Export performance, competitiveness and commodity composition

The study of export performance, especially for countries with serious external imbalances, is essential for economic decision-making. This study attempts to evaluate Greek export performance during the 1996-2001 period, using detailed panel data on bilateral trade by product. Factors explaining Greek export market shares are analysed with the method of Constant Market Shares. In addition, the dynamics of the specialization pattern of Greek exports and the effect of price competitiveness on export market shares are examined. The results show a considerable change in export structure, mainly the geographical structure, with a favourable effect on market shares. Although the pattern of comparative advantages and the technological intensity of Greek exports have improved, exports remain concentrated in low- and medium-technology sectors, while product variety and quality have declined. Finally, the results show heterogeneity among the panels. In the aggregate, export market shares are inelastic with respect to relative and absolute prices, which would call for focus on non-price factors to improve competitiveness in international markets. However, elasticities are greater than one for a considerable proportion of commodities.export performance; market shares; New Trade Theory; comparative advantages; Markov matrix; price and non-price competitiveness

Assessing Output and Productivity Growth in the Banking Industry

This paper assesses the evolution of output and productivity in the Greek banking industry for the period 1990-2006. Three main categories of bank output were estimated based on modern theoretical approaches, while for the aggregation and estimation of output and inputs and the estimation of productivity (partial and total factor) we relied on the index number method (Tornqvist index). Additionally, we considered the effect of labor quality on banks’ productivity and using a growth accounting framework we examined the contribution of total factor productivity (TFP) to bank output growth. The results show that bank output and labor productivity increased considerably during the period under examination, outpacing the respective GDP growth and labor productivity of the Greek economy. Capital productivity and TFP of the Greek banking industry have also improved remarkably mainly since 1999, as a result of the structural changes that took place within the industry, capital investments (mainly in IT equipment) as well as improvement in the quality of human capital.Bank output; user-cost approach; total factor productivity; Tornqvist index; growth accounting; labor quality

Examination of influential factors which mitigate the impact of crisis on employee performance

Organizations & employees in Greece are affected by the on-going financial crisis which has far-reaching negative impacts on many aspects of the economic life. This paper examines the impact of the financial crisis on employee performance in Greece. Data is collected from a heterogeneous sample of employees from public and private sector. Participants report their job satisfaction and organizational commitment, the change of their working conditions and the problems they have experienced during the last six years since the crisis has started. Results show that pay and extrinsic satisfaction, as well as, job security and affective commitment are the factors influencing employee perception about the deterioration of working conditions. Furthermore, the findings indicate that employees in the public sector feel less satisfied with their payment, but equally insecure with private sector’s employees. Permanent and open-ended contract staff, as well as, full time employees are more secure and satisfied with their payment and more affective committed than people with more flexible type of employment. The results of this study indicate that it is important for managers to develop management policies to improve employee satisfaction and commitment as these relate to performance increase

Export performance, competitiveness and commodity composition

The study of export performance, especially for countries with serious external imbalances, is essential for economic decision-making. This study attempts to evaluate Greek export performance during the 1996-2001 period, using detailed panel data on bilateral trade by product. Factors explaining Greek export market shares are analysed with the method of Constant Market Shares. In addition, the dynamics of the specialization pattern of Greek exports and the effect of price competitiveness on export market shares are examined. The results show a considerable change in export structure, mainly the geographical structure, with a favourable effect on market shares. Although the pattern of comparative advantages and the technological intensity of Greek exports have improved, exports remain concentrated in low- and medium-technology sectors, while product variety and quality have declined. Finally, the results show heterogeneity among the panels. In the aggregate, export market shares are inelastic with respect to relative and absolute prices, which would call for focus on non-price factors to improve competitiveness in international markets. However, elasticities are greater than one for a considerable proportion of commodities

The effect of M&A announcement on Greek bank stock returns

This study examines the response of Greek bank stock prices to the announcement of intended mergers and acquisitions(M&As)during the period 1998-1999, applying a standard event study methodology. The results show that both the acquiring banks and, albeit to a lesser extent, the target banks experience significant positive abnormal stock returns that last for a few days around the announcement date. These returns are more evident in the period before the announcement thus indicating either that rumours circulate or that inside information is being abused. The efficient market hypothesis in its semi-strong form seems to be violated for the period under examination, as abnormal returns remain evident for several days after the announcement date

Assessing output and productivity growth in the banking industry

This paper assesses the evolution of output and productivity in the Greek banking industry for the period 1990-2006. Three main categories of bank output were estimated based on modern theoretical approaches, while for the aggregation and estimation of output and inputs and the estimation of productivity (partial and total factor) we relied on the index number method (Tornqvist index). Additionally, we considered the effect of labor quality on banks’ productivity and using a growth accounting framework we examined the contribution of total factor productivity (TFP) to bank output growth. The results show that bank output and labor productivity increased considerably during the period under examination, outpacing the respective GDP growth and labor productivity of the Greek economy. Capital productivity and TFP of the Greek banking industry have also improved remarkably mainly since 1999, as a result of the structural changes that took place within the industry, capital investments (mainly in IT equipment) as well as improvement in the quality of human capital

Assessing output and productivity growth in the banking industry

This paper assesses the evolution of output and productivity in the Greek banking industry for the period 1990-2006. Three main categories of bank output were estimated based on modern theoretical approaches, while for the aggregation and estimation of output and inputs and the estimation of productivity (partial and total factor) we relied on the index number method (Tornqvist index). Additionally, we considered the effect of labor quality on banks’ productivity and using a growth accounting framework we examined the contribution of total factor productivity (TFP) to bank output growth. The results show that bank output and labor productivity increased considerably during the period under examination, outpacing the respective GDP growth and labor productivity of the Greek economy. Capital productivity and TFP of the Greek banking industry have also improved remarkably mainly since 1999, as a result of the structural changes that took place within the industry, capital investments (mainly in IT equipment) as well as improvement in the quality of human capital

The effect of M&A announcement on Greek bank stock returns

This study examines the response of Greek bank stock prices to the announcement of intended mergers and acquisitions(M&As)during the period 1998-1999, applying a standard event study methodology. The results show that both the acquiring banks and, albeit to a lesser extent, the target banks experience significant positive abnormal stock returns that last for a few days around the announcement date. These returns are more evident in the period before the announcement thus indicating either that rumours circulate or that inside information is being abused. The efficient market hypothesis in its semi-strong form seems to be violated for the period under examination, as abnormal returns remain evident for several days after the announcement date

Living with satisfactory vision and no comorbidity 28 years after bilateral retinoblastoma: a case report and mini literature review

Background: Retinoblastoma is the most common primary intraocular malignancy in children, although it is a rare neural retinal tumor. Improving the quality of life is the next goal after the primary medical goal of life preservation. The genotype-phenotype correlation may vary with the progression of retinoblastoma. Expressivity is determined by different RB1 gene mutations among individuals. Herein, we share our experience on the evaluation of the long-term progression of retinoblastoma, its treatment consequences, its impact on the quality of life, and how the underlying genotypes are related to the phenotypes. We provide a review of the relevant literature and present a case of a sporadic heritable bilateral retinoblastoma. Case Presentation: We report the outcomes of a 28-year follow-up of a female diagnosed with an infantile disease. The patient’s best eye, according to the tumor classification and genetic results, was treated conservatively whereas the worst eye was enucleated. On re-examinations, she had complications of the treatment she received. Therefore, another intervention was administered for several years. The patient’s pathogenic variant and RB1 gene mutational inactivation were predispositions to the recurrence of the tumor and non-ocular primary malignancy. Nevertheless, the disease had no progression. The patient is stable despite her type of retinoblastoma, which is the sporadic heritable bilateral form. Conclusions: Each phenotype of bilateral retinoblastoma varies in progression. The nature of the genetic mutation may determine its expressivity. It is of great significance to individualize every decision. In each case, the sequelae of the disease and treatment-induced complications may have an impact on the quality of the patient’s life