https://www.um.edu.mt/library/oar/handle/123456789/43319 2026-04-10T01:02:03Z 2026-04-10T01:02:03Z Tachmatzidi, Isidora https://www.um.edu.mt/library/oar/handle/123456789/43490 2019-05-25T01:48:50Z 2017-01-01T00:00:00Z

Title: Takeover defenses in the Greek economy Authors: Tachmatzidi, Isidora Abstract: Takeover defenses are crucial factors for the success of a takeover bid. The European Commission considers takeovers a significant factor for the economic integration strategy of the EU and the Takeover Directive was issued in 2004 to regulate takeover bids. However, it is also important to consider the structural characteristics of the economy in which they operate. There is the concern that EU Member States have different market, legal and cultural structures. The present paper gives a description of takeover defenses and their application in the Greek economy; a weak economy operating in a premature non-contestable market with concentrated ownership structure. It analyzes the role of takeover defenses in Greece that has implemented the EU Takeover Directive in its jurisdiction. Subsequently, the legal framework is examined, followed by relevant case law and takeover activities related to market sectors that include banking, pharmaceutical, shipping, banking as well as privatizations. The examination of takeover defenses in hostile takeovers in the Greek market aims to promote the understanding of the operation of takeover defenses in a weak economy and to offer further understanding on the way economic growth and market structure characteristics influence takeover defenses and vice-versa. It, also, aims to provide feedback on future policy implementation in Greece and the European Union for the advancement of harmonization.

2017-01-01T00:00:00Z Duante Neves, Maria Elisabete https://www.um.edu.mt/library/oar/handle/123456789/43489 2019-05-25T01:48:35Z 2017-01-01T00:00:00Z

Title: Payout and firm’s catering Authors: Duante Neves, Maria Elisabete Abstract: This paper is built upon the predictions of the catering theory of dividends and examines whether investor sentiments exert significant influence on corporate dividend policy. Accordingly, we propose a dividend model that incorporates a variable at the firm-level proxy for the catering effect. Estimation of the model using the GMM shows that firms in Eurozone countries cater to their investors’ sentiments, and the model provides evidence supporting the catering model. Additionally, we show an interaction effect between catering and firm characteristics, particularly liquid assets, investment opportunities, and levels of free cash flow.

2017-01-01T00:00:00Z Tlebaldiyeva, M. Sadikov, T. Kamiyeva, G. Moldahmetova, Z. https://www.um.edu.mt/library/oar/handle/123456789/43488 2019-05-25T01:49:19Z 2017-01-01T00:00:00Z

Title: The outcomes of cooperation of Kazakhstan and Turkey in the field of education Authors: Tlebaldiyeva, M.; Sadikov, T.; Kamiyeva, G.; Moldahmetova, Z. Abstract: Official relations between Turkey and Kazakhstan were established in December 1990. The Minister of Culture Namik Kemal Zeybek and the Kazakh State Culture Committee signed an agreement for the carrying out of common cultural work between two countries in education system, research projects, exchange experience of experts and scholars in the practice. This agreement regained cultural ties interrupted long time ago. The official visit of the head of the Kazakh State Culture Committee paid to Turkey on the January 31, 1991, and the cooperation agreement signed by the Minister of Health on February 14 of that year strengthened cultural relations between the two countries. Before gaining the independence of Kazakhstan the official visit of the Turkish President Turgut Ozal to Kazakhstan on March 15 and signing the agreement "on the relationship of Kazakh Soviet Socialist Republic and the Republic of Turkey" led to the strengthening friendship Kazakh-Turkish relations and further development in this direction.

2017-01-01T00:00:00Z Bojare, Kristina Romanova, Inna https://www.um.edu.mt/library/oar/handle/123456789/43486 2020-05-25T15:19:31Z 2017-01-01T00:00:00Z

Title: The factors affecting the profitability of banks : the case of Latvia Authors: Bojare, Kristina; Romanova, Inna Abstract: Bank profitability is a topical issue for a wide range of stakeholders including bank managers and investors, financial supervisors and economic policymakers as well as economists, analysts and journalists. While the general factors affecting the bank profitability have been thoroughly investigated in the academic literature, differences in the significance of those factors among diverse bank business models and various degrees of banks systemic importance have been analysed less comprehensively. The paper sets out to determine the main factors and their level of impact on profitability of banks in Latvia. The analysis is enhanced by considering three different perspectives of the subdivision of the banking sector in terms of (i) bank business models or (ii) their systemic significance according to the assessment made by both the national supervisory authority and the Single Supervisory Mechanism. The research is based on the analysis of macroeconomic and bank's financial statement data; the conclusions are drawn based on the analysis of a fixed effects cross–section weights panel model. The research has shown that in Latvia bank profitability is affected mostly by factors such as economic environment, inflation, interest rates (spread), competition in the banking sector as well as individual bank overall effectiveness. The findings outline the differences between different bank business models and describe the unique banking market in Latvia from the perspective of bank business decisions, at the same time providing valuable insight on profitability aspects that could prove useful, among other parties, to the national supervisory authority and the European Central Bank in bank profitability analysis and assessment of systemically significant institutions.

2017-01-01T00:00:00Z