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Article
Publication date: 1 August 1999

Panayiotis G. Artikis and George P. Artikis

Outlines Warren and Shelton’s system for modelling a firm’s operations as a set of simultaneous equations, its limitations and the addition of Monte Carlo simulation into it by…

359

Abstract

Outlines Warren and Shelton’s system for modelling a firm’s operations as a set of simultaneous equations, its limitations and the addition of Monte Carlo simulation into it by Coats and Chesser. Develops these ideas further and applies the new simulation model to a Greek clothing firm to test its effectiveness. Considers other possible applications, e.g. forecasting, calculating the cost of capital and valuation.

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Managerial Finance, vol. 25 no. 8
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 October 2004

George P. Artikis

The present article aims to test the suitability of a newly developed bond index to measure and analyze the risk undertaken by the bond mutual funds operating in the Greek…

1426

Abstract

The present article aims to test the suitability of a newly developed bond index to measure and analyze the risk undertaken by the bond mutual funds operating in the Greek financial market. In doing so, the capital asset pricing model is applied using as an approximation of the market portfolio, first the General Index of the Athens Stock Exchange, secondly the new Bond Index, while, in turn, the results from these two applications are compared with each other. The research concludes that the proposed Bond Index approximates the market portfolio (Greek bond market) much better than the General Index of the Athens Stock Exchange.

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Managerial Finance, vol. 30 no. 10
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 August 1993

George P. Artikis

Aims to identify factors which affect the location decisions ofcompanies in the Greek metal industry. Attempts to determine what thesefactors are, how important they are relative…

241

Abstract

Aims to identify factors which affect the location decisions of companies in the Greek metal industry. Attempts to determine what these factors are, how important they are relative to each other and how important taxes and inducements (financial factor) are in the process of location decision making. The methodology employs: a point allocation system to evaluate the relative importance of the various location factors, experts′ opinion and mail questionnaire for data collection, experience in undertaking new investment for drawing the sample firms, a prospective approach, and non‐parametric statistics. The results are: 16 factors are identified; labour is the first, and financial factor is the second in importance; and the difference in importance between financial factor and other remaining factors is not statistically significant. Concludes that, given the evidence there would be nothing to lose and everything to gain from a much more critical approach to the use of the financial factor as an instrument of regional policy.

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International Journal of Operations & Production Management, vol. 13 no. 8
Type: Research Article
ISSN: 0144-3577

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Article
Publication date: 1 May 1991

George P. Artikis

Attempts by Greek governments to attract manufacturing industry toproblem regions have been shaped by a large number of development laws.Location policy works principally by…

184

Abstract

Attempts by Greek governments to attract manufacturing industry to problem regions have been shaped by a large number of development laws. Location policy works principally by influencing the decisions of individual firms. The article examines the relevance of Greek government location policy and the local criteria actually used by firms operating in the food industry. Raw materials were the most important determinant and the results otherwise suggest that the use of financial factors as an instrument of regional policy needs re‐examination.

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International Journal of Operations & Production Management, vol. 11 no. 5
Type: Research Article
ISSN: 0144-3577

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Article
Publication date: 28 September 2010

George E. Halkos and Marianna K. Trigoni

The purpose of this paper is to detect the relationship between finance and growth in the European Union countries, by searching the direction of causations.

2328

Abstract

Purpose

The purpose of this paper is to detect the relationship between finance and growth in the European Union countries, by searching the direction of causations.

Design/methodology/approach

The growth of real sector is expressed by real GDP per capita growth (dgdpcap), while the size of the financial system by the ratio of domestic credit to GDP (domcregdp). The deposit rate and inflation are used as indexes of monetary policy. This paper estimates vector autoregressive models, based on the Akaike information criterion (AIC) and the Schartz criterion (SC) criteria and cointegration tests are conducted. To test for stationarity, the paper uses Im, Pesaran and Shin (IPS) test. In case with variables are integrated of order one I(1), the paper tests whether they are cointegrated using Pedroni's methodology.

Findings

In the short run, the size of the financial system does not directly seem to affect growth, although its increase seems to lead to an increase in the deposit rate and consequently to a decrease in real GDP per capita. However, according to the vector error correction estimates, the significance of the error correction coefficients implies that there is a relationship between real sector, financial sector and monetary policy in the long run.

Originality/value

Pedroni's methodology, which allows for heterogeneity across members and residual serial correlation, is used for the first time, in Europe, regarding the above‐mentioned variables. According to the results, there seems to be a long‐term relationship, between finance, growth and monetary policy.

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Managerial Finance, vol. 36 no. 11
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 June 2001

George P. Artikis

Assesses the 1995‐1998 performance of ten domestic balanced mutual funds in the Greek financial market using daily net asset value per unit. Ranks them on the basis of daily…

611

Abstract

Assesses the 1995‐1998 performance of ten domestic balanced mutual funds in the Greek financial market using daily net asset value per unit. Ranks them on the basis of daily average return, total risk, coefficient of variation, systematic risk, Treynor’s index, Sharpe’s index and Jensen’s alpha. Shows that their risks and returns were lower than the Athens Stock Exchange index, that they followed defensive investment policies, that some achieved high returns with low risk and that there was some variation of ranking according to the techniques used.

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Managerial Finance, vol. 27 no. 6
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 25 September 2009

George Panigyrakis, Ilias Kapareliotis and Zoe Ventoura

The purpose of this paper is to investigate the contribution of marketing and research and development (R&D) strategies to the profitability of Greek companies.

1504

Abstract

Purpose

The purpose of this paper is to investigate the contribution of marketing and research and development (R&D) strategies to the profitability of Greek companies.

Design/methodology/approach

With the use of secondary data the current research uses variables related to advertising and branding and also R&D expenses for Greek companies.

Findings

Results show that there is no significant relationship between R&D intensity and profitability. R&D is not a leading factor to profitability, despite what the literature review supports.

Originality/value

Different variables contribute to a company's profitability. There is little research related to the impact of corporate profitability and marketing. The present study is a first attempt to measure the impact of marketing activities and the corporate profitability on the Greek business environment.

Details

Managerial Finance, vol. 35 no. 11
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 October 2003

George P. Artikis

The present article aims to evaluate the performance of ten domestic balanced mutual funds operating in the Greek financial market over the period 1/1/1995‐31/12/1998. In doing…

1185

Abstract

The present article aims to evaluate the performance of ten domestic balanced mutual funds operating in the Greek financial market over the period 1/1/1995‐31/12/1998. In doing so, the sample mutual funds were ranked on the basis of their return, total risk, coefficient of variation, systematic risk, and the techniques of Treynor, Sharpe and Jensen. The ten mutual funds achieved lower return than the General Index of the Athens Stock Exchange (ASE). However, the mutual funds achieved satisfactory return in relation to the total and systematic risk undertaken. The sample mutual funds followed defensive investment policy that was in line with their objectives. The General Index of the ASE appeared to be a close approximation of the market portfolio. To some extent the ranking of the mutual funds varied among the techniques of Treynor, Sharpe and Jensen, although certain mutual funds were ranked in the same order regardless of the technique used. According to Jensen, seven mutual funds had superior performance, while the remaining three demonstrated poor performance.

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Managerial Finance, vol. 29 no. 9
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 17 April 2007

Afroditi Papadaki and Georgia Siougle

This paper seeks to deal with the problem of the anomalous negative price‐earnings relation for firms listed in the Athens Stock Exchange (ASE).

2029

Abstract

Purpose

This paper seeks to deal with the problem of the anomalous negative price‐earnings relation for firms listed in the Athens Stock Exchange (ASE).

Design/methodology/approach

The simple earnings capitalization model is employed to investigate the association between price and earnings across profit and loss firms listed in the ASE.

Findings

This study verifies a negative price‐earnings relation for those firms that report losses (loss firms) and a positive price‐earnings relation for those firms that report profits (profit firms).

Practical implications

Regarding the usefulness of financial information to investors, the security price‐earnings relation is proved not to be homogeneous across firms that report losses and firms that report profits.

Originality value

The paper provides evidence on the value relevance of publicly available information in a developing stock exchange which finally achieved its entrance to the world's developed markets.

Details

Managerial Finance, vol. 33 no. 5
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 25 September 2009

Nikolaos Eriotis, Costandinos Siriopoulos, Dimitrios Vasiliou and Vasileios Zisis

Prior evidence suggests the existence of asymmetric timeliness in the reporting of good and bad news of firms that trade in the Athens Stock Exchange. The purpose of this paper is…

803

Abstract

Purpose

Prior evidence suggests the existence of asymmetric timeliness in the reporting of good and bad news of firms that trade in the Athens Stock Exchange. The purpose of this paper is to explore whether these results are consistent with inferences related to persistence property of earnings for firms that trade in the Athens Stock Exchange.

Design/methodology/approach

The research design employs both level regression specification and change regression specification and it is based on pool cross‐sectional regressions. Empirical results after classifying observations are reported based on both the sign of prior period and current period firms' return, while a number of sensitivity tests are employed.

Findings

According to prior evidence, bad news is recorded more timely than good news but in an unbiased and non‐conservative way. This implies that earnings shocks of firms with bad news should present persistence. Results from an ex‐ante perspective verify these arguments while results from an ex‐post perspective do not.

Originality/value

In contrast to other studies that report results that, in bad news periods, firms' earnings tend to present lower persistence than firms' earnings in good news periods, because managers conservatively report bad news, this paper focuses on a sample of firms that seems to report bad news in a timely way.

Details

Managerial Finance, vol. 35 no. 11
Type: Research Article
ISSN: 0307-4358

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