005 Σχολή Οικονομικών Επιστημών και Διοίκησης / Faculty of Economics and Management
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Working Paper Open Access
Risk management optimization for sovereign debt restructuring
(Journal of Globalization and Development, Vol. 6(2), pp. 181–213, Feb. 2016.; The Wharton School Financial Institutions Centre No. 14-10., 2015-12)Debt restructuring is one of the policy tools available for resolving sovereign debt crises and, while unorthodox, it is not uncommon. We propose a scenario analysis for debt sustainability and integrate it with scenario ...
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Working Paper Open Access
A Political Capital Asset Pricing Model
(The Wharton Financial Institutions Center. The Wharton School, University of Pennsylvania, PA, 2019-03)We construct a bivariate factor of political stability and economic policy confidence, and show that it commands a significant premium of up to 15% per annum, in the global, developed, and emerging markets, robust to ICAPM, ...
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Report Open Access
Entrepreneurship in Cyprus
(2019)Entrepreneurship is a core driver of economic growth and societal prosperity, as it fosters the innovation necessary for exploiting new opportunities, enhancing productivity, increasing employment opportunities and providing ...
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Article
Structural breaks tests robust to regression misspecification
(2018)Structural break tests for regression models are sensitive to model misspecification. We show—analytically and through simulations—that the sup Wald test for breaks in the conditional mean and variance of a time series ...
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Article
Inference in Group Factor Models With an Application to Mixed-Frequency Data
(2019)We derive asymptotic properties of estimators and test statistics to determine—in a grouped data setting—common versus group-specific factors. Despite the fact that our test statistic for the number of common factors, under ...
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Article
Noisy Introspection in the 11–20 Game
(2018)Previous experiments based on the 11–20 game have produced evidence for the level-k model with observed levels of strategic thinking consistently ranging from 0 to 3. Our baseline treatment uses the 11–20 game and replicates ...
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Article
The effect of entry on R&D networks
(2018)We investigate the effect of potential entry on the formation and stability of R&D networks considering farsighted firms. The presence of a potential entrant often alters the incentives of incumbents to collaborate. Incumbent ...
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Article
On Decay Centrality
(2018)<section class="abstract"><h2 class="abstractTitle text-title my-1" id="d1234e2">Abstract</h2><p>We establish a relationship between decay centrality and two widely used measures of centrality, namely degree and closeness. ...
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Report
Inflation Expectations and Monetary Policy in Europe
(Social Science Research Network, 2016)We use monthly data across fifteen euro-area economies for the period 1985:1-2015:3 to obtain different monetary policy shocks pertaining to more versus less informed individuals. We then investigate how these affect ...
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Article
Does Exposure to the Refugee Crisis Make Natives More Hostile?
(2019)Although Europe has experienced unprecedented numbers of refugee arrivals in recent years, there exists almost no causal evidence regarding the impact of the refugee crisis on natives’ attitudes, policy preferences, and ...
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Article
Electoral Competition with Primaries and Quality Asymmetries
(2019)We introduce primaries—both closed and open—into a Downsian model of two-party electoral competition allowing the two candidates in each party’s primary to differ in valence as well as in policy platform. The good news is ...
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Article
Enforcement actions on banks and the structure of loan syndicates
(2020)We investigate the effect of regulatory enforcement actions on banks' reputation by estimating the effect of non-compliance with laws and regulations among lead arrangers on the structure of syndicated loans. Consistent ...
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Article
Electoral rules, strategic entry and polarization
(2019)How does electoral rule disproportionality affect the structure of the party system (i.e. the number and the policy platforms of the competing parties)? By studying a model where both party entry and platform choice are ...
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Article
Strategic voting when participation is costly
(2019)We study a general multiparty model of plurality rule elections with costly participation, and prove that strategic voting – that is, situations in which some voters abandon their most preferred alternative and vote ...
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Article
Economic insecurity and political stability: a case for growth-targeting systemic vote
(2020)Abstract. In this paper, we focus on the years before the Great Recession (1960–2007) and, after addressing possible issues of endogeneity, we study the effect
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Article
Social welfare with net utilities
(2019)We consider a society facing a binary choice, in an environment in which differences in utility are comparable across individuals. In such an environment, net utility is the difference between the utility that an individual ...
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Article
Waking Up the Golden Dawn: Does Exposure to the Refugee Crisis Increase Support for Extreme-Right Parties?
(2019)Does exposure to the refugee crisis fuel support for extreme-right parties? Despite heated debates about the political repercussions of the refugee crisis in Europe, there exists very little—and sometimes conflicting—evidence ...
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Article
Candidate valence in a spatial model with entry
(2018)This paper studies electoral competition between two purely office-motivated and heterogeneous (in terms of valence) established candidates when the entry of a lesser-valence third candidate is anticipated. In this model, ...
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Article
Electoral Spillovers in an Intertwined World: Brexit Effects on the 2016 Spanish Vote
(2020)he Brexit vote took place three days before the June 26, 2016, Spain’s parliamentary elections, in which anti-systemic parties performed worse compared to the previous elections (December 2015) despite the optimistic ...
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Article
Electoral competition under costly policy implementation
(2018)This paper analyzes a unidimensional electoral competition model between two policy-motivated candidates, assuming that the elected candidate has to incur an idiosyncratic policy implementation cost. Think of this as the ...
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