- University of Piraeus, Faculty of Maritime and Industrial Studies, Faculty Memberadd
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- Professor with 40 years of teaching and research activity, European Chair Jean Monnet (since 1997), Editor of ERSJ (... moreProfessor with 40 years of teaching and research activity, European Chair Jean Monnet (since 1997), Editor of ERSJ (since 1998), IJEBA (since 2013), IJFIRM (since 2018). Founder and Chair of ICABE conference and ISMA scientific association since 1993.
He has served at the University of Piraeus, Faculty of Maritime and Industrial Studies, University of Malta, Malta, Open University of Greece, Open University of Cyrpus, Neapolis University of Pafos, Greece. He has also served a few European Universities as a Visiting Scholar (University of Craiova, Romania, Rostov State University of Economics, Russia, Danube's University of Galati, Romania, West Pomeranian University, Poland, University of A Coruna, Spain, University of Paris X, Nanterre, France). He is currently an Affiliate Professor at the University of Malta, Faculty of Economics, Management and Accountancy, Department of Insurance and Risk Management, and Chair of the Scientific Committee of the School of Shipping at the Mediterranean College of Athens, Greece.edit
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The contemporary environment is interrelated, and interactions between markets, countries, and international actors at different levels exist in every corner of the globe. Amid this, the failures of the free-market system have paved the... more
The contemporary environment is interrelated, and interactions between markets, countries, and international actors at different levels exist in every corner of the globe. Amid this, the failures of the free-market system have paved the way for institutionalism, which proposes minimising transaction costs, substantial property rights, and enabling proper contract enforcement. Studies on institutions and insurance development spillover concerning growth relationships are rare and a critical area needing exploration. This study explores the behaviour of economic development in terms of potential spatial dependencies and spatial institutional and insurance development spillover on economic growth. To measure insurance development by the life insurance and non-life insurance penetration, economic growth by per capita gross domestic product (GDP), and indicators of good governance for institutions in the nations. The study explored the spatial impact between countries using panel data of...
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This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY
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ABSTRACT The main aim of this article is to demonstrate a holistic framework for measuring a bank’s financial health by classifying its main responsibilities between conformance and performance. Responsibilities are classified into five... more
ABSTRACT The main aim of this article is to demonstrate a holistic framework for measuring a bank’s financial health by classifying its main responsibilities between conformance and performance. Responsibilities are classified into five categories as follows: First, Corporate Financial Reporting (CFR) that integrates General Accepted Accounting Principles (GAAP), Generally Accepted Auditing Standards (GAAS), Securities Exchange Commission (SEC), Financial Services Authority (FSA), and International Accounting Standards (IAS). Second, Risk Management Procedures (RMP), that incorporate methods and directives which arise from Basel I, Basel II, Capital Adequacy frameworks or solvency ratio benchmarks. Third, Corporate Governance (CG), that integrates Sarbanes – Oxley Act, Audit Committees, and Internal Audit Mechanisms. Fourth, Corporate Social Responsibility (CSR), that consists of instructions and standards such as Global Reporting Initiative (GRI) – social and environmental, Social accountability (SA 8000) – working conditions, International Organization for Standardization (ISO 9000). Fifth, Stockholders Value Creation (SVC), that is a set of methodologies and ratios used in order to measure value creation for shareholders such as Strategic and Balanced scorecard, Economic Value Added EVA®, and other business performance management tools. On the other, the Rating Agencies (RA) applies various rating systems in different fields. Based on this framework, the article correlates all qualitative and quantitative components, with the banks’ ratings. The dependent variable is the bank’s financial health score, represented by a dummy variable based on the bank’s rating by the rating agencies and from the relevant value of each bank that arises from its performance in the above mentioned framework of responsibilities. The independent quantitative variables belong to a set of financial, risk and market key ratios and the qualitative variables to a set of dummy variables which describe the above framework. With the use of financial and other published data of the Greek banking sector the article proposes a new model and a procedure for the explanation, management and monitoring of a bank’s financial health.
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The main purpose of this research is to develop a growth model to estimate cost of equity in shipping and propose a guideline for investments in ships. The method used relies on growth models for stocks and real estate, redefined to apply... more
The main purpose of this research is to develop a growth model to estimate cost of equity in shipping and propose a guideline for investments in ships. The method used relies on growth models for stocks and real estate, redefined to apply in to valuate a vessel. A new ratio-price of the vessel to ebit- is used to estimate cost of equity. The main findings of this research is the cost of equity of vessels is positive adjusted from growth ratios, interest rate and risk premium. In contrast, the expected appreciation of the asset decreases the cost of capital. Cost of equity between the newbuilding vessels and second hand vessels for the period examined has opposite effect in weighted average cost of capital. Originality of this research is the application of growth models for investments evaluation in shipping industry, with the use of easily gathered data. In addition, the proposed estimate procedure is applicable in all vessels categories.
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The EU has been experiencing over the last few years an unprecedented crisis that really touches on its core characteristics and values. The EMU project was structured on political foundations and expectations, bearing, however, immense... more
The EU has been experiencing over the last few years an unprecedented crisis that really touches on its core characteristics and values. The EMU project was structured on political foundations and expectations, bearing, however, immense socio-economic impact. The main aims of this paper is to identify the main driving forces that influence the future development of the Economic and Monetary Union and to examine the present situation that the EU faces, the priorities of the ECB and the challenges that EU’s Southern member-states face.
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The paper presents the results of research on the influence of logistics customer service on sustainability-focused freight transport practices of enterprises. Additionally, the extended perspective of the key relation through the... more
The paper presents the results of research on the influence of logistics customer service on sustainability-focused freight transport practices of enterprises. Additionally, the extended perspective of the key relation through the inclusion of the joint effect of selected organizational competencies of the companies and their competitiveness in interaction with logistics customer service was introduced. The adopted research procedure included the use of several different statistical methods with regard to data collected in 275 freight transport enterprises. First, the Kaiser-Meyer-Olkin test and the Bartlett Sphericity test were determined, then a factor analysis was carried out with the intention of performing a reliability analysis and discriminant validity assessment, and finally, correlations and hierarchical multiple regression were determined. The findings of the research suggest a primal concluding explication that sustainability-focused freight transport practices are conditioned by auxiliary logistics processes realized by the enterprise within logistics customer service, joint competencies within the organization’s management, as well as peripheral circumstances of competitiveness.
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The main aim of this article is to demonstrate a holistic framework for measuring a bank’s financial health by classifying its main responsibilities between conformance and performance. Responsibilities are classified into five categories... more
The main aim of this article is to demonstrate a holistic framework for measuring a bank’s financial health by classifying its main responsibilities between conformance and performance. Responsibilities are classified into five categories as follows: First, Corporate Financial Reporting (CFR) that integrates General Accepted Accounting Principles (GAAP), Generally Accepted Auditing Standards (GAAS), Securities Exchange Commission (SEC), Financial Services Authority (FSA), and International Accounting Standards (IAS). Second, Risk Management Procedures (RMP), that incorporates methods and directives which arise from Basel I, Basel II, Capital Adequacy frameworks or solvency ratio benchmarks. Third, Corporate Governance (CG), that integrates Sarbanes – Oxley Act, Audit Committees, and Internal Audit Mechanisms. Fourth, Corporate Social Responsibility (CSR), that consists of instructions and standards such as Global Reporting Initiative (GRI) – social and environmental, Social accountability (SA 8000) – working conditions, International Organization for Standardization (ISO 9000). Fifth, Stockholders Value Creation (SVC), that is a set of methodologies and ratios used in order to measure value creation for shareholders such as Strategic and Balanced scorecard, Economic Value Added EVA®, and other business performance management tools. On the other, the Rating Agencies (RA) applies various rating systems in different fields.
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The global financial crisis of 2008–2009 that was triggered by the Lehman Brothers bankruptcy produced a liquidity problem in the shadow banking in the United States and a sovereign debt problem in Europe. The European financial crisis... more
The global financial crisis of 2008–2009 that was triggered by the Lehman Brothers bankruptcy produced a liquidity problem in the shadow banking in the United States and a sovereign debt problem in Europe. The European financial crisis revealed that the European Monetary Union's (EMU) architectural deficiencies led to the increase of risk premia and poverty, especially for the South-West Euro-Area Periphery (SWEAP) countries.The main objectives of this research are to determine the factors responsible for the market pricing of sovereign default risk, to analyze the causalities of Credit Default Swaps (CDSs) spreads that have been taken as a proxy variable for the market pricing of sovereign default risk, to examine possible pricing discrimination and asymmetries between SWEAP and non-SWEAP (Not South-West Euro-Area Periphery) countries, structural changes in the pattern of the CDS spreads throughout and after the crisis, and possible evidence of speculation against the SWEAP group of countries.In a panel data regression setting, we have constructed a dynamic pricing model of sovereign default risk for 13 euro area countries using quarterly data for the period 2008–2013. We spotted structural changes in the pattern of CDS spreads across 2010, identified as the worst year of the Eurozone crisis, as well as significant speculation and financial discrimination against SWEAP countries by the financial intermediaries associated with this derivative market. Significant variables comprised of the grading rate forwarded one period, the current governments bond yield, and the inflation rate, as well as the variables related to the public debt lagged one period. All variables, amongst other robust predictors of the CDS spreads, have been proven statistically and were economically significant, except for the fiscal space of one quarter forward of the fiscal balance, which was proven to be only weakly significant. More specifically, the variables related to fiscal space (public debt and fiscal balance) as well as the inflation rate have been proven statistically significant throughout the global financial crisis (2008–2010) and the grading rate in the period 2011–2013. Nevertheless, the government's bond yield remained significant.The main limitation of this research was the endogeneity between bond and CDS-derivative markets, emerged from the latter variable. In total, our evidence of self-fulfilling expectations and herding behavior may indicate the logic of second generation crisis model for the crisis in Eurozone 2010.
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Using the onset of the COVID 19 pandemic, this chapter examines the cryptocurrencies as safe haven investment for stocks of our time varying realization as to the economic chock centralized by the growing pandemic. Using daily data of... more
Using the onset of the COVID 19 pandemic, this chapter examines the cryptocurrencies as safe haven investment for stocks of our time varying realization as to the economic chock centralized by the growing pandemic. Using daily data of COVID 19 measures and daily prices for 4 cryptocurrencies and 4 stocks assets for the whole year 2020, we apply both the VAR-DCC-GARCH and Wavelet Coherency models. New evidence of our chapter find that the Bitcoin and Etherum are highly correlated in the short and long horizon with the selected stocks. However for the case of the Litecoin and the XRP are correlated negatively with the stocks in the whole COVID19 period. We find evidence that, Bitcoin is strong safe haven asset for all the selected stocks during the COVID19 era, while the Litecoin is weak safe haven investment for all the stocks and the XRP is with lowest potential of safe haven investment for all the studied stocks. Within the study we are providing a diversification of hedging for the investors and policy makers suggesting that the cryptocurrencies acted as safe haven investment similar to the precious metals during historic crisis and as fiat money for any economic shocks might occurred. The abstract should summarize the contents of the paper in short terms, i.e. 150-250 words.
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We build a structural credit risk model for an emerging market country which follows a fixed exchange rate regime under a Currency Board Arrangement (CBA). It is assumed that the sovereign has bonds outstanding both in local soft currency... more
We build a structural credit risk model for an emerging market country which follows a fixed exchange rate regime under a Currency Board Arrangement (CBA). It is assumed that the sovereign has bonds outstanding both in local soft currency (treasuries) and in hard currency (Eurobonds). In such a setting, the liability side of the balance sheet of the country can be viewed as composed of three items in increasing order of seniority -- monetary base, domestic debt, and foreign debt. The foreign debt is the most senior tranche in the capital structure and has a typical payment priority due to the presence of limited foreign exchange reserves. The monetary base is the most junior one and has the characteristics of equity. In pursuing optimal financial and macroeconomic policies, the sovereign affects the fundamental values of the three instruments. We quantify the effects that arise and this allows us to make a thorough macrofinancial diagnostics of the CBA. We discuss further issues related to optimal capital structure, debt issuance and buy-backs, sterilizations, and general financial challenges of conducting macro policy under credit risk and fixed exchange rate. We make an empirical application to a representative set of countries following a CBA.
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We discuss the inherent dual macrofinancial aspects of the fiscal reserve for a country following a fixed exchange rate regime under a Currency Board Arrangement (CBA). The abandonment of any proactive monetary policy leads to a stronger... more
We discuss the inherent dual macrofinancial aspects of the fiscal reserve for a country following a fixed exchange rate regime under a Currency Board Arrangement (CBA). The abandonment of any proactive monetary policy leads to a stronger manifestation of the financial role over the macroeconomic one of any activist policy followed. This conveniently allows the country to be resembled in a large extent to a corporation in its financial architecture. In this setting, the fiscal reserve can be viewed as cash in the vaults of a company. Employing an enhanced Merton style structural model, we make analysis to what extent that is correct and whether we could claim that the fiscal reserve is negative sovereign debt.
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The field of resource management plays a crucial role in addressing the complex challenges of allocating resources within societal frameworks while considering ecological, legal, and practical considerations [...]
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The emission of air pollutants from energy production and consumption is a major cause of environmental problems. In addition, urbanisation and CO2 emissions have become major environmental concerns that are closely related to climate... more
The emission of air pollutants from energy production and consumption is a major cause of environmental problems. In addition, urbanisation and CO2 emissions have become major environmental concerns that are closely related to climate change and sustainable economic growth. The purpose of this paper is to investigate the long-run relationship among CO2 emissions, energy consumption, economic activities, and management issues for Turkey for the period between 1980 and 2021. The STIRPAT hypothesis and the environmental Kuznets curve (EKC) hypothesis were employed by using dynamic conditional correlation (DCC) and ARDL bound methodologies for these goals. The findings indicate that there is a long-run relationship between variables of the STIRPAT model. The coefficient of economic expansion and energy consumption affected CO2 emissions positively, which means that energy consumption and the expansion of economic activity have significant effects on environmental degradation. Those resu...