Terrorist organization “revolutionary organization November 17” and its links and relations with “Carlos the Jackal”

Purpose The purpose of this paper is to research for possible interconnection of the Greek terrorist organization “November 17” with the international terrorist Ilich Ramirez Sanchez or “Carlos the Jackal.” Design/methodology/approach In this research are discussed documents, visits by Carlos and his team to Greece, operational support through training and supply of weapons to “ELA” and “November 17,” attacks on foreign service targets in Greek territory, reports of close people working with Greek terrorist organizations, terrorist proclamations and interrogation of Carlos. Findings Available data indicate their cooperation and their terrorist murderous activity in Greece, which of course needs deeper investigation. “Carlos the Jackal” acted and cooperated in Greece with the two major terrorist organizations, “ELA” and “November 17,” causing material damages and murders. Practical implications The research is useful for government authorities, law authorities and offices and the democratic society as a whole. Originality/value To the best of the author’s knowledge, this is the first study examining the specific topic. </jats:sec

Pyro terrorism in Greece? Greek forest fires August 2007 and the impact on Greek banks stocks

Purpose The purpose of this paper is to examine Greek forest fires in August 2007 and statements about terrorism (pyro-terrorism) and the impact on Greek banks stocks. Design/methodology/approach Event study methodology and market model is used in this paper and data of all Greek bank stocks prices listed in Athens Stock Exchange are analysed, before and after 17 August 2007, which is when forest fires took place in Greece. Findings Total number of burned acres during a seven-year period, 2000-2006, was 2,530,883, and during only August 2007, burned acres accounted to 2,059,615. The former Minister for Public Order, Vyron Polydoras, stated the fires may be a result of terrorist attacks, as many of the fires started simultaneously and in places where an arsonist could not be seen. The Minister also stated that the country is facing an asymmetric threat, a military term used for terrorist attacks. The findings of event study methodology and market model show that CAARs were slightly negative but not statistically significant and during event date, and average abnormal return (AAR) was slightly positive at 0.0273 per cent. The event caused no influence on the stock market. Practical implications Results are important for banking system, compliance and regulatory authorities, justice system and politicians. Originality/value The impact of Greek forest fires in August 2007 on Greek banks stocks has not been examined so far. </jats:sec

Stocks’ prices manipulation around national elections?

Purpose The purpose of this paper is to examine the influence of major non-economic events such as the results of five Greek national Parliamentary elections during 1996-2009 on the Greek banks’ stocks. Design/methodology/approach Using daily data from the Athens Stock Exchange, event study methodology and market model, the results of this paper claim that the five Greek national Parliamentary elections during the 1996-2009 period had no statistically significant effect on the Greek banks’ stocks. The results show that cumulative average abnormal returns (CAARs) were slightly positive or negative for Greek banks’ stocks but not statistically significant at 5 and 10 per cent confidence levels. Findings Investors were not surprised and the political information caused no change and no influence on the future and course of the stock market. Expected winning political party was the same as the actual winning political party. Results showed that during pre-event period of 2000 and 2004 Greek national Parliamentary elections, CAARs for Greek banks’ stocks were slightly positive and after the event period were slightly negative but not statistically significant at all periods. During 2007 Greek national Parliamentary elections, the effect of elections changed because CAARs were generally slightly negative during the pre-event period and positive after the event period. Also, non-statistically significant CAARs indicate that there is no evidence that either political party was able to manipulate bank stocks’ prices for election purposes. Originality/value The main contribution of this paper is to provide evidence about effects of national elections to bank stocks’ prices which have important implications for stockbrokers, investors, politicians and political analysts. </jats:sec

International Development Assistance and Economic Growth: the Case of Four Southeast European Countries

The purpose of this paper is to examine the impact of international development assistance on economic growth in the case of four Southeast European countries, Albania, Bulgaria, the Former Yugoslav Republic of Macedonia and Serbia, during the period 1991-2010. Foreign aid as additive to domestic savings is expected to cause an increase in economic growth and domestic savings. Surprisingly, our empirical results do not support this hypothesis, since foreign aid is negatively related to domestic savings. These results are consistent with the notion that foreign aid transfers can distort individual incentives, and hence hurt savings and growth, by encouraging rent-seeking as opposed to productive activities.</jats:p