University of Piraeus

About: University of Piraeus is a education organization based out in Piraeus, Attiki, Greece. It is known for research contribution in the topics: Context (language use) & Computer science. The organization has 1731 authors who have published 6209 publications receiving 106699 citations.

On Modelling Speculative Prices: The Empirical Literature

Abstract: Traditionally, financial theory and in particular asset pricing models have assumed (implicitly or explicitly) a certain probabilistic structure for speculative prices. The probabilistic structure is usually defined in terms of specific statistical models and relates to the dependence, heterogeneity and the distribution of such prices. The primary objective of this paper is to trace the development of various statistical models proposed since Bachelier (1900), in an attempt to assess how well these models capture the empirical regularities exhibited by data on speculative prices.

Does Financial Development Affect Environmental Degradation? Evidence from the OECD Countries

Abstract: In this study, building a simple model that incorporates static and dynamic elements, the relationship of financial development and economic growth to environmental degradation is investigated together with the validation of the Environmental Kuznets Curve (EKC) hypothesis. Our analysis is based on an unbalanced panel data set covering the OECD countries over the period 1970–2014. Our approach thoroughly accounts for the presence of cross-sectional dependence between the sample variables and utilizes second generation panel unit root tests in order to investigate possible cointegration relationships. The empirical findings do indicate that local (NOx per capita emissions) and global (CO2 per capita emissions) pollutants redefine the EKC hypothesis when we account for the presence of financial development indicators. Specifically, in the case of global pollution an N-shape relationship is evident in both static and dynamic frameworks, with a very slow adjustment. Lastly, our study calls for a strengthening of the effectiveness of environmental degradation policies by ensuring sustainability of the OECD banking system in order to drastically reduce emissions. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment

The effect of board size and composition on bank efficiency

Abstract: This paper analyses the relationship between board structure, in terms of board size and composition, and bank performance in terms of both cost and profit efficiency. Unlike previous studies, the present analysis is carried out within a stochastic frontier framework, while we use a suitable econometric model to solve the well-known endogeneity problem in corporate governance literature. The empirical framework is applied to a panel of large European banks operating during the period 2002-2008. The paper documents a negative correlation between board size, on the one hand, and cost and profit efficiency, on the other hand, while also casts doubt on the conventional regulatory wisdom favouring boards dominated by non-executive directors. Smaller board structures are also associated with better bank efficiency through better management of credit risk. Moreover, we find that dual board systems enhance efficiency, by contrast to increased ownership concentration which seems to exert an insignificant influence. Finally, we identify a positive impact of market discipline upon bank efficiency and report a negative association between bank efficiency and augmented supervisory power as well as foreign ownership. Copyright © 2010 Inderscience Enterprises Ltd.

Performance Evaluation of THz Wireless Systems Operating in 275-400 GHz Band

Abstract: In this paper, we establish an appropriate system model for the terahertz (THz) wireless links in the range of 275 to 400 GHz, which accommodates the channel particularities and transceivers parameters. The former includes the frequency selectivity, pathloss, as well as the atmospheric conditions, namely temperature and pressure, whereas the latter are assumed to be consisted of the antenna gains as well as the power allocation of the transmitted signal. Moreover, we present analytical expressions of low computational complexity, for the evaluation of the average SNR, and capacity of the line of sight wireless THz links. These expressions are expected to be the key tools for the design of the THz link.