University Center of International Programmes of Studies (UCIPS)

Μόνιμο URI για αυτήν την κοινότηταhttps://repository2024.ihu.gr/handle/11544/5

Περιηγούμαι

Τώρα δείχνει 1 - 20 από 2944

Ex- day effects for seasoned equity offerings in the Greek capital market
(2015-03-12) Karfi, Fani; Zagalaki, Zoi
This study investigates the short and long term performance of firms listed on the Athens Stock Exchange (ASE) on the ex-rights day of seasoned equity offerings for the period from 1999 to 2006. We use the event study methodology to analyze the common stock price reaction around ex-rights days. Moreover, we assess the long-term performance of firms having a seasoned equity offering using leverage and investment ratios. The overall findings are in line with several past studies which attest positive and statistically significant abnormal returns on the ex-right day. The long term performance of those firms having a SEO seems to be affected following a SEO. Keywords: Seasoned equity offerings, ex-right day, abnormal returns, leverage
The Effects Of Mergers & Acquisitions In The Capital Structure Of Shipping Companies
(2015-03-12) Deliantoni, Petroula; Tsakalidou, Anatoli
Mergers and acquisitions is one of the most common ways for the companies that want a financial growth. Mergers and acquisitions are especially used in the shipping sector by firms that either want to expand in the global market or just want to maximize their profits. The purpose of this paper is to examine how mergers and acquisitions in the maritime industry affect the capital structure of the shipping companies. The data that are used are taken from well known databases such as Bloomberg, Thomson One and Yahoo Finance. There are presented 45 cases of mergers in the shipping sector. Those mergers are financial analyzed in order to figure out whether the mergers were profitable or not. Furthermore there are presented the results of the survey. There are presented the most important ratios of the shipping companies and a comparison between the year before and after the merger. Most of the companies that are in the survey are well known big and famous companies of the maritime industry. The results of this report are taken into consideration about the effects of M&As in the capital structure of the acquirer company. There is an examination of the debt and equity changes. However, there is no extensive survey in the M&As in the Shipping Transport Industry and therefore, this report attempts to give new evidences in this issue.
Credit Scoring and Bank Lending Policy in Consumer Loans
(2015-03-12) Ganopoulou, Maria; Giapoutzi, Fotini
Consumer loan performance determines the profitability and stability of banks and other lending institutions and screening the loan applications is a key process in minimizing credit risk. Therefore, the primary problem of any lender is to differentiate between “low risk” and “high risk” debtors prior to granting credit. The main method used in assessing credit risks is the credit scoring analysis. The incentive of our research is the recent global financial crisis that erupted in September, 2008 which caused a dramatic reduction of loans granted by financial institutions. In this study a sample set of applications from a large Greek financial institution was focused on in order to estimate a credit scoring model for the consumer loans in Greece during the period 2007-2009. Taking into consideration that during a period of financial distress the banks‟ lending criteria change rapidly, we separated the full data into tree periods and estimated a probit model per year in order to examine the probability of granting a loan changes through years. Moreover, by constructing a bivariate probit model in order to avoid the sample selection effect, we analyzed how the borrower‟s characteristics influence the decision of granting consumer loans and their performance. Concisely, according to our empirical results, we verified that the probability as well as the criteria of granting a loan changes through years especially in periods of financial distress. Last but not least, we demonstrated that the financial institutions‟ lending policies are compatible with default risk minimization and thus it is important for banks in order to minimize default risk, to review the borrowers‟ creditworthiness periodically.
E-banking in Western Macedonia
(2015-03-13) Radou,Konstantina
Rapid and revolutionary changes in technology the last decade transform the internet in a modern and friendly alternative network for banking transactions. Nowadays, all banking transactions can be virtually presented. The aim of our research is to identify adaptability and satisfaction of client‟s use of on-line banking services. The collection of primary data took place through a questionnaire that was distributed to a non-random sample consisted of one hundred and three clients of the ten major financial institutions in the region of Western Macedonia in Greece. The present study is divided into three parts. In the first part the theoretical approach is included to analyze the background of the e-banking user adaptability; in the second part the on-line transactions‟ statistics and promotion effectiveness to user adaptability are presented. In the third part, we analyze the statistics of the web sites visits of each bank. The last chapter includes the description and the analysis of the results of the questionnaire used for the survey. The results of the above analysis indicate that internet provides a unique opportunity for distributing banking services in Greece. E-banking provides benefits both for financial institutions and its clients. We finally, concluded, that the banks that are likely to gain more from e-banking, are those that have more attractive and interesting web site pages.
Performance Evaluation Of Greek Domestic Mutual Funds in the Crisis of 2008-2010
(2015-03-13) Peppas, Apostolos
The present study aims to evaluate the performance of forty four domestic equity mutual funds operating in the Greek financial market over the period of the financial crisis 1/1/2008-31/12/2010 using weekly returns. This study has examined the performance of each fund compared to the benchmark index (Athens General Index), with the use of Sharpe, Treynor and Jensen’s alpha index. The evidence showed that in majority the mutual funds succeed returns higher of the benchmark index and at the same time had standard deviation than the standard deviation of the benchmark index. However none of the mutual funds succeed positive sign regardless of the performances measure used and there evidences that the funds with high standard deviation had low return and vice versa. There not evidence for timing ability of the funds managers and of persistence regardless of the measure used. Finally the study presents both empirical and mathematical proof that Sharpe and Treynor ratio are not sufficient in bear markets and proposed modify ratio in order to solve the problem of their discontinuity. The results of the modify ratios were correlate with those of Jensen’s alpha, while rankings were not consistent with the use of classical Sharpe and Treynor index
Emissions Rights
(2015-03-13) Sergiyenko, Anastasiya
The Effect of Weather Conditions on IPO Performance
(2015-03-13) Vaenterlis, Antonios; Kozyrakis, Ioannis
A variety of studies have demonstrated over the past decade that environmental conditions, such as the weather and the Seasonal Affective Disorder (SAD), have a significant effect on the market behavior of listed stocks. The present study extends the empirical literature in this area by investigating for the first time the effect of weather on Initial Public Offering (IPO) performance using an extensive dataset from 6 countries (US, UK, Singapore, Malaysia, France and Australia) between 1982 and 1997. In order to control for known effects we use a number of control variables which reflect both financial data and behavioral conditions. Our results indicate that the weather has a statistically significant effect on the behavior of the IPO market. In particular, irregularly high cloudiness on a particular day is associated with lower levels of IPO underpricing. However, the short term volatility and stock performance the 5 days following the IPO, is not affected by cloudiness. In line with a previous study, SAD has also a significant effect on IPO unpderpricing. The new result here is that we find that this behavioral factor also affects short time IPO volatility.
The effect of MBOs on Companies Performance and Capital Structure
(2015-03-13) Novaki, Evgenia; Petrakopoulou, Styliani
This study provides an analysis of the changes in performance for a sample of 70 management buyouts (MBOs) of public companies that took place between 1997 and 2007, worldwide. Data for three years pre and post MBO were used to detect differences in profitability, performance, efficiency, liquidity, leverage and investment that occur due to the MBO transaction. The evidence suggests that companies do not experience greater profitability and efficiency in the post MBO period and do not improve their liquidity position. Leverage, on the other hand, increases and investment ratios give no evidence of expansion. These findings suggest that the overall performance of companies after the buyout does not improve.
Credit ratings and their interaction with the capital structure of Greek listed firms
(2015-03-17) Kalaitzoglou, Maria; Grolliou, Alexandra
This study examines the effect of credit rating changes on managers’ capital structure decisions in Greek listed firms. It is an attempt to combine traditional capital structure theories with the modern credit rating-capital structure hypothesis (CR-CS). Many of the theoretically proposed determinants of leverage appear insignificant in this study. Leverage ratios present on average ambiguous variations around the year of credit rating change. Firms close to a credit rating change appear to issue more debt relative to equity no matter the direction of the change. On the contrary, these results are persistent with companies that expect to be downgraded from investment to speculation grade. The overall results are partly consistent with the CR-CS theory. Keywords: Credit ratings, agency costs, capital structure, leverage
Power plant investment decisions under carbon price uncertainty
(2015-03-23) Loulas, Minas D.
This study aims in two directions. First of all, it analyzes in a non technical way the main characteristics of the three Basel Accords since 1988 when the first accord was established. The accords are a set of agreements and their regulatory rules must be followed by the international banks and the financial institutions worldwide. The Basel Committee started with the implementation of the first accord, but due to the changes in the financial market in the 1990‟s, it decided to present a new updated framework. In December 2010 the implementation of the Basel III Accord came as a response to the recent financial crisis bringing innovations with regards to the various risks that an international bank may face. One form of these risks is market risk. The second part of this study in the second part aims to calculate the market risk of a portfolio of Greek bonds following the variance-covariance approach. Through this approach, it aims to answer if this model is operational. Last but not least, this study aims to connect the Basel Accord with the estimation of the risks and present the capital requirements that a bank can set aside by holding this portfolio.
CEO duality and firm performance in the shipping sector
(2015-03-23) Nikolaidou, Kalliopi; Syropoulou, Pinelopi
One of the most strongly debated issues in the corporate finance is the CEO duality. Many researchers in their reports try to explain what kind of leadership is better, the dual or the non-dual. This study sheds light on the extent to which the corporate leadership structure affects corporate performance, especially for firms in the shipping industry. The research which is carried out, uses four main variables of firm performance in the shipping sector; return on equity, return on assets, return on invested capital and earnings before interest, taxes, depreciation and amortization are generally thought to be reliable ratios of performance. The empirical results do not show a significant relationship between CEO duality and firm performance in the shipping sector
Links among satisafction, loyalty and financial performance
(2015-03-23) Tsantsani, Eleni
This Dissertation is elaborated under the framework of Greek financial sector, in order to prove that a positive relationship between customer satisfaction and customer loyalty exists and moreover, that this relationship leads to profitability. The idea of working on this particular project came from all the attention that has been paid to banks and financial institutions, especially by governments all over the world, due to the recent financial crisis. Banks and financial institutions are a quite important part of every society and economy and are responsible for a big part of this recent tough economic environment. This particular study uses a sample of 194 clients of the six largest financial institutions in Greece. The results are presented at the final chapter and show us if the initial hypothesis, which was tested, was true, as well as proposes and measures that banks could take, in order to satisfy their clients and thus stimulate their profitability
The relationship between R&D expenditures and corporate profitability
(2015-03-23) Kopatsari, Marianna
This study researches the relationship between Research and Development (R&D) costs and firm earnings and develops a comparison between the emerging market of Asia and the emerged market of Europe during the period 2007 – 2010. The Asian companies were selected from countries that apply the same reporting method of Research and Development costs as Europe and IAS 38. It is concluded that Asian companies invest increasingly in R&D with a larger rate than European companies. It is also found that R&D contributes to corporate earnings both in Europe and in Asia and a positive relationship is observed between those two factors.
Price and volume dynamics in the market of second hand dry bulk and tanker vessels
(2015-03-23) Belli, Ioulia
The objective of this study is to present the price volatility as well as the sale and purchase market dynamics, taking into account the effect of the recent global economical crisis. The relationship between trading volume and price volatility is examined for five-year old second hand vessels both in the dry bulk and in the tanker market for the period June 1996 to July 2011. Consistent with the literature in financial markets, a positive relationship is found to exist between price volatility and trading volume in both markets. For handysize of the dry bulk market and aframax and VLCC of the tanker market this relationship is found negative and consistent with the findings of past studies (Alizadeh and Nomikos, 2003 and Syriopoulos and Roumpis, 2006). Such a negative relationship would be expected in all vessel classes, as the shipping industry is a market of thin trading. As being expected, the results indicate that having incorporated the effects of the crisis, there is a differentiation in the vessels’ price volatility behavior from what it was observed in previous studies, conducted before the crisis begun. This study contributes to the understanding of the shipping market microstructure and to existing empirical studies in the dynamics of the market. Its results can be useful to investors in order to plan their investment strategies and evaluate their risk in order to profit gain.
E-banking approach in Greece
(2015-03-23) Katsimpra, Evangelia; Theodoridou, Styliani
The purpose of this assignment is to present an in depth analysis on various dimensions of e-banking. An extended Technology Acceptance Model (TAM) was employed as a conceptual framework to investigate the factors that influence user‘s acceptance and intention to use electronic banking. The issues discussed are the advantages and disadvantages of e-banking, the organizational changes necessary for e-banking adoption and the adoption factors of e-banking by retail customers. Through a brief review of literature we have shown that internet banking grows in popularity not only in the developed but also in the underdeveloped countries. The present study utilizes a comprehensive questionnaire survey conducted among Greek users of e-banking and concludes to the most important driver of e-banking adoption from a dataset of 184 responses.
Greek domestic equity funds
(2015-03-23) Tsaka, Ioanna
The present study investigates the performance and persistence in performance of Greek domestic equity mutual funds, using a survivorship-bias controlled sample of 66 funds for the period of 2005-2010. The methods applied for performance measure are the Jensen’s alpha coefficient, based on Capital Asset Pricing Model (CAPM), the quadratic Treynor and Mazuy model and the Cubic model. The second empirical part includes a persistency test on the fund sample using again Jensen’s alpha coefficient on six month horizon. The overall results suggest that Greek equity mutual funds have not been able to provide out-performance since alpha coefficients are insignificantly different from zero. In addition, there is no evidence of timing abilities by the fund managers. At a six month horizon, evidence of persistence for the whole sample (surviving, non-surviving funds) is observed.
Corporate Governance Implications and Synergistic Effects of a Shipping Takeover
(2015-03-23) Papanikolaou, Ioannis
This dissertation thesis examines the field of M&A in shipping industry. The basic purpose of this research is to investigate the behavior of shipping firms’ stock returns before and after the announcements of takeover deals. Moreover, it brings into focus the corporate governance implications in a potential corporate deal. The sample of employed event study analysis is constituted of the biggest M&A deals during the last decade in order to evaluate the synergistic effects of an M&A in shareholders’ value. Furthermore, this paper assesses some major corporate governance characteristics of the acquirer with the most important value creation. The empirical results indicate the positive impact that M&A announcements of company takeovers cause in shareholders’ value. This impact of corporate deals is highly important and creates financial value especially for the target firm in the shipping industry. The empirical findings underline the central role of corporate governance in the shipping firms which can influence the response of a firm in a potential corporate deal.
The copula GARCH model for time varying betas in the banking sector
(2015-03-23) Nikolaidis, Dimitris
The Copula GARCH model for time varying betas in the banking sector. Dimitris Nikolaidis 2010 Copula functions have become an increasingly popular tool in nance when the distribution of asset returns is of extreme importance. The main features of copulas are that they seperate a multivariate distribution into the dependence structure and the margins, thus allowing two step estimation procedures for the distributional parameters that minimize the computational burden and also add exibility to the distribution since the dependence governed by the copula and the margins do not have to belong to the same parametric family, unlike standard multivariate distributions. The aim of this study is twofold. In the rst part, the statistical attributes of copulas are discussed in full detail while in the second part an empirical investigation of the evolution of stock betas during the modern global nancial crisis period is conducted. In the empirical part, it is evident that copula models clearly outperform other, traditional models, in terms of both statistical validity and accuracy in risk calculations
Market risk in financial sector
(2015-03-23) Kalantzi, Alexia
Market risk is normally associated with instruments traded on well defined markets, though increasingly, techniques are used to assess the risk arising from over the counter instruments, and/or traded items where the market is not very liquid. The value of any instrument will be a function of price, coupon, coupon frequency, time, interest rate and other factors. If a bank is holding instruments on account (for example equities, bonds), then it is exposed to market risk, the risk that the price of the instrument will be volatile. Systematic market risk is caused by a movement in the prices of all market instruments because of, for example, a change in economic policy. Unsystematic market risk arises in situations where the price of one instrument moves out of line with other similar instruments, because of an event related to the issuer of the instrument. Value at risk (VaR) has become the standard measure that financial analysts use to quantify market risk. VaR is defined as the maximum potential change in value of a 3 portfolio of financial instruments with a given probability over a certain horizon. More specific, it is the maximum loss which can occur with X% confidence over a holding period of n days. The results produced by a VaR model are simple for all levels of staff from all areas of an organization to understand and appreciate. That is why VaR has been adopted so rapidly. Increased volatility of financial markets and rapid enhancement of computer systems gave banks an important characteristic. Bank would now be a risk manager compared to their former “traditional” role. The science of risk management is not a mature field of knowledge but it constantly evolves. The most prominent of risks – on which a bank is exposed – is market risk since it reflects the potential economic loss caused by the decrease in the market value of a portfolio. Value at Risk (VaR) is the most common measure that financial analysts, banks and supervisors use to measure market risk. The concept of systematic risk has played an important role in finance since Markowitz formalized the notion that investors should hold a diversified portfolio under uncertainty. There have been lots of financial studies concerning beta coefficient: its estimation has “traditionally” been achieved by running a market model regression. Is it important for a company and the investor too? What about the stability of beta and its behavior in bull and bear markets? May the downside risk, as measured by the beta corresponding to bear market, be an appropriate measure of portfolio risk? All of these questions and more other will be answered, in order to be clarified, after reading the paper, what market risk is, which are the specific risks that modern banks have to measure, what Value at Risk is and how we can use it to measure all of these risks, what other types of risk measurement exists, what beta coefficient is and what systematic risk is. On this project the VaR approach and the most popular coefficient in finance, beta, will be presented while trying to analyze market risk, on which a bank is exposed. Beta coefficient of five Greek banks’ stocks will be defined in bull and bear markets using Ordinary Least Squares regression (OLS). The VaR of a hypothetical portfolio will be also estimated using “beta model” and will be compared to the variance – covariance method.
Cynergy pellets
(2015-03-23) Kazakis, Evangelos; Theodoridis, Ioannis
Biomass comprises the most important energy source, which due to the increasing energy needs, must replace the mineral energy sources for environmental sustainability, according to European and international protocols. Thus, until 2020 energy agriculture is due to contribute to the renewable energy sources by 31.1%, whereas transport energy in the EU-25 countries should be covered by renewable sources by at least 5,75% in 2010. Biomass energy is energy produced from organic material grown, collected or harvested for energy use. At present, biomass is the main renewable energy source used for electricity production, heat production and transport. The range of technologies exploiting biomass resources is very wide and the choice of technology depends not only on final use, but also on the nature of the biomass feedstock. The biomass resource can be estimated, based on the land available for dedicated crops and the available forestry and agricultural residues and waste. The drawbacks of biomass as a fuel alternative to coal, oil or gas are attributed mainly to its low energy density, high moisture content and heterogeneity. The problems of conventional biofuels can be lessened or even prevented altogether by the production of pellets with consistent quality, low moisture content, high energy density and homogeneous size and shape. Consistent fuel quality makes pellets a suitable fuel type for all areas of application, from stoves and central heating systems up to large-scale plants, and with practically complete automation in all these capacity ranges. The production of the pellets is labor intensive and commercially challenging. Still, recent years have seen advancement in machinery and processes used for the transformation of low grade biomass to high grade solid biofuels. Pellets can be packaged and transported in a variety of forms such as consumer bags, jumbo or big bags, inside containers, railcars, flat bed trucks, tanker or silo trucks and ocean bulk carriers. They can also be stored in readily available flat storages as well as vertical silos. Year-round pellet supply can therefore be realized by reasonable and efficient fuel logistics.

Περιηγούμαι

Πλοήγηση University Center of International Programmes of Studies (UCIPS) ανά Ημερομηνία έκδοσης