Browsing Τμήμα Λογιστικής και Χρηματοοικονομικής / Department of Accounting and Finance by Submit Date

Using European stock data from two different venues and time periods for which we can identify each trade's aggressor, we test the performance of the bulk volume classification (Easley et al. (2016)

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Do Financial Analysts Restrain Insiders’ Informational Advantage?

Ellul, Andrew; Panayides, Marios (2018)

By collecting and disseminating price-sensitive information, financial analysts should reduce firm insiders’ informational advantage with a consequent impact on trading dynamics and market quality. We empirically examine ...

Article

Common Ownership and Competition in Product Markets

Koch, Andrew M.; Panayides, Marios A.; Thomas, Shawn (2019)

We investigate the relation between common institutional ownership of the firms in an industry and product market competition. We find that common ownership is neither robustly positively related with industry profitability ...

Article

Are analyst stock recommendation revisions more informative in the post-IFRS period?

Charitou, Andreas; Karamanou, Irene; Kopita, Anastasia (2018)

This paper investigates whether the mandatory IFRS adoption has affected the informativeness of analyst recommendation revisions in Europe. Although prior studies document that IFRS adoption improved analyst forecast ...

Article

Private information in currency markets

Michaelides, Alexander; Milidonis, Andreas; Nishiotis, George P. (2019)

Using daily abnormal currency returns for the universe of countries with flexible exchange rates, we show local currency depreciations ahead of unscheduled, public sovereign debt downgrade announcements. Consistent with ...

Article

An empirical analysis of changes in the relative timeliness of issuer-paid vs. investor-paid ratings

Berwart, Erik; Guidolin, Massimo; Milidonis, Andreas (2019)

We investigate the lead-lag relationships between issuer-paid and investor-paid credit rating agencies (CRAs), after the regulatory reforms in the U.S. (2002–2006) also including outlooks. Over our sample period, ratings ...

Article

Flexibility as firm value driver: Evidence from offshore outsourcing

Choi, Jongmoo J.; Ju, Ming; Kotabe, Masaaki; Trigeorgis, Lenos; Zhang, Xiaotian T. (2018)

Research Summary This article tests real options theory predictions that uncertainty and flexibility are key value drivers for offshore outsourcing moderated by switching costs. Examining firm-specific and market data for ...

Article

Robust VaR and CVaR optimization under joint ambiguity in distributions, means, and covariances

Lotfi, Somayyeh; Zenios, Stavros A. (2018)

We develop robust models for optimization of the VaR (value at risk) and CVaR (conditional value at risk) risk measures with a minimum expected return constraint under joint ambiguity in distribution, mean returns, and ...