https://www.um.edu.mt/library/oar/handle/123456789/28465 Wed, 15 Apr 2026 16:28:12 GMT 2026-04-15T16:28:12Z https://www.um.edu.mt/library/oar/handle/123456789/31446 Title: Value relevance of institutional investors Authors: Karathanassis, George A.; Philippas, Nikolaos; Tsionas, Efthymios G.; Hevas, Demosthenes Abstract: In this paper we investigate the influence of institutional investors on share prices using data from companies quoted on the Athens Stock Exchange. For finance theorists the value of an investment, real or financial, is a function of its expected benefits and the riskiness of these benefits. Whatever influences are exerted by the structure of equity ownership are diversified away by efficient risk-averse investors. Managerial and agency theorists argue that the particular ownership structure may have an effect on share value or returns. Their arguments are based (mainly) on the consequences of the separation of ownership from control. In addition to traditional methods of estimation we have used Chamberlain’s (1982) multivariate panel data estimator, which allows for arbitrary patterns of error autocorrelation and parameter temporal behavior. Among all alternative methods of estimation used, only this one produced a statistically significant and econometrically well specified relationship between share prices and institutional shareholdings. Thu, 01 Jan 2004 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/31446 2004-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/31445 Title: The European Union in the 90’s. Fiscal conditions and concerns Authors: Papaioannou, George Abstract: This article is referred to the general direction of the economic policy adopted by the member states in year 1999. It is considered in the mixture of measures mainly aimed at contributing to growth, employment and stability, on the basis of a monetary policy. These policies, that are referred in the article, are aimed at a preserved price stability, according to the convention, continuous efforts to get individual budgets balanced or with surpluses in a medium-term perspective, whilst, at the same time, the developments in the labor markets and salaries will be consistent with the objective for price stability and increased employment. Thu, 01 Jan 2004 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/31445 2004-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/31444 Title: Size effect still present in the Athens stock exchange Authors: Glezakos, Michalis; Mylonas, Petros Abstract: This study aims to shed some light on the academic debate about the validity of CAPM and whether systematic risk is the only factor that is priced in the markets. The fact that other factors have proved to offer return premiums in the capital markets is presented in the finance literature as anomaly. The firm size has been shown by a plethora of studies to be negatively related with returns, a phenomenon that is called small firm effect. However, recent empirical studies have claimed that the small firm effect has come to an end globally in the late 1980s. This paper comes to fill that gap and examine whether the presented size effect in the Athens Stock Exchange for the 1970s and early 1980s has still been strong in the recent years. The results show that size is negatively related to returns in the period 1990-2001 and in all of the specific market conditions studied, with various beta estimates being incapable of explaining the risk – return relationship even when thin trading is taking into account. Standard deviation as a measure of total risk proves to explain partially the constant superior returns of small firms since it is implied that these returns could be a compensation for the higher volatility involved. Thu, 01 Jan 2004 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/31444 2004-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/31443 Title: The causal relationship between domestic private consumption and wholesale prices : the case of European Union Authors: Dritsakis, Nikolaos; Adamopoulos, Antonios Abstract: The purpose of this paper is to investigate and measure the proportion of changes in wholesale prices transferred to private consumption prices in European Union economy. The data used in the investigation are monthly, covering the period from 1996:9 to 2001:7 and refer to consumer price indexes and wholesale price indexes of all products. Cointegration method is used in order to investigate the cost transfer from wholesale prices to consumer prices, or in other words to test the existence or not of a long-term equilibrium relationship between the two prices. Thu, 01 Jan 2004 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/31443 2004-01-01T00:00:00Z