Value relevance of institutional investors

In this paper we investigate the influence of institutional investors on share prices using data from companies quoted on the Athens Stock Exchange. For finance theorists the value of an investment, real or financial, is a function of its expected benefits and the riskiness of these benefits. Whatever influences are exerted by the structure of equity ownership are diversified away by efficient risk-averse investors. Managerial and agency theorists argue that the particular ownership structure may have an effect on share value or returns. Their arguments are based (mainly) on the consequences of the separation of ownership from control. In addition to traditional methods of estimation we have used Chamberlain’s (1982) multivariate panel data estimator, which allows for arbitrary patterns of error autocorrelation and parameter temporal behavior. Among all alternative methods of estimation used, only this one produced a statistically significant and econometrically well specified relationship between share prices and institutional shareholdings.peer-reviewe

Multiphase phenomena in Diesel fuel injection systems

Fuel Injection Equipment (FIE) are an integral component of modern Internal Combustion Engines (ICE), since they play a crucial role in the fuel atomization process and in the formation of a fuel/air combustible mixture, consequently affecting efficiency and pollutant formation. Advancements and improvements of FIE systems are determined by the complexity of the physical mechanisms taking place; the spatial scales are in the order of millimetres, flow may become locally highly supersonic, leading to very small temporal scales of microseconds or less. The operation of these devices is highly unsteady, involving moving geometries such as needle valves. Additionally, extreme pressure changes imply that many assumptions of traditional fluid mechanics, such as incompressibility, are no longer valid. Furthermore, the description of the fuel properties becomes an issue, since fuel databases are scarce or limited to pure components, whereas actual fuels are commonly hydrocarbon mixtures. Last but not least, complicated phenomena such as phase change or transition from subcritical to transcritical/supercritical state of matter further pose complications in the understanding of the operation of these devices

An Empirical Examination of Traditional Equity Valuation Models: The case of the Athens Stock Exchange

Early theoretical work on equity valuation suggests that equity prices are determined by variables such as dividends and growth in dividends. This paper employs panel data methodology and equity prices from Athens Stock Exchange to empirically investigate the performance of the traditional models of equity valuation.Equity valuation, book value, abnormal earnings, emerging markets, panel data

The information content of investment tax credits

This study examines the association between stock prices and tax credits for new investment, which appear in the balance sheet as a tax-free reserve. A number of valuation models were developed for companies listed on the Athens Stock Exchange during the period 1990-4. The empirical findings reveal that retained earnings committed to new investment, i.e. investment tax credits for future investments, are valued differently from both the remaining equity and the remaining earnings. Moreover, the empirical evidence suggests that the investment tax credits in Greece are not always viewed in a positive fashion by the stock market.

Modelling volatility and testing for efficiency in emerging capital markets: the case of the Athens stock exchange

This study employs GARCH type models and tests for their validity over an Emerging Capital Market, the Athens Stock Exchange Market (ASE). Correct specification, of the different models, implies that the Weak Efficient Market Hypothesis does not hold for ASE. There is strong empirical evidence that ASE follows a pattern where last period's daily returns are correlated with today's returns and current volatility is positively related to past realizations. Negative shocks have an asymmetric impact on the daily stock returns series and political instabilities increase volatility over time. The mean of the series does not change during high volatile periods.