https://www.um.edu.mt/library/oar/handle/123456789/28528 2026-04-04T21:09:25Z 2026-04-04T21:09:25Z Christopoulos, Apostolos G. Papathanasiou, Spyros Kalantonis, Petros Chouliaras, Andreas Katsikides, Savvas https://www.um.edu.mt/library/oar/handle/123456789/30702 2019-10-23T08:32:32Z 2014-01-01T00:00:00Z

Title: An investigation of cointegration and casualty relationships between the PIIGS’ stock markets Authors: Christopoulos, Apostolos G.; Papathanasiou, Spyros; Kalantonis, Petros; Chouliaras, Andreas; Katsikides, Savvas Abstract: The aim of this paper is to investigate the relationship of price changes in the southern European E.U. member states through their stock markets and especially among the exchange markets of Portugal, Italy, Ireland, Greece and Spain, known also as the PIIGS countries. More specifically, it is examined whether cointegration and causality relationships exists among the PIIGS’ Stock Markets while by testing these relationships the existence of the Efficient Market Hypothesis (EMH) among these stock markets is also tested. In case of cointegration relationships between these markets it is proved that possible advantages by internationalizing portfolio diversification are limited and further attention must be given for the selection of an internationalized optimal portfolio. It is also wealth mentioning that since 2012 Europe faces a serious economic crisis which is deeper in the member states of the South, so even further attention must be given to the construction of optimal portfolios.

2014-01-01T00:00:00Z Stancu, Ion Varzaru, Mihai Lazarescu, Adriana https://www.um.edu.mt/library/oar/handle/123456789/30701 2019-10-23T08:33:08Z 2014-01-01T00:00:00Z

Title: Helsinki corridors : ways of European expansion and development Authors: Stancu, Ion; Varzaru, Mihai; Lazarescu, Adriana Abstract: Efficient distribution of human and goods transport has always been an important element in maintaining the economic systems cohesion. Together with the economic and technological development, the purposes to attain this goal have considerably evolved. The integration of the Centre, Eastern and South-Eastern European countries’ infrastructure in the European transport networks has as a main goal the promotion of networks’ interconnection and interoperability. This is done through concentrating upon some specific infrastructure routes located on the trajectory of 10 pan-European transport corridors, which pass through geographical zones in many countries, some of them EU members, and others undergoing a process of negotiation (Turkey). Pan-European Corridors will have immediate effects like: the growth of investments in infrastructure thanks to European funds – for developing countries, this will represent an important part as it welcomes a development of the economy, especially in crises; the favouring of conditions for the functioning and administration of globalization; the growth of cooperation both among Eastern countries and between such countries and Western countries; conditions for the recovery of economic differences between West and East; conditions for the recovery of the development in accordance with the policy of European countries and other candidate countries.

2014-01-01T00:00:00Z Toudas, Kanellos Bellas, Athanasios P. https://www.um.edu.mt/library/oar/handle/123456789/30700 2020-05-07T14:39:16Z 2014-01-01T00:00:00Z

Title: Corporate governance and its effect on firm value and stock returns of listed companies on the Athens stock exchange Authors: Toudas, Kanellos; Bellas, Athanasios P. Abstract: Recent researches have worked on the relationship between Corporate Governance and expected rates on return as well as historical returns. Firstly, we construct an Index of Corporate Governance (CGQL) that measures the quality implementation of Corporate Governance of the enlisted firms on the Athens Stock Exchange distinguishing the firms into Democracies and Dictatorships. An investment strategy that buys Democracies and shorts Dictatorships earns abnormal returns of around 18% annually during the sample period. In this paper we investigate if Corporate Governance matters in investors’ decisions. We try to observe if Corporate Governance is a proxy for firm valuation, a factor of creating and altering abnormal returns, or a risk factor, which can be a “substitute” for market risk (beta), using uni- and multi-variate analyses. The conclusions call into question the utility of Corporate Governance upon firm attractiveness.

2014-01-01T00:00:00Z Loukopoulos, George Roupas, Theodoros https://www.um.edu.mt/library/oar/handle/123456789/30591 2018-06-01T01:25:34Z 2014-01-01T00:00:00Z

Title: Financial analysis of the Greek private health sector over the last decade (2002-2012) Authors: Loukopoulos, George; Roupas, Theodoros Abstract: The purpose of this study is to perform a comprehensive financial statement analysis for Hygeia, the largest Private Health Organization in Greece. In this regard, we employ a variety of theoretically advanced approaches. For instance, DuPont analysis based on the decomposition scheme of Nissim and Penman (2001), shows that the capital structure decisions eroded shareholder profits, and specifically their impact was pronounced after the outbreak of the global financial crisis. Considering the unique operating characteristics of the health sector and the hostile macroeconomic environment, working capital management performed generally well, but with a considerable margin for further improvements, if more responsible policies are followed. What is more, thorough analysis revealed that in the last years operating returns were consistently negative and operating cash return were unable to cover effective interest fixed costs. If the external environment does change favorably and if more importantly, the business model of Hygeia does not focus on significant operating improvements, the long term prospect of the organization may be questioned.

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