Employing earnings shortfall as a financial distress indicator, we formulate a dynamic nonlinear model, implementing Wooldridge's conditional maximum likelihood estimator and accounting for potentially endogenous covariates. Likewise, we not only achieve a significant improvement in consistency...

We studied empirically American no-load equity mutual funds that invest in European stocks and keep their managers for more than three years, in order to investigate the persistence of the short-term performance, and the related investment style. The results showed an underperformance compared...

This paper uses spectral analysis to examine interrelationships between the daily returns generated by one US (S&P 500) and three major European (FTSE 100, DAX 30, CAC 40) share price indices. Evidence is found of strong interdependence between the European returns series, as well as a lead-lag...

A method is presented that takes into account the day-of-the-week and the turn-of-the-month effect and the holiday effect and embodies them to neural network forecasting. It adjusts the time series in order to make its dynamics less distorted. After a predicted value is calculated by the...

The question of whether there is a tendency for regional convergence has become a central topic for economic research. This paper considers the issue of convergence across Greek regions, following the theoretical basis of the neoclassical model of economic growth. Our analysis finds no evidence...

<title/> SIRIOPOULOS C. and ASTERIOU D. (1998) Testing for convergence across the Greek regions, <italic>Reg. Studies</italic> 32, 537-546. During the last five years, few issues have proved more controversial in empirical economics than the so-called convergence hypothesis. This paper examines the issue of convergence...

This study tests the 'Market for Corporate Control' hypothesis in a small open economy. The results appear to favour rejection of this hypothesis indicating that acquisitions have not been driven by managerial-disciplinary motives. Moreover, it is found that a logit model outperforms other...

This paper presents the results of the actuarial valuation method Projected Unit Credit (“benefits/years of service”) in order to assess the effects of the public sector downsizing on real economy and social security in Greece, using a prototype data set. We found a social security loss of...

This paper investigates the effect that the creation of the Monetary Policy Committee (MPC) has had on the interest rate risk which banks and life insurance companies face in the UK. By means of GARCH-M methodology, the stock returns are modelled on the CAPM and the Fama-French asset-pricing...

Purpose – The purpose of this paper is to present an innovative model to evaluate the fair price of a subset of structured products for a hypothetical US structured bond. Design/methodology/approach –The authors assume that interest rates dynamics are described by the Cox–Ingersoll–Ross...