https://www.um.edu.mt/library/oar/handle/123456789/28496 Wed, 24 Jun 2026 04:18:00 GMT 2026-06-24T04:18:00Z https://www.um.edu.mt/library/oar/handle/123456789/31461 Title: Are earnings more informative than residual income in valuation models? Authors: Negakis, Christos J. Abstract: The efforts to derive a theoretically correct valuation model based on accounting data has lead to the development of the Feltham and Ohlson (1995) model, which employs book values (BV) and residual income (RI) as valuation attributes. However, in empirical settings RI is often replaced by net income (NI). The present paper shows that replacing RI with NI in valuation models potentially reduces information content and significance. The results also indicate that RI has a stronger association with Market values in conjunction with Research and Development expenditures (RD) and Book value. RD is shown to enhance the explanatory power of NI and RI for market values (MV). Its inclusion in valuation models, is thus, supported by the present paper. Sat, 01 Jan 2005 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/31461 2005-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/31460 Title: A time series model for the long-term forecast of ports' container handling : the case of the port of Piraeus Authors: Eleftherios, Thalassinos; Vassilis, Michalopoulos Abstract: The purpose of this study is to investigate the future demand of ports’ container handling and to propose a model to forecast this demand using annual data from the Piraeus Port Authority for the period 1980 to 2005. The variables used refer to the GDP, the population of the country, the gross investments of fixed capital of the transport sector, the weighted mean of price of container handling, the unemployment rate, the gross domestic product of the maritime transport sector in current prices, and a dummy variable. The empirical evidence refers to the port of Piraeus; the computations were run using the statistical package SAS and the results are consistent with the theory. The proposed methodology may be used for long run forecasts at any other similar situation. Sat, 01 Jan 2005 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/31460 2005-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/31434 Title: The ambiguity of the enterprise resource planning (ERP) : hit or doom? Authors: Fafaliou, Irene; Zervopoulos, Panagiotis Abstract: In the age of the smart machine and informative domination, work organizations and their managers look forward to acquiring internal advantages for their companies in response to external changes and pressures. In this pursuit for success managers are often attracted by various techniques and software programmes such as reengineering solutions and ERP applications. However, there is no general agreement on the benefits or misfits of both of the aforementioned projects in the business literature. This paper tries to offer a critical analysis of the Business Process Reengineering (BPR) movement and examines its compatibility with ERP solutions. It is argued that both managerial innovations are “top-down” approaches and company’s ability to perform high standards still mainly depends on managerial heads’ authority. However, as it is revealed out of the majority of case studies reviewed, ultimately, every effort for business modernization and success depends on the objectives, interpretation and commitment for change. Sat, 01 Jan 2005 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/31434 2005-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/31430 Title: Asymmetric shocks, structural rigidities and adjustment capability in EMU - a review Authors: Theodoropoulos, Sotirios Abstract: The high degree of sustainable nominal convergence between EMU member states have not implied a corresponding degree of real and structural convergence. Still existing structural asymmetries in the monetary union, which is not an Optimum Currency Area, are bound to broaden due to continuous enlargement of Europe, giving rise to various kinds of shocks and divergences, poor economic performance in some member countries and to Europe as a whole. This paper examines the potential sources of asymmetries, which to a large extend determine the exposure to asymmetric shocks, or asymmetrical effects stemming from symmetric shocks. We also analyze available adjustment mechanisms and appropriate policy instruments in EMU’s economic reality. Using a set of economic indicators we investigate how some product and labor market rigidities affect in an adverse way macroeconomic performance in EMU. Having restricted the fiscal room for maneuver under the Stability and Growth Pact, existing asymmetries and structural rigidities call for a speed-up of structural reforms, as the only way to growth and prosperity. Sat, 01 Jan 2005 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/31430 2005-01-01T00:00:00Z