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Article
Publication date: 1 February 1992

Katerina Lyroudi and Don A. Taylor

The 1990s may be viewed as the decade of economic globalization. The projected EEC integration in 1992 has already lead to an increase in direct foreign investment (DFI) and…

65

Abstract

The 1990s may be viewed as the decade of economic globalization. The projected EEC integration in 1992 has already lead to an increase in direct foreign investment (DFI) and acquisition activity in Europe. Many firms would like to participate in the new market that will emerge in 1992. In addition, the collapse of the Berlin Wall and the subsequent reunification of the two Germanies have signalled a new era for Eastern Europe. These events will forge a new Europe of approximately 520 million people with nearly $5 trillion in combined gross national product, versus the $4 trillion economy of the United States and the $2 trillion economy of Japan.

Details

Managerial Finance, vol. 18 no. 2
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 May 2006

Katerina Lyroudi, Apostolos Dasilas and Antonios Varnas

To investigate whether a stock split is still considered a policy that creates value for the underlying company and the rationale behind such action for companies listed on the…

3526

Abstract

Purpose

To investigate whether a stock split is still considered a policy that creates value for the underlying company and the rationale behind such action for companies listed on the NASDAQ.

Design/methodology/approach

The event study methodology of Strong is employed to examine the announcement effect of stock splits on stock prices.

Findings

The results indicate a positive market reaction at the stock split announcement and that the liquidity hypothesis explains well the rationale for the stock splits.

Research limitations/implications

The sample is quite small (57 observations) and the examination period is limited to 1999 and 2000.

Practical implications

Findings are of particular interest to researchers, practitioners and investors that have an interest in firms listed on NASDAQ.

Originality/value

Limited research on the stock price behaviour of firms listed on NASDAQ around stock split announcement date.

Details

Managerial Finance, vol. 32 no. 5
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 9 March 2010

Athanasios Koulakiotis, Katerina Lyroudi, Nikos Thomaidis and Nicholas Papasyriopoulos

The purpose of this paper is to examine volatility transmissions between portfolios of cross‐listed equities and exchange rate differences and also the volatility persistence for…

786

Abstract

Purpose

The purpose of this paper is to examine volatility transmissions between portfolios of cross‐listed equities and exchange rate differences and also the volatility persistence for home, foreign equities, and exchange rate differences in the UK and German markets.

Design/methodology/approach

A primary focus of this paper is to see if there is an impact first on the volatility persistence for foreign equities that are listed in the UK and German markets, second on the respective home portfolios of cross‐listed equities, and third on the exchange rate differences. In addition, whether there are any bilateral spillovers between the following equity portfolios: foreign cross‐listed equities, home cross‐listed equities, and also local or global exchange rate differences are investigated.

Findings

The paper finds that the volatility persistence is more prominent than error persistence from cross‐listed equities, foreign or home, and the exchange rate differences. Furthermore, the transmission mechanism indicates a bilateral integration process in some of the cases that were examined. Based on these results, it is concluded that in the UK market the foreign cross‐listings affect less the domestic equities compared to the German market.

Originality/value

This paper examines the interdependence of portfolios of home and foreign equities for cross‐listings that belong to the same stock exchange with two exchange rates, a local and a global one in order to provide more evidence in this area of literature.

Details

Studies in Economics and Finance, vol. 27 no. 1
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 8 May 2009

Apostolos Dasilas, Katerina Lyroudi and Demetrios Ginoglou

The purpose of this paper is to investigate the impact of dividend initiations on shareholders’ wealth using a sample of 38 Greek listed firms.

1444

Abstract

Purpose

The purpose of this paper is to investigate the impact of dividend initiations on shareholders’ wealth using a sample of 38 Greek listed firms.

Design/methodology/approach

The event study methodology of Brown and Warner was employed to examine the share price reaction to initial dividend announcements across different information environments.

Findings

Results show that dividend initiations bring about significant positive abnormal returns in the announcement period. The price response to dividend initiations is inversely associated with the information environment. Finally, the volatility of stock returns is higher in the low information environment group of firms than in the high information environment group of firms.

Research limitations/implications

The observations are not many, although the whole population is included, since there are no data available prior to 2000.

Practical implications

These findings are useful to researchers, practitioners and investors who have an interest in firms listed on the Athens Stock Exchange (ASE) for their proper strategic decision making.

Originality/value

For the first time the stock price behaviour of firms listed on the ASE around dividend initiation announcement dates is examined.

Details

Managerial Finance, vol. 35 no. 6
Type: Research Article
ISSN: 0307-4358

Keywords

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Article
Publication date: 3 October 2008

Apostolos Dasilas, Katerina Lyroudi and Demetrios Ginoglou

The purpose of this paper is to empirically investigate stock price and trading volume reactions to simultaneous interim dividend and earnings announcements by the Greek firms…

1691

Abstract

Purpose

The purpose of this paper is to empirically investigate stock price and trading volume reactions to simultaneous interim dividend and earnings announcements by the Greek firms listed on the Athens stock exchange (ASE).

Design/methodology/approach

Classical event study methodology was employed to examine the share price and trading volume reaction to interim dividends and earnings announcements.

Findings

Results confirm the signaling hypothesis which predicts positive market reaction to the joint dividend and earnings announcements. However, the magnitude of the price reaction initiated by the final dividend announcement seems to be higher than the one by the interim dividend announcement.

Research limitations/implications

The observations are not many, although the whole population was included, since there are no data available prior to 1998.

Practical implications

The findings are useful to researchers, practitioners and investors who have an interest in firms listed on the ASE for their proper strategic decision making.

Originality/value

For the first time, the stock price and trading volume behaviour of firms listed on the ASE around contemporaneous dividend and earnings announcement dates is examined.

Details

Studies in Economics and Finance, vol. 25 no. 4
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 1 May 2006

Plamen Patev, Nigokhos Kanaryan and Katerina Lyroudi

To investigate the Central and Eastern European (CEE) equity market co‐movements before, during and after major emerging market crises. To examine the impact of the crisis on the…

3364

Abstract

Purpose

To investigate the Central and Eastern European (CEE) equity market co‐movements before, during and after major emerging market crises. To examine the impact of the crisis on the gains of international portfolio diversification in CEE.

Design/methodology/approach

The study is based on the concept of co‐integration. The daily US dollar returns are analyzed for the period August 28, 1996 to August 2, 2001. The whole period is split into three sample periods. The first one is the pre‐crisis period from August 28, 1996 to May 30, 1997. The crisis period is from June 2, 1997 to January 31, 1999. The third period is the post‐crisis from February 1, 1999 to August 31, 2001.

Findings

Indicates no long‐run relationship between the US and the four Central European stock markets. Demonstrates a feedback effect and causality in one direction during and after the crisis period. Confirms a decrease of portfolio benefits in the crisis period and an increase of portfolio benefits in the post‐crisis period.

Research limitations/implications

It is based on econometrics tests that quantify market integration and measure opportunities for international portfolio diversification. Employment of asset pricing models is viewed as a future research.

Practical implications

A very useful source of information for investors in Central and Eastern Europe.

Originality/value

One of the first papers investigated the benefits from portfolio investments in Central and Eastern Europe stock markets during financial crises.

Details

Managerial Finance, vol. 32 no. 5
Type: Research Article
ISSN: 0307-4358

Keywords

Available. Content available
Article
Publication date: 8 May 2009

K. Michael Casey

304

Abstract

Details

Managerial Finance, vol. 35 no. 6
Type: Research Article
ISSN: 0307-4358

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