding these perceptions is crucial as they influence individual and collective actions toward climate adaptation and mitigation. The study synthesizes findings from various cultural contexts, highlighting the roles of gender relations, social capital, and cultural knowledge in shaping responses to climate change. The analysis reveals that social norms, trust, and community networks significantly impact environmental decisions. The paper underscores the importance of integrating social dynamics into climate policies to foster effective and inclusive environmental action
Managerial Investment And Firm Value: Statistical Investigation Of Their Relationship
Get PDFIn the modern neoclassical microeconomic theory, as it is build on Walrasian, Hicksian, and partly- and eclectically- on Marshallian lines, the firm does not exist but as a necessary entity in the framework of the prices formation. No evidence and explanation is given on the creation and functioning of the firm and the changes in the firm structure. In this study we shall try to outline the way that the prevailing microeconomic theory faces the firm. Then we shall present some alternative/complementary considerations on the nature of the management of the firm, pertaining to the ownership and control relations in the firm, namely in what measure the managers in the modern large corporation act for themselves and not to the interest of the shareholders. A statistical investigation follows, referring to the measure in which these alternative theories are supported by available statistical evidence.  
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