Political elections, abnormal returns and stock price volatility: the case of Greece

The impact of the Greek political elections on the return and volatility of the Athens Stock Exchange (ASE) is investigated using both the standard event study methodology and various univariate GARCH models. The empirical results reveal positive pre- and post-election abnormal returns, but negative on the day of the election. Strong evidence is also found that suggests that the election outcome significantly affects the ASE return; however, the evidence is rather limited for the ASE volatility. The empirical findings raise doubts about the efficiency of the Greek stock market and might have important implications for investors with respect to decisions regarding entering and/or exiting the market or investment strategies around time periods where political elections are going to take plac

International trade and foreign direct investment as growth stimulators in transition economies: does the impact of institutional factors matter?

The present paper develops a general production function framework, augmented with two institutional variables namely bureaucracy and corruption on 28 transition economies over the period 2000-2015. The authors use various econometric specifications and apply both the Fixed Effects, as well as the advanced system Generalized Method of Moments (GMM) panel data techniques. Empirical findings suggest that the impact of openness in terms of foreign direct investment and international trade is advantageous to all the economies of the panel. Furthermore, the findings indicate that classical growth determinants, such as labor and physical capital, have the expected positive contribution, while macroeconomic instability has a negative effect on real economic activity. Regarding the impact of the two institutional variables, corruption, and bureaucracy, the authors retrieve more influential results, as their impact appears to be diametrically opposite between the former Soviet Union states and the rest of European transition economics

On the analysis of tax reform A microsimulation tax-benefit model for Greece

SIGLEAvailable from British Library Document Supply Centre- DSC:D175728 / BLDSC - British Library Document Supply CentreGBUnited Kingdo

The Determinants of the Foreign Banks' Expansion in South Eastern Europe: Do Greek Banks Still Follow Their Customers Abroad or Not?

Abstract The paper deals with the factors that led to the great penetration of Greek banking sector in South Eastern Europe during [2000][2001][2002][2003][2004][2005][2006][2007]. We investigate the validity of the follow the customer hypothesis. Based on the eclectic theory, after controlling for ownership advantages, we found that host country conditions, opportunities in the host financial markets and risk conditions are proved to be significant determinants. Our findings indicate that although follow the customer hypothesis does exist, the utilization of location advantages can better explain Greek banks' expansion

Intention to Emigrate in Transition Countries: The Case of Albania

We analyse the profile of potential emigrants from Albania using data from the Central and Eastern Europe Eurobarometer in 1992. Respondents were asked to rate on a four-point scale the likelihood that they would go to Western Europe to live and work. Our results show that the intention to emigrate is positively correlated with males, education and certain occupations, and negatively correlated with age. There is little relation between emigration and income, but those who believe the country is going in the right direction are also more likely to emigrate than those who do not.Emigration; Transition; Albania

The Determinants of Official and Free-Market Exchange Rates in Albania During Transition

This paper uses high-frequency data to examine the relation between official and free-market exchange rates in Albania. We use daily data to test econometrically, first, whether the official and free markets are efficient, in the sense that one cannot use exchange rate movements denominated in one currency to predict movements in another currency, and second, whether movements in the free-market rate "cause" movements in the official rate. Our results provide support for the first proposition and partial support for the second. We also report the results of a unique survey of free-market dealers in Tirana, designed to determine the main factors that influence exchange rate movements. The evidence is that country-specific factors, in particular the large flows of illegal smuggling and emigrants' remittances, are more important than flunctuations in the international exchange market.Exchange Rates; Informal Market; Albania