Explains how sales efforts try to create product differentiation and increase monopoly power; and uses 1995‐1996 data from a panel of 45 Greek firms to examine the relationship between debt‐to‐equity ratio and profitability, taking a firm’s sales promotion expenses into account. Applies...

Outlines previous research on the capital asset pricing model and its extensions; and fluctuations in the Greek economy and capital market between 1980 and 1992. Develops a mathematical, multi‐factor, risk‐return model and applies it to Greek data for this period, split into two...

Outlines the models devised by Jensen (1968, 1969) and Treynor and Mazuy (1966) for measuring the performance of managed portfolios and related empirical research. Applies the Treynor‐Mazuy model to a sample of 17 Greek equity mutual funds using 1995‐1998 daily returns data and presents the...

Early theoretical work on equity valuation suggests that equity prices are determined by variables such as dividends and growth in dividends. However, these “traditional” views have been challenged by recent studies that seem to indicate that equity prices are determined by book value and...

Outlines the special characteristics of the Athens stock exchange which may cause misspecification in the simple market model and make Dimson type models more appropriate. Refers to previous research on then and nonsynchronous trading, discusses the methodological issues involved and applies...

Summarizes previous valuation models based on accounting information, extends the basic model to include dividends and retained earnings, and develops hypotheses on the relationship between share prices, dividends and earnings for firms with different investment opportunity set (IOS) levels....