Papers by Stergios Athianos
Journal of social sciences, 2013
M&As is a phenomenon that first appeared in the beginning of the 20 th century, increased during ... more M&As is a phenomenon that first appeared in the beginning of the 20 th century, increased during the first decade of the 21 st century and is expected to expand in the foreseeable future. The current global crisis is one of the most determining factors affecting M&As" expansion. The scope of this dissertation is to examine the M&As that occurred in the Greek banking context, focusing primarily on the managerial dimension associated with the phenomenon, taking employees" perspective with regard to M&As into consideration. Two of the largest banks in Greece, EFG EUROBANK ERGASIAS and MARFIN EGNATIA BANK, which have both experienced M&As, serve as the platform for the current study. Our results generate important theoretical and managerial implications and contribute to the applicability of the phenomenon, while providing insight with regard to M&As" future within the next years.
International Journal of Sciences: Basic and Applied Research, 2018
This paper aims to model and forecast the evolution of unemployment rate in Greece, using the Box... more This paper aims to model and forecast the evolution of unemployment rate in Greece, using the Box- Jenkins methodology during the period 1980-2013. The empirical study relieves that the most adequate model for the unemployment rate for this period is ARIMA (1,2,1). Using this model, we forecast the values of unemployment rate for 2014, 2015 and 2016. We found that the unemployment rate for 2014, 2015 and 2016 are 26.39% , 25.33% and 25.27% respectively.
American Journal of Applied Sciences, 2014
The purpose of this study is two fold: (a) to bring on issues of asset impairment manipulation in... more The purpose of this study is two fold: (a) to bring on issues of asset impairment manipulation in the IFRS context (b) to examine, any statistical inference validating impairment discretionary charges and firms' earning experience. The Impairment Accounting Standard (IAS 36), enters new requirements for asset impairment provided to satisfying accrued loss amounts. Earning Management through the use of asset impairments within constrains of taking accounting process results to income manipulation representing (a) an external demand to meet earnings forecasts (b) internal demand for communicating board' level performance. We expect to present a critical view of the earnings discretion and provide an answer on the prevailing content of asset impairment. The sample constituted of 236 firms, listed in the Greek Stock Exchange Market on the basis of impairment observations. We analyze the earnings levels for impairer companies, for 2004-2012 years. Findings suggest (a) firms recording impairment charges possess lower earnings than do their counterparts not recording write downs and (b) the impairment losses are likely reported as timely opportunity to taking "big bath" and increasing future earnings. However we estimate that Greek firms' operating performance is engaged to earning adjustments on (a) taxable environment and (b) new accounting rules liable to income strategies.
Procedia. Economics and finance, 2015
Procedia Economics and Finance, 2014
Mergers and Acquisitions have been an important strategy for the Greek banking sector. During the... more Mergers and Acquisitions have been an important strategy for the Greek banking sector. During the last period of time the importance of M&A in the Greek banking sector have been reinvigorated as a result of a without precedent financial and economic crisis the Greek economy and banking sector faces, and the ongoing pressure both by Greek authorities and foreign institutions (IMF), for bigger and more efficient banks. In this paper the effect of the announcement of an M&A proposal that took place in the summer of 2010, on the share prices of three major Greek banks listed in the Athens Stock Exchange Market, is assessed. The bidder was a private bank (Piraeus Bank), while the targets banks were two state owned banks (Hellenic Postbank and Agricultural Bank of Greece). The event study methodology is used to evaluate the effect the proposal had on the stock returns of the banks involved. Our results are analysed and discussed considering the financial and corporate governance characteristics, of the involved banks and the Greek banking sector.
SSRN Electronic Journal, 2013
The current article examines the trade balance of Greece in the Euro era, in general, and in part... more The current article examines the trade balance of Greece in the Euro era, in general, and in particular within the Member States of the Euro Zone (EZ). It was found that in the Euro-era, the Greek trade balance has deteriorated in general and particularly within the Member States of the EZ, while losses in competitiveness of the Greek economy have been observed. The structure of production and foreign trade affect the trade deficit and competitiveness of the Greek economy. Moreover, the more rapid rates of inflation in Greece, compared with its trading partners, led to a revaluation of the real exchange rate in the country, affecting its export performance.
Journal of Social Sciences, 2010
Present study investigated the gap between accounting practices and the magnitude role of account... more Present study investigated the gap between accounting practices and the magnitude role of accounting information in the agricultural sector. Problem statement: Factors for this gap are: Current general accounting rules do not reflect the particularities of farming, the need of farm management, rural development and sustainability. The introduction of International Accounting Standard 41 (IAS 41) by International Accounting Standard Committee, Approach: With the Farm Accounting Data Network (FADN) in Europe, could be key elements to improve the use of agriculture accounting. Results: After mandatory and optional adoption for listed and non-listed small size companies, of IAS's respectively, by EU at 2005, we conclude that the main contribution of IAS 41 is to provide a strong conceptual framework in agricultural accounting practice. Conclusion: FADN is an experienced data network, which could be a guide for implementing of IAS 41. Finally, we unfold IAS 41 statutory and FADN procedures grounding an informative frame for farm development policy.
SSRN Electronic Journal, 2007
Day of the week effect phenomenon is one of the most important calendar anomalies that have been ... more Day of the week effect phenomenon is one of the most important calendar anomalies that have been observed in many stock markets in all over the world. This specific phenomenon has been observed and studied by many researchers for many years and as a consequence there are a lot of different results. The present paper aims at examining in a theory level the meaning, the boundaries and the effects of this phenomenon. First of all, we make a short introduction about the day of the week effect phenomenon in general. After that, we present two significant issues: on the one hand the distinction between perfect and imperfect markets, on the other hand the analysis of the efficient market hypothesis. Then we analyze some of the most important calendar anomalies, which have been observed in many stock markets in all over the world and its possible explanations. Finally we analyze more analytically, the day of the week effect phenomenon and its possible explanations.
American Journal of Economics and Business Administration, 2010
The aim of this study is to highlight the main differences between International Accounting Stand... more The aim of this study is to highlight the main differences between International Accounting Standards and Greek accounting, The sample constituted by 90 randomly selected Greek companies which are listed in Athens Stock Exchange were scrutinized concerning the differences in financial figures which have been appeared due to the adoption of IFRS. Approach: The use of capital asset pricing model has been inserted in a single regression model in order to depict the association of risk and the actual price return. The first model has been changed in order to exclude variables that were not statistically significant for the analysis. Finally, a revised model has been constructed and its statistically predictive power has been reexamined. Results: The outcome of the study postulates that when investors take into consideration the risk profile of each company, the differences in the valuation, current assets, current liabilities and sales can predict the share prices within a period of six months. Finally, there is evidence that the differences in valuation of the above companies, along with the classic CAPM can explain the fluctuations in share prices concerning the examined period. Conclusion: Since the field of Investigation is Greece, the research provided key differences between the old Greek conservative accounting and the fair value accounting of IFRS using a mixture of studies, the current paper has proved that the switch of the accounting regime from Greek accounting to IFRS has affected the valuation of companies. The above difference in the valuation has been taken into consideration by investors to readjust their portfolios.
This dissertation examines the information content of accounting numbers, prepared under the Inte... more This dissertation examines the information content of accounting numbers, prepared under the International Accounting Standards (IAS), and contrasts it with the information content, prepared under the Greek Generally Accepted Accounting Principles (Greek GAAP). Using a sample of 46 Greek listed firms and the years 2004 to 2006 as investigation period, this thesis analyses the value relevance of earnings and book values of equity, prepared under both standards. Moreover, emphasis is also being placed on the differences between these two accounting policies. On the one hand, the Greek GAAP is stakeholder oriented and it is regarded as a historical cost accounting model and on the other hand, IAS is shareholder oriented and it is considered to be a fair value accounting model. The empirical results of this dissertation seem to be compatible with these accounting standards' characteristics. In particular, the book value of equity along with the book value and net income variability are proven to be significantly higher under IAS than under the Greek GAAP. In addition, this dissertation's findings suggest that, according to IAS, the role of book value is more significant than the role of net income. Finally, it is found that IAS adjustments of book value are more value relevant than the adjustments of net income.
This paper investigates the impact of IAS’s on companies’ source of finance. It will be based on ... more This paper investigates the impact of IAS’s on companies’ source of finance. It will be based on the proposition contained in Nobe’s, (1998) model which claims that outsider companies in weak-equity-outsider markets are more likely to change their type of accounting system. Greek economy is substantially influenced by law (tax driven system), and also depends on banks and governments reinforcement, as they are its major funding sources. Our sample constituted by 46 Greek listed companies examined for a period 2010 - 2014. The results support Nobe’s, model as it has been found that companies with more outsider finance were more likely to use international standards. After the compulsory adoption of IAS/IFRS, most of the Greek companies have increased not only their proportion of foreign sales, and the proportion of shares hold of public but also the proportion of public debt. All the above have altered the Greek finance from bank-dominated to market-oriented.
In our era with the opening up of markets is becoming imperative for homogeneity of the financial... more In our era with the opening up of markets is becoming imperative for homogeneity of the financial statements of entities nationally and internationally. The current crisis that is going through this period of the country as well as the lack of investor confidence to financial markets necessitates the applications of uniform accounting standards. The introduction of International Accounting Standards, when fully adopted by entities, ensures the necessary transparency needed by users of financial statements worldwide. But the problem lies in the extent to which the requirements of International Accounting Standards followed by entities during the period of this extended recession. The objective of this paper is to investigate whether and to what extent Greek listed companies during the period of economic crisis implement the mandatory disclosure requirements as imposed by International Accounting Standards/International Financial Reporting Standards (IAS/IFRS). A sample of fifty (50) ...
Econometrics: Applied Econometrics & Modeling eJournal, 2010
This paper examines the reaction of the Athens Stock Exchange (ASE) to dividend announcements by ... more This paper examines the reaction of the Athens Stock Exchange (ASE) to dividend announcements by a sample of firms listed at the FTSE/ATHEX 20 and FTSE/ATHEX Mid 40 for a fixed period 2004-2008. It also provides analytical information about the Greek Stock Market and the regulations underlying it, which have been taken into account in the present thesis. Moreover, previous studies of important academic scholars are presented and discussed, in order for the reader to attain the appropriate theoretical knowledge about the examined issue. Finally, significant abnormal activity is documented throughout the multiple event-windows that are employed and therefore, the null hypothesis, which supports the irrelevance theory as introduced by Miller and Modigliani (1961), is rejected.
This work investigates the impact of International Accounting Standards on companies’ source of f... more This work investigates the impact of International Accounting Standards on companies’ source of finance. Examines the willingness of the companies to change their type of accounting system from one that based on government financing and tax collection system to one that meets the needs of outsider financiers. After the mandatory adoption of IAS's /IFRS's most of the Greek companies have increased not only their proportion of foreign sales, but also the proportion of public debt. This great change in accounting system have altered the Greek financial system from bank-dominated to market-oriented.
Chicago Booth ARC: International Accounting (Topic), 2011
This paper provides evidence of use of IAS’s on companies’ sources of finance. The methodology ba... more This paper provides evidence of use of IAS’s on companies’ sources of finance. The methodology based on the proposed model by Nobes (1998) in which claims that international companies in order to invest globally, especially in weak-equity markets are more likely to change their type of accounting system. Greek tax system law characterized as “tax driven system” and is substantially influenced by law and also depends on banks and governments reinforcement. The sample of this paper constituted by 46 Greek listed companies examined for a period 2004-2005. The results support Nobes model as it has been found that companies with more outsider finance were more likely to use international standards. After the compulsory adoption of IAS/IFRS, most of the Greek companies have increased not only their proportion of foreign sales, and the proportion of shares hold of public but, also, the proportion of public debt.
Disclosure of financial statements is an important topic both for investors and for preparers as ... more Disclosure of financial statements is an important topic both for investors and for preparers as disclosure allows investors to understand the application of the accounting principles used by companies. This research examines financial statements under IFRS of 50 Greek listed groups and their compliance with mandatory disclosure according to IAS 24 and presents an empirical analysis of the Greek market which belongs to the Continental European accounting cluster (French – German accounting system). The examination period span from 2009 to 2015. Different variables were tested to analyze the compliance with the mandatory disclosure such as size variables, performance variables, financial interest variables and market variables. Many studies on mandatory disclosure are based on one disclosure index method and results are affected by the different approaches used: Cooke's dichotomous approach, Partial Compliance method, weighted and unweighted. In this paper, the decision was taken...
Canadian Academic Accounting Association (CAAA), 2013
The present study examines the value relevance of disclosed related party transactions (RPTs) in ... more The present study examines the value relevance of disclosed related party transactions (RPTs) in Greek listed group of companies. We are based on two types of transactions, exchange of goods-products and exchange of assets, using a value relevance approach. We apply the model of Ohlson (1995) for the period 2004 and 2005 and we observe that the reported earnings of firms selling goods or assets to related parties exhibit a lower valuation coefficient than those of firms in Greece without such transactions. This result is not observed after 2005, when a new fair value measurement rule for related party transactions came into effect. Our evidence suggests that the new RPT regulation in Greece is perceived to be effective at reducing the potential misuse of RPTs for earnings management purposes. Since RPTs have been the subject of numerous scandals, our evidence from the Greek stock markets suggests that new RPT accounting standards could prove an effective solution to this issue.
In this paper, we use a set of publicly available date regarding Greek Firms in order to investig... more In this paper, we use a set of publicly available date regarding Greek Firms in order to investigate probable connections between the structure of their Boards of Directors and its possible linkage to the creation of the recent financial crisis in Greece or possible corruption existence. This study is developed in two parts. In the first part we create and analyze two derived social networks, using well known and robust metrics from the theory of Social Network Analysis. In the second part we examine any existing relation between corporate ownership structure and the information content of announced earnings.The empirical results of this study are generally consistent with the above arguments.
The purpose of this study is to analyze whether Greece, by complying with International Financial... more The purpose of this study is to analyze whether Greece, by complying with International Financial Reporting Standards, has been reached the desirable harmonization, in what degree and discusses the related subject problems that have been arisen. The surveyed data are selected from, Greek listed companies in Athens stock exchange. The H index, a measure of the degree of concentration for the adoption of specific accounting practices, is calculated over the 3-year period. The results show that across 3-year period H index were positive and statistical significant so the disclosure quality is significant increased under IFRS/IAS adoption. It also puts forward the view that harmony should reflect properly the different circumstances under firms operate toward maturity and normalization.
Journal of Accounting and Management Information Systems, 2016
The present study examines the value relevance of disclosed related party transactions (RPTs) in ... more The present study examines the value relevance of disclosed related party transactions (RPTs) in the Greek listed companies on the Athens Stock Exchange. We are based on two types of transactions: exchange of goods-products and the exchange of assets (group accounting), using a value relevance approach. We apply the model of Ohlson (1995) for the period 2003 - 2013 and we observe that the reported earnings of firms selling goods or assets to related parties exhibit a lower valuation coefficient than those of firms without such transactions. The Greek accounting standards provide limited recognition of assets, together with the frequent use of forecasts, resulting in a more conservative recognition of results compared to the IAS / IFRS, which are using fair value for the recognition of financial instruments and internally generated intangible assets.
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Papers by Stergios Athianos