SPOUDAI - Journal of Economics and Business

22-31

Authors: Angelos Pantouvakis, Christos Patsiouras

Purpose - The aim of this study is to investigate the most important criteria that prompted tourists to visit a destination. In the present paper we will attempt to examine the factors affecting tourists to select a destination, the factors motivating tourists to select a destination and if nationality as a parameter affects the choice of the destination by the tourists regarding the features and the benefits of the destination and as well as the motivations of the tourists. Design/methodology/approach – An empirical study was carried out using a sample of 165 tourists of three nationalities. Data was collected from tourists through personal interviews with the use of a structured questionnaire and was analyzed with the use of Exploratory Factor Analysis, ANOVA and cross tabulations. JEL Classification: M310, Z3, Z130 Keywords Destination, selection criteria, tourism marketing

46-78

Authors: Paraskevi Boufounou, Kallirroi Avdi

The present article presents the empirical findings of a questionnaire survey carried out in Greece, exploring the effects of the recent financial crisis οn organizational behavior in the country’s public sector. The study focuses on the impact of the financial crisis on organizational management and more specifically on the evolution of “organizational silence”, taking into account public servants’ hierarchical position, gender, education and skills. Based on the evidence provided, it is concluded that organizational silence is likely to have negative long–run repercussions for public sector productivity. JEL Classification: M100, M210, M540 Keywords: Human Resource Management, Organizational Silence, Organizational Behavior, Financial Crisis, Gender Issues

108-135

Authors: Stylianos X. Koufadakis

The aim of this survey is to review the most prevailing developments regarding the existence of the closed-end funds’ discounts and premiums and the factors which generate them. Despite the plethora of academic research conducted in order to reach a generally accepted explanation of the closed-end fund puzzle based on both the traditional and the behavioral approaches, particular attention is still required to be payed to the pricing of closed-end funds in the academic literature to date. As the divergence between the closed-fund market prices and their fundamental values offers great challenges to a possible interpretation, this study summarizes a set of conclusions that can help researchers and practitioners study better this financial asset category. This paper is organized as follows: Section 1 summarizes the basic reference for closed-end funds; Section 2 captures the different theories on the existence of closed-end fund puzzle; Section 3 analyzes the theories of discount according to the main traditional interpretations; Section 4 reviews the explanation of discounts taking into account the investor behavior arguments; Section 5 deals with closed-end funds in the international financial environment; and Section 6 provides the conclusions. JEL Classification: G10, G12, G20 Keywords: Closed-end funds; discounts/premiums

29-65

Authors: Stylianos X. Koufadakis

In this paper we examine how monetary announcements can explain US country funds premiums in international markets, taking into account monetary asymmetries relating to information news and directional actions of monetary policy. The monetary determinants which we have used to explore the closed-end fund puzzle emanate from the announcements of official rates of the countries of origin of NAVs. Our conclusions which reflect the investor sentiment as it varies in developing and emerged markets are supported by appropriate monetary assumptions concerning the role of monetary announcements. We find out that neither the expected nor the unexpected component of the monetary rate retains a dominant role in interpreting the fund premiums. In the case of developing funds the age has a negative influence on premium, while in developed funds the main fund’s benchmark index has a positive correlation with the fund premium. Moreover, the foreign exchange rate plays a significantly negative role in the CEFCs of developed countries and a positive role in those of developing markets. But the proxy for the US equity market seems to positively influence the whole range of funds. By examining the possible asymmetries we can see that premiums are negatively affected by unfavorable monetary news. We have also considered the case in which asymmetries on the funds premiums are based on the direction of the monetary policy, as shaped by the decisions of central banks in foreign countries. JEL Classification: G12, G23, E52 Keywords: Closed-end country funds; monetary policy; international markets; asymmetric information.

100-118

Authors: Dimitra Papadopoulou, Christos Nikolaos Tourkolias, Sevastianos Mirasgedis

This paper presents a framework for analyzing in quantitative and monetary terms the macroeconomic effects associated with the construction and operation of large energy investments, including the impact on Gross Domestic Product (GDP), employment and public revenues, by sector of economic activity. The proposed framework has been implemented for analyzing the macroeconomic implications associated with the construction and operation of the Trans-Adriatic Pipeline (TAP) project in Greece. To this end, the input–output methodological framework has been used for estimating the macroeconomic implications of the project under consideration in conjunction with the adjusted earnings gain approach for monetizing the resulting employment effects. The results of the analysis clearly show that the construction activities will create significant direct, indirect and induced benefits to the Greek economy, growing the GDP by €931 million, creating employment benefits amounted to €197 million and contributing €359 million to the treasury. Furthermore, it was estimated that ongoing operation of the pipeline could increase the national GDP at about €17 million, the employment benefits of about €4.7 million and the tax revenues of approximately €6.8 million, on an annual basis and for a period of 50 years. JEL classification: D57, M14 Keywords: macroeconomic effects; input-output analysis; social return on investment; employment benefits; gas pipelines

27-46

Authors: Milton Nektarios, Panos Xenos, George Nektarios, Kostas Poulakis, Michalis Chouzouris

This paper evaluates the efficiency of the twenty-one largest Syndicates of Lloyd’s of London. Members of Lloyd’s of London are grouped into Syndicates in order to undertake insurance liabilities. In this study, the Syndicate is regarded as the counterpart of an insurance company in a regular insurance market. The analysis covers a period of eight years between 2004 and 2011. Data Envelopment Analysis (DEA) and Stochastic Frontier Analysis (SFA) are used to estimate the efficiency of the Syndicates, and comparisons are made for the consistency of the two methods. The main findings indicate, firstly, that the average annual efficiency estimates for all Syndicates are plausible and they follow three-year cycles. Secondly, the less efficient syndicates may reduce inputs by almost one-third and still produce the same output, provided that they adopt the “best practices” of the most efficient Syndicates. JEL Classification: G22, D24, D22 Keywords: Insurance, Lloyd’s, efficiency, DEA, SFA

67-86

Authors: Alexandros M. Goulielmos

The paper deals with maritime risk, which we consider important, no doubt, for ship-owners acting in volatile markets. Traditionally, risk is measured by ‘standard deviation’. Other risk measures like ‘excess kurtosis’, ‘excess skewness’, ‘long-term dependence’ and the ‘catastrophe propensity’ were ignored. Risk in 1900 was based on the mathematical laws of Chance and influenced greatly by Probability theory due to Pascal and Fermat (1654). Economists, but maritime ones, have understood, however, that the ‘random walk’ model, and the ‘efficient market hypothesis’, failed to interpret reality since Black Monday (1987) at least. The traditional treatment of risk assumes that 95% of the observations fall within 2σ from their mean. However, the daily data of 4 time-charter routes (‘Baltic Panamax Index’, May 1996-February 2012) showed otherwise. Moreover, variance varies from one decade to next, even under stable mean. Risk is related to dispersion, which is defined the same in ‘normal’ and ‘chaotic dynamic systems. All maritime studies (1997-2013), however, reported excess skewness, excess kurtosis, absence of normality and serial correlation...but no remedy provided. As far as the reference to the assumption that observations are ‘independent and identically distributed’ is concerned, maritime time series analysis shows ‘long term dependence’ indicated by a high ‘Hurst exponent’~1. The paper uses ‘Rescaled Range Analysis’-a nonparametric method, to identify the ‘Noah effect’ (i.e. the propensity of time series towards catastrophe; measured by alpha exponent). Combined with nonlinear forecasting methods, short and long term risk is thus in this paper forecast. Finally, it shows using daily data, that ‘risk and dependence’ vary on data’s calendar time used. JEL Classification: C65, C53, E44, G17. Keywords: Risk, excess kurtosis-skewness risk, non-normality risk, long term dependence, ‘Noah’ effect, forecasting catastrophe’s risk, BPI 1996-2012, Hurst exponent.

96-97

Authors: Angelos Kanas

G.C. Bitros and A.D. Karayiannis, 2013, “Creative Crisis in Democracy and Economy” Springer –Verlag, Berlin Heidelberg, ISBN 978-3-642-33421-4. Full Text:

18-38

Authors: Apostolos Ballas, Vaia Panagiotou, Christos Tzovas

The purpose of this paper is to investigate the choices of Greek firms regarding the measurement of an item of a fixed tangible asset subsequent to its initial recognition, including impairment recognition, under IAS 16 and IAS 36 using a sample of Greek firms for the years 2005, 2007 and 2009. Results indicate that the cost model is more likely to be adopted by the more leveraged firms. In addition, it has been examined the compliance of the sample firms with disclosure requirements of IAS 16 and IAS 36. It appears that the disclosure compliance of the sample firms with the disclosure requirements of IAS 16 and 36 is influenced by firm’s choice of valuation method for the measurement of an item of a fixed tangible asset subsequent to its initial recognition. It appears that the firms that adopt the revaluation method exhibit lower compliance rates. JEL Classification: M41. Keywords: IFRS implementation, Fixed tangible assets, Greece.

67-74

Authors: Pantelis Pantelidis, Dimitrios Kyrkilis, Efthymios Nikolopoulos

The creation of the European Monetary Union (EMU) created the conditions for increased trade and economic growth for the member countries. The initial hypothesis regarding the impact of euro launch in terms of Foreign Direct Investment (FDI) inflows was that monetary integration will affect positively the FDI. The aim of this paper is to construct and test a model explaining the intra-EMU FDI position of various EMU countries on the basis of their location advantages during 1985-2011 period. The model consists of variables approximating location advantages as these are suggested by economic theory and empirical research like market size, labor cost, openness, technology, interest rate and introduction of the Euro. The model focuses on the impact of EMU on FDI inflows and indicates that the monetary union has no significant impact on FDI inflows across individual member countries. The European market integration degraded the motives for market seeking FDI. Individual markets are now easier to be served through the conventional trade networks, and import substituting FDI becomes a less attractive option for the expansion of firms in Europe. JEL Classification: F15, F21, F23. Key Words: FDI; EMU; euro.

30-48

Authors: Elias Sanidas

A series of wrong policies since the 1980s transformed the Greek economy into a problematic one and almost ready to collapse; for example, artificial increases in employment in nonproductive public services entailing low productivity; increasing wages above those guaranteed by productivity increases; an increasing budget deficit which was used primarily for consumption; and joining the Euro zone too early. Some of the consequences were the relative de-industrialization of the country; a huge public debt and the consequential international indebtedness; and the impossibility to recover quickly after the recent global financial crisis. Some stylized modeling facts about all these issues facilitate our understanding of both the Greek and Korean economies. Furthermore, the parallel examination of the Korean economy during the same period, whenever necessary and possible, contrasts this country’s correct choice of economic policies with those of Greece: thus, what Korea did, Greece did not and vice versa. JEL Classification: Ο11; Ο23; Ο24; Ο43; Ο52; Η50; Η62. Key Words: productivity; wages; Euro area; stagflation; exports; politics and economics; Greece; South Korea.

73-93

Authors: Daniel Agyapong

The merging and sustenance of the economies of different countries require the integration of several aspects of those economies, including price levels and money market activities. The member countries within the West African Monetary Zone have resolved to introduce a single currency, the ECO. It is therefore, necessary to assess their readiness by testing how key macroeconomic indicators from these countries relate. Using the recent innovative accounting methodology to test if there are differences in the way these countries respond to shocks from the major markets after a decade of setting convergence criteria to harmonize their economies. The paper used a monthly money market indicator (interest rate) and price levels (consumer price indices) for the period between January, 1990 and December, 2010. The results indicate that the countries’ respond differently to shocks from the major markets (i.e. China, United States and United Kingdom). This is an indication that the countries are yet to be integrated to pave the way for the introduction of the common currency. JEL Classification: F31; F36; GI5. Keywords: Macroeconomic Spillover; Single Currency; Inter-regional Analysis.