https://www.um.edu.mt/library/oar/handle/123456789/28502 2026-04-23T09:55:22Z 2026-04-23T09:55:22Z Sariannidis, Nikolaos Drimbetas, Evangelos https://www.um.edu.mt/library/oar/handle/123456789/31867 2018-07-18T01:28:26Z 2008-01-01T00:00:00Z

Title: Impact of international volatility and the introduction of individual stock futures on the volatility of a small market Authors: Sariannidis, Nikolaos; Drimbetas, Evangelos Abstract: This study analyzes the effect of individual share futures as well as the international volatility spillover on the Greek market. We have found that individual share futures have had a beneficial effect on the volatility of the underlying stocks in various ways. We have also concluded that stock returns in the Greek market receive a mean spillover effect from the major markets of the European Union, from the U.S. and Japan markets and volatility spillover only from the major markets in the E.U. The methodology employed is the capturing asymmetries model proposed by Glosten et al. (1989) (GJR) and the period analyzed covers from August 1997 to January 2006.

2008-01-01T00:00:00Z Borges, Maria Rosa Nektarios, Milton Pestana Barros, Carlos https://www.um.edu.mt/library/oar/handle/123456789/31848 2018-07-19T08:36:58Z 2008-01-01T00:00:00Z

Title: Analysing the efficiency of the Greek life insurance industry Authors: Borges, Maria Rosa; Nektarios, Milton; Pestana Barros, Carlos Abstract: This paper uses the DEA-CCR and the DEA-BCC models to evaluate the performance of Greek life insurance companies in the period 1994 to 2003, combining operational and financial variables. These models identify adequately the inefficient companies, but are weak in discriminating among those found to be efficient. To improve the results, we employ the Cross-Efficiency and the Super- Efficiency models. We estimate an inefficiency gap of about 27%. Furthermore, by using the Mann-Whitney Z-Test, we find that large and quoted life insurance companies, as well as those involved in mergers and acquisitions, exhibit higher efficiency. A major finding is that the local market is in great need of further consolidation.

2008-01-01T00:00:00Z Merikas, Andreas G. Staikouras, Sotiris K. https://www.um.edu.mt/library/oar/handle/123456789/31835 2020-05-19T15:55:44Z 2008-01-01T00:00:00Z

Title: The Greek bank-insurance model : a look at a not-so-new corporate structure Authors: Merikas, Andreas G.; Staikouras, Sotiris K. Abstract: One of the notable characteristics of modern financial markets is the convergence among financial institutions, which until recently preformed different tasks. To this end, the present study explores the bank-insurance phenomenon in the Greek market. It focuses on the development of financial conglomerates in the region, while arguing that the phenomenon is not as new as one would expect. A variant of the bank-insurance approach to financial services seems to have dominated the Greek market for over a century. An analysis of recent developments is also presented, with the evidence indicating a trend towards multi-venture partnerships as well as active involvement of multinational enterprises.

2008-01-01T00:00:00Z Tausch, Arno https://www.um.edu.mt/library/oar/handle/123456789/31821 2018-07-18T01:28:28Z 2008-01-01T00:00:00Z

Title: The failure of the EU in the global “Lisbon process” : a cross-national, quantitative tribute to the relevance of the economic theories of professor Panayotopoulos Authors: Tausch, Arno Abstract: In this paper we analyze the Lisbon performance of the countries of the European Union from a long-term, structural perspective. It again turns out that first of all things get worse, before they get better – the old wisdom of classical development economics (Kuznets) and political science modernization theory of the postwar period. In addition, it emerges that foreign savings, “economic freedom”, low comparative international price levels, and World Bank type pension reforms are not compatible with a solid and longrun development path, based on our knowledge of 17 component variables, integrating the dimensions growth, environment, human rights, basic human needs satisfaction, and gender equality. In addition, European Union membership (EU-15, “old Europe”) has the numerically highest negative effect on the global Lisbon process; while Muslim population shares in no way bloc the development process, on the contrary. Neo-liberal globalization strategies are condemned to failure; while European decision makers in particular would be strongly advised to re-think their Lisbon strategy, which pushes countries towards accepting strategies, which, inter alia, lower instead of increase the comparative international price level. Is a price level of say, the Congo’s dimension, really the aim of the Lisbon process? Balassa and Samuelson assumed that rising international price levels for the periphery country are a precondition of positive development. Falling relative price levels would suggest in the neo-classical argument that the price of the nontradables in the European economy decreased dramatically over time. Structuralist economists, like Stanford Professor emeritus Pan Yotopoulos, usually warn the weaker countries of the periphery that:“Currency substitution represents an asymmetric demand from Mexicans to hold dollars as a store of value, a demand that is not reciprocated by Americans holding pesos as a hedge against the devaluation of the dollar!” (Yotopoulos and Sawada, 2005). In addition to the above specified dependency theory and world systems theory arguments, urbanization positively affects Lisbon Process Index Indicator. Ceteris paribus, World Bank pension reforms will be negatively related to the process: Pushing Europe downwards the path of falling comparative prices will only increase the growth impediments of the growingly multicultural Europe.

2008-01-01T00:00:00Z