Μεταπτυχιακές Εργασίες
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Πλοήγηση Μεταπτυχιακές Εργασίες ανά Συγγραφέα "Athens University of Economics and Business, Department of International and European Economic Studies"
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Τεκμήριο 1997 Asian crisis - the vulnerabilities of the "Asian Tigers" and the fiscal response towards recovery: a country by country analysis(02/18/2019) Kottas, Christos; Athens University of Economics and Business, Department of International and European Economic Studies; Tsakloglou, Panagiotis; Moutos, ThomasThe Asian economic and financial crisis that occurred in 1997 is considered as one of the most serious crises in the economic history. The contagion effect, following the depreciation of the Thai baht due to the massive speculative attack on July 1997, transmitted the crisis in the other countries of the area, mainly South Korea, Malaysia, Philippines, Singapore and Indonesia. This paper examines the anatomy of the East Asian financial crisis, analyzes the fiscal response and the measures that were implemented and assesses the macroeconomic adjustment of the involved countries by presenting the results of the measures implemented and its output the years afterwards. The analysis conducted is firstly country – oriented, that is, each country’s involvement in the crisis is examined separately focusing on the macroeconomic framework before the crisis. Moving towards the fiscal adjustment section of the paper, the analysis remains on a country-by-country level in order to analyze the measures implemented aiming at the assessment of the supporting programs degree of success and focusing on the International Monetary Fund’s and countries authorities intervention there, as well as the fiscal adjustments modalities that became necessary in this context. Finally, the paper overviews the situation and aftermath of these countries the years afterwards and the position of these countries in the modern world almost 20 years after the end of the Asian tigers crisis.Τεκμήριο Alternative asset classes and diversification benefits(14-10-2022) Νικολακόπουλος, Λάμπρος; Athens University of Economics and Business, Department of International and European Economic Studies; Demos, Antonios; Skouras, Spyros; Topaloglou, NikolaosΗ παρούσα διατριβή έχει ως στόχο να κάνει μια εις βάθος παρουσίαση σχετικά με τα οφέλη διαφοροποίησης που μπορεί να έχουν εναλλακτικές κατηγορίες περιουσιακών στοιχείων από τη συμπερίληψή τους σε ένα παραδοσιακό χαρτοφυλάκιο (αποτελείται από μετοχές και ομόλογα). Έχοντας αυτό υπόψη, η διατριβή δομείται ως ακολούθως. Το πρώτο μέρος παρουσιάζει τη θεωρητική πτυχή του θέματος συμπεριλαμβανομένου το τι είδη κινδύνων υπάρχουν που επηρεάζουν οικονομικές και άλλες δραστηριότητες, στατιστικές μεθόδους προκειμένου να μετρηθεί ο κίνδυνος και, τέλος, μια εκτενή βιβλιογραφική ανασκόπηση των εναλλακτικών κατηγοριών περιουσιακών στοιχείων και την ύπαρξη ή όχι πλεονεκτημάτων διαφοροποίησης. Στο δεύτερο μέρος παρουσιάζεται η εμπειρική ανάλυση που έλαβε χώρα. Ειδικότερα, διακρίνεται σε δύο διαφορετικές αναλύσεις προκειμένου να εξεταστεί το εάν υπάρχουν οφέλη από διαφοροποίηση.Τεκμήριο Alternative methods of portfolio management(01-02-2019) Lazopoulos, Ioannis; Athens University of Economics and Business, Department of International and European Economic Studies; Konstantinou, Panagiotis; Topaloglou NikolaosThe present dissertation intends to summarize and analyze some significant factors that affect the portfolio management and also, to simulate some common investing strategies. The theoretical part of this research is the interpretation of the concept of risk in portfolio management and the analytical presentation of the most important risk types such as market risk, credit risk, operational risk, and liquidity risk. Also, at the theoretical part of this dissertation, we examine the most important risk measurement models which are: Variance, Value-at-Risk (VaR), Conditional Value-at-Risk (CVaR) and Mean Absolute Deviation MAD). The final theme of the theoretical part is an extensive presentation of the strategies that are going to be simulated at the empirical part of this dissertation. More specifically, these strategies are the Equally Weighted Portfolio, Momentum, Contrarian, Equity Market-Neutral, and Risk-on/Risk-off.For the empirical part of this dissertation, we use twenty companies that are components of the Standard & Poor’s 500 (S&P 500) in order to construct a portfolio for every strategy that we mentioned above and to observe the range of its return for the period 31/01/2007 to 30/11/2018. Also, we will present comparison charts among those methods. Finally, this study provides conclusions for the results of the simulated strategies.Τεκμήριο An automatic stabilizer for the Euro area: A European unemployment benefit scheme(20-03-2018) Nasopoulos, Vasileios; Athens University of Economics and Business, Department of International and European Economic Studies; Tsakloglou, PanagiotisThe purpose of this paper is to present the discourse on the automatic stabilizer for the Euro Area, the European Unemployment Benefits Scheme. Chapter 1 introduces the theories of integration that envisaged the European Monetary Union and the incremental approach on integration that followed ever since. The theory of Optimal Currency Area as the blueprint for the EMU and the institutional building blocks of the present EMU are presented, alongside the trajectory of the debate for the EMU institutional framework in the literature. The stabilisation process in the EMU was devoid of an instrument of fiscal capacity and the aftermath of the crisis rekindled the debate for an automatic stabilizer. Based upon the lessons of the crisis and the evident inconsistencies that increased the cost of the monetary union, the EUBS theoretical project was brought into the highest level of policy-making in the five Presidents’ Report as a call for an automatic stabilizer for the Euro Area. Chapter 2 introduces the project of the EUBS and its designated utility features. The trajectory of the debate on a fiscal stabilizer traced out the design of the EUBS and the main design features as described in the literature. The common ground among the studies in the literature is analyzed in terms of stabilisation efficiency and cost, in relation to the moral hazard problem. It is further explored the danger of institutional moral hazard that arises in all multi-tiered systems, to be mitigated before establishing an EUBS framework. Chapter 2 concludes with the theoretical presentation of EUBS variants models by Miroslav Beblavý and Karolien Lenaerts in the study of Feasibility and Added value of an European Unemployment Benefits Scheme 2017, that encompasses the work of all the studies in the literature up to date. Chapter 3 presents the results of the simulations and the conclusions drawn from the performance of the respective models. The simulations include backward-looking models that estimate the stabilisation capacity and crisis mitigation if an EUBS had been established in the period 1995-2013. Moreover, forward-looking models simulate the impact on stabilisation of an EUBS in the event of four hypothetical scenarios of shocks. The results of the simulations envision the limitations and the capability of a European Unemployment Benefit Scheme andits added value on the European Monetary Union framework, the European citizens and the European Project in general.Τεκμήριο Anti-dumping practices: a safety valve or trade impediment?(2018) Angeli, Kyriaki; Athens University of Economics and Business, Department of International and European Economic Studies; Milliou, Chrysovalantou; Tsakloglou, Panagiotis; Chatzipanagiotou, PanagiotisThe present study aims to analyze the phenomenon of dumping. More specifically, it is presented information concerning trade across the world as well as how this is formed by dumping and trade barriers. The methodology is based on the collection of data collected them from scientific books, articles as well as from official websites.In order to be fully understood, there is an introduction which explains what dumping is, starting from a historical review and mentioning the objectives and the types of it. Moreover, observing the diagram of dumping it becomes obvious the profitability of it.The next chapter focuses on anti dumping actions as a reaction to dumping, citing some historical data as well as their effects worldwide. In 1948, it was important to establish a trade agreement intending to reduce tariffs highlighting the pros and cons of it, mentioning also the impact of trade liberalization. In addition to this, there is both an extended analysis of anti-dumping regulations under WTO and under EU. Finally, it is extremely important to consider a case study concerning a product and specifically solar panels. Solar panels are one of the most important instances of dumping cases while lots of enterprises are interested in importing and exporting this kind of product abroad increasing their revenues. In this analysis, there is a particular emphasis on financial relations between China and European Union.Τεκμήριο Approaching the Gulf: political and economic relations between the European Union and the Gulf Cooperation Council(20-06-2018) Mikelis, Grigorios; Athens University of Economics and Business, Department of International and European Economic Studies; Pagoulatos, Georgios; Blavoukos, SpyrosThe bilateral European Union (EU) and Gulf Cooperation Council (GCC) relations began to be delimited by a coordinated institutional framework in 1989 with the activation of the Cooperation Agreement (CA). From then on this partnership has had many obstacles to overcome since minimal initiatives have succeeded in successful completion of key issues such as the common acceptance for the start of a Free Trade Agreement (FTA) which is still a matter of negotiation. Intense disagreements, several points of divergence and the changing of priorities in economic and political level have brought this relationship at a crossroads between deceleration and stagnation. Although, the different structure of the two transnational unions, the appearance of bilateral contacts against multilateral agreements, the alternative economic development and trade policy that they follow as well as the dissimilar political culture arise many hurdles among them, the attempts to maintain and to create new communication and collaboration networks proves that this is a cooperation with strategic character for both sides. However, in order to become this partnership viable it should be adopted with a single policy line at regional level, creating relationships of interdependence which, in turn, will lead to a steady pace of recovery, deepening of their relations and with positive future prospects.Τεκμήριο Artificial neural networks in financial time series forecasting(11/29/2020) Koutsourakis, Athanasios K.; Κουτσουράκης, Αθανάσιος; Athens University of Economics and Business, Department of International and European Economic Studies; Tzavalis, Ilias; Pagratis, Spyros; Topaloglou, NikolaosTime series forecasting is well-known for being a tough problem in the domain of finance. The traditional methods based on domain knowledge, such as autoregressive and structural time-series models, have depended on parametric models which been around for a long time and are still helpful in certain situations, but the linear assumptions underlying them may be excessively restricting. Machine learning methods and especially ANNs provide ways to learn temporal dynamics using data-driven learning, while they have been proven to be universal approximators thus, are able to approximate non linear continuous functions. Additionally, they do not require specific assumptions about themodel since the underlying relationship is decided entirely via data mining. In this paper we present a forecasting methodology to predict the Nvidia stock prices, as well as to forecast the stock return trend movement of the company’s stock, by leveraging ANNs.We focus on the Long Short-Term Memory (LSTM) recurrent neural networks, and we implement a layered architecture on which we train our neural model after adjusting the appropriate hyperparameters, then we leverage this model to forecast the stock market value one day ahead using the sliding window method. We present two hands-on case studies with Python, in the first case we predict the stock price as a univariate regression problem, and in the second case we forecast the stock returns as a multivariate regression problem using additional independent variables other than lagged values. Finally, we verify that neural networks with two hidden layers and properly adjusted hyperparameters are able to predict with high precision financial time series such as stock prices, even when trained only on historical data.Τεκμήριο Asset protection scheme in Greece: towards a resolution of the NPEs problem(10/14/2021) Mitsopoulos, Andreas; Μητσόπουλος, Ανδρέας; Athens University of Economics and Business, Department of International and European Economic Studies; Tzavalis, Ilias; Zacharias, Eleftherios; Pagratis, SpyrosThe research aim of the present dissertation deals with the major problem of non-performing exposures (NPEs) in the Greek banking system. After the 2008 global financial crisis, which stemmed from the USA as a result of the mortgage market collapse, our country faced and is continuing facing the most severe crisis of the last decades. This crisis commenced in Greece as a sovereign debt crisis and very soon evolved, contaminating the whole banking system. The main impact of this sovereign debt crisis in the banking sector was the large deterioration in value of their assets and the upcoming huge increase in their troubled assets, the non-performing exposures (NPEs).The consequences of these events were at first instance, the transformation of the whole banking system. Many small banks been merged with other banks, leading the Greek banking system to consist of four major systemic banks today. After that, these four remaining systemic banks are striving with the major problem of NPEs. The effective management of NPEs by financial institutions is of paramount importance. The restoration of financial stability depends on this. Market confidence and credit in the financial sector should been improved, as well as the ability of the banking sector to finance the economy in order to lead to a sustainable economic recovery for the country.Today, the Greek banking system still remains with high levels of NPEs compared to the European Union average, despite the great efforts and actions which have been made all these years from financial institutions and governments. The need for a solution is urgent and necessary for a healthy banking system. Since the beginning of the sovereign debt crisis and the upcoming banking crisis with the accumulation of the huge stock of NPEs, the main actions made for dealing with it, was write-offs, provisions and a small amount of non-performing loans (NPLs) portfolios sales, but without success. The last two years a new action plan has been thrown into this “battle”, the Hellenic Asset Protection Scheme (HAPS), named “Hercules”.The “Hercules” is among others the last effort for banks to overcome the major problem of NPEs and to pass into a new era. With the government play the key role of the guarantor in this scheme, which is fully analyzed in chapter 2, and the loans management companies, called “Servicers”, being part of this action plan, it is believed that banks will get rid of the huge stock of NPEs until the end of 2022, derived mainly from the 2008 crisis (“legacy loans”), and return back in their core banking activities, the financing of business and households.Τεκμήριο Autonomous ships: introduction and application(10-06-2019) Άκουρος, Δημοσθένης; Akouros, Dimosthenis; Πανταζόπουλος, Γεώργιος; Pantazopoulos, Georgios; Athens University of Economics and Business, Department of International and European Economic Studies; Ρομπόλης, Λεωνίδας; Βεντίκος, ΝικόλαοςΤα αυτόνομα και εξ αποστάσεως ελεγχόμενα πλοία έχουν δείξει αυξανόμενο ενδιαφέρον στις μέρες μας. Οι τεχνολογικές εξελίξεις, το λογισμικό και οι αλγόριθμοι υποστήριξης αποφάσεων, καθώς και η συνδεσιμότητα στη θάλασσα έχουν επιτρέψει στα πρώτα εμπορικά έργα που είναι έτοιμα να ξεκινήσουν στο όχι τόσο μακρινό μέλλον.Το πεδίο είναι ευρύ με πολλές διαφορετικές εφαρμογές αυτοματισμού και έννοιες που θα μπορούσαν να διαδραματίσουν ζωτικό ρόλο, ωφελώντας τη ναυτιλιακή βιομηχανία. Από πλοία με πλήρη απουσία ανθρώπινου παράγοντα σε πλοία με τηλεχειρισμό από χερσαίες εικονικές γέφυρες, μέχρι συστήματα υποστήριξης που θερμαίνουν το πλήρωμα πριν από τη σύγκρουση ή βοηθούν στη βελτιστοποίηση των λειτουργιών.Από τους αισθητήρες επί του σκάφους, την αξιοπιστία των μηχανημάτων σε ένα μη επανδρωμένο σκάφος έως τους εθνικούς και διεθνείς κανόνες και κανονισμούς, έως το λογισμικό που πρέπει να είναι σταθερό και ασφαλές στον κυβερνοχώρο, υπάρχουν πολλές προκλήσεις που πρέπει να ξεπεραστούν πριν τεθεί σε εφαρμογή αυτή η τεχνολογία. το τέστ.Το μελλοντικό πλοίο θα χρειαστεί ακόμη ανθρώπινη συμβολή από τη χερσαία σύνδεση μεταξύ του πλοίου και της ακτής. Η επικοινωνία πρέπει να είναι ακριβής, υποστηριζόμενη από πολλαπλά συστήματα, προκειμένου να ελαχιστοποιηθεί ο κίνδυνος.Ο στόχος αυτής της διατριβής είναι να αναλύσει τις διαφορές μεταξύ ενός αυτόνομου και συμβατικού σκάφους, υπογραμμίζοντας τα οφέλη-εμπόδια του καθενός, για να δημιουργήσει έναν αλγόριθμο που απεικονίζει μια διέγερση ενός αυτόνομου σκάφους που ξεπερνά ένα φανταστικό εμπόδιο.Τεκμήριο Ballast water management: an overviewChatziieremia, Eleni; Papagianni, Christina; Athens University of Economics and Business, Department of Accounting and Finance; Athens University of Economics and Business, Department of International and European Economic Studies; Konstantinidis, EmmanouilThousands of potentially harmful marine species are transported all over the world into the ballast water and this is proved by the fact that there are hundreds of examples of severe ecological, economical and human health impacts from invasive aquatic species around the world. The transfer of aquatic invasive species into new environments via ballast water has been specified as one of the greatest threats to the oceans. The risk of spread of these invasive species is being increased as a result of the global nature and continuous growth of maritime trade. In an effort to minimize and ultimately extinguish this risk, IMO proceeded to the implementation of a regulatory framework of international character by adopting the International Convention for the Control and Management of Ships’ Ballast Water and Sediments (BWMC). The aforementioned Convention entered into force on September the 8th of 2017.In turn BWMC affected the decision-making in the maritime industry since it introduced, inter alia, new requirements for port States and ships around the world. The United States have already set in force their own regulations regarding ballast water treatment in an effort to regulate the harmful aquatic organisms’ transfer to their territorial waters. Since there is no globally unified way of facing this challenge and legal approaches vary around the world, the problem becomes more complex. Therefore, a need arises for the regulations and standards applying on new and existing ships to be presented in a clear and consolidated way. This is the reason why this thesis focuses on the different international and regional regulatory frameworks. Ballast Water management is currently entering a new phase where all ships will soon be compelled to meet new and stricter standards for ballast water discharging. Apart from the clarification of the applicable legislation, even stricter ballast water discharge laws and regulations create uncertainty to the ship-owners and alters significantly the costs not only for new but for existing ships as well. This thesis tries to bring attention to the legal approaches and economic challenges and ideally present an overview to maritime professionals to enable them to take the best possible decision in relation to the trading limits of their ships and in relation to the legal regimes they must be compliant with.Τεκμήριο Bank credit ratings and macroprudential issuesFanos, Evangelos; Athens University of Economics and Business, Department of Economics; Athens University of Economics and Business, Department of International and European Economic Studies; Pagratis, SpyrosThis dissertation studies Credit Rating Agencies and the due diligence process on their creditworthiness assessments, as well as the issues associated with credit ratings quality. The principal role of these agencies is to mitigate the information asymmetry between investors and borrowers who seek external financing, by evaluating their capability to service their debt obligations. The present dissertation aspires to examine the criteria behind these decisions, focusing on Moody's - one of the most influential credit rating agencies worldwide - methodology for bank ratings assessment. The world has changed dramatically for bank creditors since the onset of the financial crisis in 2008 and the banking sector has stimulated the interest of everyone, including regulators. Credit rating agencies have been accused for their, in hindsight, proven failure to warn about the real risks existing prior to the crisis. Therefore, in its aftermath there are definitely some take-away lessons to be borne in mind in the future. Accordingly, some basic issues related to credit ratings are discussed in my study, including both a micro and a macro level of analysis. These issues significantly affect credit ratings informativeness, thus posing a threat for financial prudence, considering their importance to market participants. Among the issues discussed are included indicatively, credit rating agencies transparency, potential conflicts of interest, level of competition, the agencies liability, regulations reliance on ratings and the issue of "procyclicality", namely that ratings tend to be higher during economic booms and lower during economic slowdowns. Regulations, both microprudential and macroprudential, surrounding credit rating agencies and their ratings, are discussed as well. It is stressed that regulators currently focus more on microprudential issues, although there are significant systemic risks inherent to ratings, as it has become clear in the aftermath of the crisis. Considering that financial stability should be the desired outcome of any regulatory framework, the procyclicality of ratings, along with the systemic risks stemming from credit rating agencies, need to be addressed.Τεκμήριο The battle of poverty indicators: consumption vs income based GMI simulation(02/08/2018) Planiteros, George; Athens University of Economics and Business, Department of International and European Economic Studies; Moutos, Thomas; Tsakloglou, PanagiotisThe paper looks at the robustness of the poverty analysis results with respect to the indicator used. In particular, it examines how the interpretation of inequality, poverty, social welfare, as well as, the design and fiscal estimation of the GMI program in Greece differentiate when consumption expenditure rather than income is used for the simulations. For this purpose, the decompositions of specific regional, demographic, educational, and socio-economic characteristics of the qualifying households and the fiscal implications of GMI are analysed. The aim of the paper is to construct the profile of the eligible GMI household on the basis of the two alternative concepts of resources. The hypothesis under testing holds that that there is little overlap between income and expenditure poverty and very few households are both income- and expenditure-poor.Τεκμήριο Behavioral finance: the prospect of the investors(21-07-2022) Σπίνου, Βαρβάρα; Spinou, Varvara; Athens University of Economics and Business, Department of International and European Economic Studies; Economides, George; Arvanitis, Stelios; Topaloglou, NikolaosΗ ανθρώπινη φύση είναι περίπλοκη και τα κεφάλαια συμπεριφοράς διερευνούν πώς οι συναισθηματικοί και νοητικοί παράγοντες επηρεάζουν τις επενδυτικές αποφάσεις. Πολυάριθμες μελέτες έχουν επιβεβαιώσει ότι οι άνθρωποι κάνουν εξαιρετικά κακές επιλογές. Ο τομέας της Συμπεριφορικής Χρηματοοικονομικής έχει ως δομικό στοιχείο την ψυχολογία και τη συμπεριφορά των επενδυτών που θεωρεί ότι είναι βασικοί παράγοντες που επηρεάζουν τις χρηματοπιστωτικές αγορές. Ως εκ τούτου, στόχος αυτού του διπλώματος είναι να συνδέσει τον κλάδο και τα χαρακτηριστικά του με την τρέχουσα κατάσταση της αγοράς, η οποία από την άνθηση της πανδημίας COVID-19 χαρακτηρίστηκε από εξαιρετική μεταβλητότητα. Στο κεφάλαιο 1, εξηγείται ότι η Συμπεριφορική Χρηματοοικονομική προσπαθεί να κατανοήσει και να δικαιολογήσει τη συμπεριφορά των πραγματικών επενδυτών σε αντίθεση με την παραδοσιακή χρηματοδότηση που βασιζόταν στις προσδοκίες για το πώς θα ενεργούσαν οι αγορές και οι επενδυτές. Στο κεφάλαιο 2, μελετάται ότι τα συναισθηματικά σκαμπανεβάσματα των επενδυτών ακολουθούν συχνά τον «κύκλο των συναισθημάτων των επενδυτών». Η Συμπεριφορική Χρηματοοικονομική χρησιμοποιεί καλά προσδιορισμένες ψυχολογικές προκαταλήψεις για να εξηγήσει ανωμαλίες στις χρηματοπιστωτικές αγορές, καθώς οι επενδυτές έχουν συχνά την προδιάθεση να έλκονται προς συγκεκριμένα είδη συμπεριφορών, που οδηγούν σε γνωστικά σφάλματα. Γι' αυτό αναλύουμε όλους τους πιθανούς τύπους επενδυτών. Το Κεφάλαιο 3, συνεχίζει με την ανάλυση της θεωρίας προοπτικής και τις προκλήσεις της στην εφαρμογή του μοντέλου. Αναγνωρίζεται ευρέως ως η πιο ακριβής περιγραφή του τρόπου με τον οποίο τα άτομα κρίνουν απειλή σε πειραματικά περιβάλλοντα. Στο κεφάλαιο 4 έχει εφαρμοστεί μια εμπειρική προσέγγιση. Η έρευνα εξετάζει την προοπτική των επενδυτών συνολικά με βάση το προφίλ τους ως λάτρεις του κινδύνου ή ως επενδυτές που αποστρέφονται τον κίνδυνο αλλά και την αντίδρασή τους με βάση τα τρέχοντα γεγονότα. Πιο συγκεκριμένα, ποιοι παράγοντες και ποια σφάλματα συμπεριφοράς που έχουν ήδη αναφερθεί μπορούν να εντοπιστούν και σε αυτή τη μελέτη. Δημιουργήθηκε ένα ερωτηματολόγιο και στάλθηκε σε ηλεκτρονική φόρμα google.Τεκμήριο Blue growth and the monetary valuation of the multi‐use offshore platforms(22-01-2015) Papagianni, Chrysoula; Athens University of Economics and Business, Department of International and European Economic Studies; Koundouri, PhoebeThe purpose of this dissertation is to examine the goals of European Union’s objectiveof Blue Growth, which is ‘EU’s long term strategy to support sustainable growth inthe marine and maritime sectors’ (COM, 2012) and to conduct a monetary valuationof the Multi-Use Offshore Platforms. Specifically, this study is conducted on theMediterranean Site of the MERMAID project: ‘’Innovative Multi-purpose offshoreplatforms: planning, design & operation’’, which is one of three EU-FP7 fundedprojects selected for funding in response to Ocean 2011 on Multi-Use OffshorePlatforms (FP7-OCEAN.2011-1 “Multi-Use Offshore Platforms"). A BenefitsTransfer method is implemented so as to derive the people’s willingness to paytowards the potential of a Multi-Use Offshore Platform at the area. This research ispart of the Environmental Impact Assessment and the Social Cost Benefit Analysis ofthe Mermaid Project and contributes to the monetary valuation of the Multi-UseOffshore Platforms.Τεκμήριο Bureaucracy & corruption: The effect of e-governance(11-12-1027) Palamioti, Katerina; Athens University of Economics and Business, Department of International and European Economic Studies; Konstantinou, PanagiotisA lot of evidence point out that the bureaucratic system is inefficient and it has a problematic and time-consuming structure which, among others, also facilitates corruptive actions to take place. The introduction of e-governance was an action taken to lead to less bureaucracy and by deduction, to less corruption. Under this hypothesis, this paper studies the effect of automatisation of the public sector in a country (e-governance) on the bureaucratic rigidness, transparency and corruption. For that, this analysis is based on a completely new dataset, compiled by the author describing the degree of e-governance and corruption for a sample of 128 industrial and developing countries from 1996 to 2014. In brief from the most significant results we learn that: the more qualitative and effective a bureaucracy and governance is, the general quality of the e-Governance also significantly increases; is more likely a stable government in a conflict free region and probably having a democratic regime to fit the e-Governance requirements and apply its reforms; the GDP of a country will slightly drop the moment it applies the e-Governance reforms; and the citizens will slightly feel an additional control and exposure with their private data online, so they will be in cases a bit reluctant to use the e-governance online services, with no lasting effect though over time. Finally, all e-Governance indicators, except the one of eGovIndex, when regressed with corruption, were statistically signifiant and significant effects of the voice and accountability and of the political parties classification on the control of corruption, were also observed. The results are robust to the inclusion of a satisfying variety of controls.Τεκμήριο Business cycles fluctuations determinants in the EMU: a fixed-effects panel data analysis(12-2011) Παπαγεωργίου, Θεοφάνης; Athens University of Economics and Business, Department of International and European Economic Studies; Katsimi, MargaritaThis master thesis purposes to address some fundamental questions concerning the determinants of the business cycles fluctuations. In a public policy context the relationship between fiscal policy variables with these fluctuations are of particular importance. Furthermore, in a monetary union fiscal policy is the foremost tool to deal with country-specific fluctuations. This thesis is trying to acknowledge the particular importance of fiscal policy in the EMU context estimating panel data equations for the twelve countries of the EMU for the years 1995-2009. Additionally, other variables such as trade openness and the dummy variables, elections and EMU formation are added to extract a clearer image. Also, aspects of divergence and synchronization are extracted through using fixed-effects analysis. To that end, various econometric techniques were used among others EGLS, GLM, spectral analysis, fixed-effect models. Synchronization issues recurrently come up, suggesting a core-periphery distinction among the EMU countries. Social benefits are found to be the most effective fiscal variable in the governments’ hands, while, capital expenditures and indirect taxes are the most pro-cyclical variables from the variable set. Openness is found to be counter-cyclical, in accordance with at least a part of the literature. Also, elections are found to be pro-cyclical giving evidence for the existence of opportunistic political business cycle. Next, we found that EMU countries exert different periodicities in the movements of output. The different periodicities make common monetary policy inappropriate and thus make countries in a monetary union asynchronous. At the same time differences in the effectiveness of fiscal policy variables in countries of the EMU, measured by deviations from the equation – fixed effects – make the picture even vaguer. More precisely the countries that form the acronym PIGS are found with the largest deviation from the business cycle determination. This fact has severe implications against the neoclassical hegemony of budget cuts as a response to the current crisis. In any case, a core-periphery distinction is suggested among the participants of the EMU in terms of deviations, as already suggested from the literature. Of course, our findings deserve careful screening given that business cycle synchronicity is an important indicator of the optimality of monetary union.Τεκμήριο Capital Asset Pricing Model and Arbitrage Pricing Theory: an econometric analysis in European Union BanksVlachothanasi, Aliki; Athens University of Economics and Business, Department of International and European Economic Studies; Bilias, IoannisThe aim of this thesis is the study of the Capital Asset Pricing Model and the Arbitrage Pricing Theory model. More specifically, in chapter 1of this work, the reader is introduced to the basic concepts of Modern Portfolio Theory and the efficient market hypothesis, based on bibliography. After that, will follow the analysis of the CAPM and its assumptions. In chapter 2, will be examined the Arbitrage Pricing Theory and some empirical studies, in order to be presented the similarities and the differences with the CAPM. In chapter 3 an empirical analysis is done, for the capital asset pricing model before and in crisis based on the data collected. Afterwards, follows some empirical tests and examined how crisis affected the stock returns using dummy variables. In the 4 and last chapter, is examined the APT model and compared with the CAPM, in order to have accurate results. At the end of the research the econometric results are companied by more general conclusions if the research leads to expected results or not.Τεκμήριο Climate policies: equity measures for fair distribution and public acceptance - the example of France & Switzerland(2021) Bakita, Kyriaki; Μπάκιτα, Κυριακή; Athens University of Economics and Business, Department of International and European Economic Studies; Chatzipanagiotou, Panagiotis; Koundouri, PhoebeAs climate change is already happening, the danger of severe impacts requests immediate action. Although economic theory highlights the need for specific policies as tools against ecological issues, social equity is also significant. To design economically efficient climate change policies that are socially acceptable, we need to understand their distributional effects and avoid adverse impacts on the poor. This paper focuses on the distributional implications of climate policies in the weaker part of society. Yellow Vest protests in Paris proved that carbon taxation leads to inequalities and low public support, underlining the need to design specific measures. Chapter 1 presents decarbonization policies and their regressive effects on lower-income households and citizens. Moreover, a discussion follows about the macroeconomic issues in labor markets. Chapter 2 reveals mitigation measures against regressive distributional impacts of climate policies and the proper steps to choose which ones to take. The third chapter explains the necessity of energy taxation policies, especially carbon tax, and the risk of adverse public reactions if these are not widely accepted. Considering the example of Yellow Vests protesting in France compared to the complete acceptance of the increasing carbon tax in countries like Switzerland, the question is why there is such a difference in citizens' reactions and what can be done to avoid similar phenomena in the future. By comparing the policy framework of the two countries in carbon tax use, we identify significant differences during the last decade. The final chapter presents an empirical analysis undertaken on the existence and the extent of the relationship between income inequalities and environmental taxes, fossil fuel subsidies, real GDP growth, and the employment rate for France and Switzerland. The analysis continues examining the relationship between trust to the government and the same four variables for the two countries. The outcomes assist in finding the reasons leading to income inequalities and the reasons prohibiting the public acceptance of environmental policy measures and triggering protests. In the end, we conclude the findings.Τεκμήριο Climate risk, a call for action! The practical implications on the Greek banking industry(2021) Gkikopouli, Leonidas; Γκικόπουλη, Λεωνίδας; Athens University of Economics and Business, Department of International and European Economic Studies; Louri-Dendrinou, Eleni; Pagratis, Spyros; Sakellaris, PlutarchosWe are officially in the third decade of the 21st century, and the world is confronting a critical danger that threatens lives, livelihoods, economies and the global financial stability. Climate change is the tragedy in the horizon with widespread environmental, social and economic repercussions and they are already, or they are expected to be felt in every economic sector or geographical region. Yet, reversing the impending climate disaster, decisive action is necessary and substantial effort must be shown by all agents of the economy in order to make a transition towards a sustainable world. In that context, climate risk portfolio management and climate risk assessment are gaining a momentum, since more stakeholders are actively working on unfolding the issue, a modern Ariadne’s thread. However, one economic industry appears to play a vital role on the development of an adequate climate risk assessment framework, the banking sector. In this thesis, we are going to unfold that thread on how climate change creates negative implications that endanger both the economic activity and financial stability, why it is relevant to financial and banking institutions and what are the current risk management practices, tools and recommendations on how to tackle climate change risk. The particularity of this dissertation is that we are going to answer all those crucial questions apropos of the Greek banking sector and especially through the operations of the four systemic Greek banks.Τεκμήριο Comparing Foreign Direct Investments and Exports as Methods of Foreign Market PenetrationMasouridou, Garyfallia; Athens University of Economics and Business, Department of International and European Economic Studies; Milliou, ChrysovalantouOver the last few decades, a rising proportion of modern day businesses attempts to broaden the sales of goods and services across borders, to foreign customers, in order to remain competitive. Political, economic and technological barriers rapidly disappearing are factors that promote global trade. Entry mode selection is a very critical strategic decision and when deciding whether and how to serve foreign markets and participate in the international economy, firms can choose from a menu of options, with the most discussed being trading and producing goods and services abroad. The question we are concerned with in this paper is in which situations a firm should undertake exports, and in which to engage in foreign direct investments (FDIs) and serve foreign demand locally. The decision between trade and FDI is ever more important, because of the economic austerity, and is being paid a lot of attention from a vast literature in international businessstudies, both at national and international level, making it really intriguing and mind-opening for a student, in particular, to find and present more aggregate data on this subject. The method a business chooses to penetrateinto new markets is dependent on a number of parameters, related to the destination market’s attributes, such as the investment and economic environment, the size and the potentials the market can provide to a company that locates in its boarders. Additionally, firm’s characteristics, such as the level of productivity, the intangible assets available and the overall business strategy, can affect the company’s choice. We also examine companies’ optimal entry modes into foreign markets as a function of the possibility of externalities created from a FDI involvement and the role risk diversification plays. The remainder of this dissertation is structured in four parts. The first contribution is to present, in the next section, the theoretical background on international business activities and analyze the forms it takes, focusing on the FDI’s classifications. Secondly, in section 3, to analyze the economic theory that focuses on the comparison between FDI and exporting as modes to reach global markets and of course address some of the adverse determining parameters and consequences of each decision. Continuing, globalization acquires a higher profile when it is measured by actual trade flows, so in section 4, we employ our empirical analysis, by exploring how the international trade and investment have evolved through economic history and the global economic trends of, trying to see how close the reality is to the theory discussed. Finally, in section 5, we sum up by reviewing both the theoretical and the empirical results for the issue of foreign market entry mode, from the perspective of an investor or a businessman interested in international trade.