1,720,970 research outputs found
Political uncertainty and the Greek stock market over the period 2011-2015
No full textIn this article, we examine the possible effects of the successive
elections in Greece over the period 2011-2015 on the pricing behaviour of four
basic stock indices of Athens Exchange. Our analysis reveals that, with the
exception of the pre-election period before the elections of the 6th of May
2012, returns over the pre-election periods are positive. During the rest of the
periods assessed returns are negative with the exception of the period 18th June
2012 to 31 December 2014 over which returns are positive. On the other hand,
the variance in the Greek market is relatively low during the pre-election
periods compared to the volatility during the periods before the announcement
of an election process or after carrying out the elections. In addition, volatility
surged during the interval which followed the announcement of the referendum
of the 5th of July 2015 on 28 June 2015 till the announcement of the elections
of the 20th of September 2015 on 28th August 2015
The impact of taxation on firm performance and risk: Evidence from Greece
No full textIn this paper, I examine the relationship of taxation with performance and risk with the usage of a sample of 76 non-financial companies traded on the Athens Stock Exchange. The period covered by my study spans from 2018 to 2022, while correlation and panel data analysis is conducted. Both financial performance and stock return are considered, while risk concerns the volatility of the companies’ share prices. The explanatory variables used concern figures reported both in the balance sheet and the profit and loss statement and include net deferred tax, deferred tax asset, deferred tax liability, total tax expense/revenue, income tax, and deferred tax expense/revenue. The empirical results reveal a positive relationship of financial performance with net deferred tax, total tax expense/revenue, income tax and deferred tax expense/revenue. Moreover, deferred tax asset is found to affect financial performance in a negative fashion, while deferred tax liability bears a positive influence on financial performance. The opposite relationships with deferred tax asset and deferred tax liability are detected in the case of stock return and risk. Finally, evidence of a negative relationship of total tax and income tax with stock risk is obtained. © 2024 the Author, licensee AIMS Press
Environmental, Social and Governance Responsibility, financial performance and assets: A study of Exchange Traded Funds
No full textTwo research questions are examined in this study with a sample of 168 passive Exchange Traded Funds (ETFs). The first one asks whether a high Environmental, Social and Governance Responsibility (ESG) rating induces investors to allocate more money in an ETF. The empirical findings indicate that the level of assets is not affected by the ESG rating whatsoever, but it is affected by factors such as the historical performance, the expense ratio and the age of each fund. The second question raised concerns the relationship between the performance of an ETF and its ESG rating. The hypothesis examined is that the higher the ESG rating of an ETF is, the higher the return of the ETF should be. The results do not confirm this hypothesis. Not surprisingly, to a large extent, the performance of ETFs is driven by the return of the tracking indexes. To a lesser degree, expense ratio bears a negative impact on ETFs’ performance.
ETFS vs. mutual funds : evidence of the Greek market.
No full textThis paper expands the debate on “Exchange Traded Funds vs. Traditional Mutual
Funds” using for the first time data from the emerging Greek ETF market. In
particular, trading and business data of the first ETF launched in Greek market,
namely the ALPHA ETF FTSE ATHEX 20 are employed along with the respective
data of its mutual funds counterparts (one index fund and 3 active mutual
funds) so that we will examine various issues concerning return, risk and expense
features of these competitive investment vehicles. Four different openended
mutual funds are used in the study, each of which has the same benchmark
as the ETF considered. The applied empirical analysis provides various
interesting findings. At first, the classic mutual funds are more expensive than
the ETF but they perform better and are less volatile. Going further, the ETF is
more conservative that the open-ended mutual funds. Moreover, the relevant
performance of the ETF in respect of the return of the tracking index is better
than the corresponding performance of the funds. Finally, the tracking error of
the ETF is reasonably found to be lower than the tracking error of the actively
managed funds but it is greater than the tracking error of the index fund
A comprehensive study on the seasonality of Greek equity funds performance.
Full text linkThis paper searches for seasonality patterns in performance of Greek equity mutual
funds during the period 2002-2005. Four types of seasonality are assessed:
day-of-the week effect, monthly effect, half-monthly effect and holidays’ effect.
Results reveal a negative Monday effect and a positive Friday effect. Monday
returns are also more volatile than the other day-of-the-week returns. Furthermore,
the paper demonstrates that the well- known January effect does not apply
to Greek equity funds while performance is not affected by any other monthly impact
either. However, a half-monthly effect is revealed, namely returns during the
first half of each month exceed these in the second half. Finally, a positive holiday
effect on returns is found in the week after Easter, August 15th and Christmas
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Mergers and acquisitions: types, principles, historical information and empirical evidence from the Greek banking sector
No full textThis paper describes the types and main principles of mergers and acquisitions, a
strategic policy adopted by many firms worldwide in their efforts to expand their
business, enter new markets, sectors and countries as well as to mitigate the
competition they face from rivals. In addition to the description of the various types of
mergers and acquisitions, the motivations behind such actions are broken down along
with the obstacles and counterincentives that can lead to the failure of such deals and
the significant issue of financing a merger or an acquisition. A brief analysis of the
recent trends in international mergers and acquisitions is subsequently provided. The
paper goes on to focus on the recent wave of acquisitions in the Greek banking sector
by highlighting the case of Alpha Bank’s takeover of Emporiki Bank. The analysis
performed provides some evidence of a positive financial effect for Alpha Bank’s
shareholders as a result of the announcement of that takeoverEste artículo describe los tipos y principios fundamentales de las fusiones y adquisiciones,
política estratégica adoptada por muchas compañías de todo el mundo en
su esfuerzo por expandir su negocio, entrar en nuevos mercados, sectores y países,
así como por mitigar la competencia de otros rivales. Además de la descripción de
los diferentes tipos de fusiones y adquisiciones, se desglosan las motivaciones que
subyacen a tales acciones, junto con los obstáculos y contra-incentivos que pudieran
hacer fracasar tales acuerdos, así como se estudia la importante cuestión de su financiación.
A continuación, se lleva a cabo un breve análisis de las tendencias actuales
en el curso de las fusiones y adquisiciones. Posteriormente, el artículo se centra
en la ola de recientes adquisiciones en el sector bancario griego, destacando el caso
de la absorción del Emporiki Bank por el Alpha Bank. El análisis realizado proporciona
cierta evidencia del efecto positivo en el valor de la cartera de los de los accionistas
del Alpha Bank provocado por el anuncio de tal absorció
PERFORMANCE AND TRACKING EFFICIENCY OF COMMODITY ETFS IN THE UK
Full text linkThis paper examines the performance and tracking efficiency of nine iShares ETFs traded on the London Stock Exchange in the UK. The results indicate that, on average, the performance of the examined ETFs has been positive during their entire trading history. However, these ETFs have failed to fully replicate the performance of the underlying commodities and indexes. At the cumulative level, an average underperformance of 172 basis points is found. In addition, at the sample level, about 86% of daily tracking errors are negative (indicating underperformance), and only 14% of tracking errors are positive (reflecting outperformance). Based on our results, the tracking error is induced by the departure from the full replication of the underlying assets.
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