1,720,965 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
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
An empirical look at swiss exchange Traded Funds Market
No full textIn this paper, we study the performance and trading characteristics of Swiss Exchange
Traded Funds. The first finding is that the Swiss ETFs underperform the underlying indexes
in terms of average daily returns. On the other hand, the ETFs load investors with
greater risk in comparison to indexes. Afterwards, we reveal that the Swiss ETFs do not
follow full replication strategies in regard to the components of the benchmark portfolios.
Furthermore, we estimate a significant tracking error, which is attributed to the
non-full replication policy, the management fees, and the risk of ETFs. Moreover, we
find a negative relationship between expenses and performance as well as a positive
correlation between expenses and risk. In the next step, we find that the trading volume
of Swiss ETFs is affected by the intraday price volatility, the number of the executed orders
and their trading frequency. Finally, we find that Swiss ETFs are inferior to their
US counterparts as far as return, risk, replication strategy, tracking error and volume
are considered
Testing weak-form efficiency of exchange traded funds market
Full text linkIn this paper we assess the weak-form efficiency of Exchange Traded Funds market applying various parametric and non-parametric tests. The parametric tests performed concern serial correlation tests and Augmented Dickey-Fuller (ADF) unit root test while the nonparametric tests used is the Phillips-Peron (PP) unit root test. To assess ETF market efficiency, we employ full daily return historical data of a sample of 66 equity-linked ETFs traded in the U.S. stock over the period 2001-2010. The performed tests provide evidence on the fact that the efficient market hypothesis holds in the ETF market. In particular, the majority of serial correlation tests show the lack of such an issue in the time series of ETF returns, which is a prerequisite in order for the efficient market hypothesis to be verified. Moreover, both the parametric and non-parametric unit root tests adopted reveal the non-existence of such an issue with respect to the pricing of ETFs and, therefore, the weakform of the efficient market hypothesis seems not to be infringed in the U.S. ETF market
Efectos mes en los fondos cotizados en EE.UU.
No full textEn este artículo se aporta nueva evidencia estadística sobre el bien conocido efecto
Noviembre a partir de la información del mercado americano de fondos cotizados. De
acuerdo con los resultados obtenidos, existe efecto Noviembre tanto en el rendimiento
de dichos fondos como en su volatilidad y en la eficiencia de tracking. El efecto Noviembre
afecta a todo tipo de fondos negociados, independientemente de su capitalización
(grande, mediana o pequeña), y se verifica sea cual sea el índice de mercado subyacente
(nacional general, nacional sectorial o internacional). También se indica que, en lo que
al rendimiento de los fondos cotizados se refiere, las estrategias de inversión que tienen
en cuenta el patrón objeto de estudio pueden batir a aquellas basadas en comprar y
mantener, tanto en promedio como en acumulado, cuando se considera un periodo
de cinco años. En base a ello, los inversores pueden obtener rendimientos significativos
si están dispuestos a exponerse a una mayor volatilida
The Financial Performance of the English Football Clubs
Full text linkThis paper examines the financial performance of the football clubs that participated in the English Premier League in season 2021-22. The study covers the ten-year period spanning from season 2012-13 to season 2021-22, while correlation and panel data analysis is applied. Financial performance is measured as return on assets (ROA), return on equity (ROE), and profit margin. The explanatory variables used concern the size of the clubs, along with their liquidity, leverage, efficiency, cash flow efficiency and turnover per employee. Sporting data is used too. This data includes attendance rate, the number of wins, the uncertainty in the Premier League, the participation in the Premier League or not and the presence in UEFA’s European club competitions or not. The empirical results reveal a positive relation of financial performance with liquidity, efficiency, cash flow efficiency and revenue per employee. The opposite is the case for the relation of performance with leverage. From the sporting variables, the number of wins is positively related to ROA. The opposite relationship is found between ROA and uncertainty. Finally, the presence of the clubs in the Premier League is positively related to financial performance. The importance of our study rests with its significant policy implications for those involved in the administration of the English football clubs. In particular, professional managers should always be hired to run the business of the English football, rather than popular ex-footballers with poor academic records and entrepreneurship experience, which is not rare in the professional football in general. Moreover, the English football clubs have to acknowledge that a business model which creates constant losses may not be viable in the long run. Keywords: Financial Performance; Football Clubs; liquidity; leverage; efficiency DOI: 10.7176/EJBM/16-1-08 Publication date: January 31st 202
Fondos cotizados apalancados e inversos apalancados
No full textThe leveraged and inverse ETFs are the subject of the current paper. At first, a comprehensive
review of the literature on leveraged ETFs is provided. Then, the features, trading
mechanism, and the advantages and disadvantages of leveraged ETFs are analyzed
along with the similarities to and differences from the classic ETFs while tax considerations
surrounding leveraged ETFs are highlighted too. Finally, the role of market volatility
and its impact on the return of leveraged ETFs is accentuatedLos fondos cotizados apalancados e inversos constituyen el objeto de este artículo. En
primer lugar se proporciona una amplia revisión de la literatura sobre la cuestión. Posteriormente
se analizan las características, el mecanismo de trading, las ventajas y desventajas
de los fondos cotizados apalancados junto con sus similitudes y diferencias
con los fondos cotizados clásicos, y se hace hincapié en las consideraciones fiscales
que los rodean. Finalmente, se puntualiza el papel de la volatilidad de mercado y su
impacto en el rendimiento de los fondos cotizados apalancados. Además, este artículo
proporciona una revisión de la literatura existente sobre los fondos cotizados apalancados
e inversos
Evaluating the weak-form efficiency of emerging markets ETFs
No full textThis paper examines the weak-form efficiency of emerging markets ETFs and to that
end several parametric and non-parametric empirical tests are applied. In particular,
the autocorrelation and the serial correlation in ETF returns are tested and the
randomness in the series of ETF returns is then evaluated by applying runs tests. Finally,
three alternative types of variance ratio tests are used to evaluate whether the prices of
ETFs follow a random walk, that is, whether the market in question is efficient in the
weak form. Overall, the results of the tests reveal that weak-form efficiency is a fundspecific
rather than a universal phenomenon. The majority of serial correlation tests
used demonstrate that the pricing of most ETFs in the sample is efficient. On the other
hand, the autocorrelation, runs and variance ratio tests provide evidence of inefficiency
for some of the ETFs examinedEl objetivo de este artículo es el análisis de la eficiencia débil de los fondos cotizados
de mercados emergentes. Para ello se utiliza una serie de contrastes empíricos de carácter
tanto paramétrico como no paramétrico. En concreto, se aborda la cuestión de
la autocorrelación y correlación serial de los rendimientos de los fondos cotizados objeto
de este artículo. Posteriormente se contrasta la hipótesis de aleatoriedad en los
rendimientos de dichos fondos mediante contrastes de rachas. Finalmente, se utilizan
tres tipos alternativos de contrastes de ratio de varianza para determinar si los precios
de los fondos cotizados de mercados emergentes siguen un paseo aleatorio o, en otros
términos, para contrastar la hipótesis de eficiencia débil. En general, los resultados de
los contrastes realizados revelan que la eficiencia, en su forma débil, en los fondos cotizados
de mercados emergentes, es una cuestión específica de determinados fondos
más que un fenómeno universal. En cuanto a resultados particulares, de los contrastes
de correlación serial se deduce que la valoración de la mayoría de los fondos cotizados
considerados en este artículo es eficiente, mientras que los contrastes de autocorrelación,
rachas y ratio de varianzas proporcionan evidencia de ineficiencia en algunos de
los fondos examinado
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