Alexandros Garefalakis

Determinant Factors of Hong Kong Stock Market

The purpose of this paper is to explore the effects of equity, energy, gold and currency indicators on Hang Seng index. The results suggest that the major stock markets, and particularly the SP500, positively influence the Hong Kong stock market, a fact that is attributed to the integration and internationalization of stock markets. This study, also, provides evidence that crude oil, as a proxy for economic activity and playing a substantial role to modern portfolio formation, affect, also, positively the Hong Kong stock market. Furthermore, the results show that the volatility of the gold returns influence negatively the mean return of the Hang Seng index. Finally, our findings show that the Hang Seng index return volatility has reveals the asymmetric phenomenon as it appears to be more volatile in esponse to negative shocks caused by lower Hang Seng index prices.

Volatility of stock returns: the case of the Belgian Stock Exchange

This investigation focuses on the volatility of stock returns in the Belgian Stock Exchange from the period of April 1991 to April 2008. Empirical results have shown that there is a mean and volatility spillover effect from the big European markets. There are also mean spillover effects from the markets of the USA and the UK to the market of Belgium. The formation of Euronext stock exchange in September 2000 has affected the conditional volatility. Ultimately, the structural analysis of volatility with the GJR-GARCH model have shown that current volatility is more influenced by past volatility rather than by the previous day shocks.

History of Greece’s Debt Crisis and the Banking Policy

Two centuries of Greek debt emergencies highlight the traps of depending on outside financing. Since its autonomy in 1829, the Greek government has defaulted four times on its outside creditors, and it was safeguarded in every crisis. Firstly, this chapter demonstrates that cycles of outside crises and reliance are a perpetual topic of Greek present-day history—with rehashing designs: before the default, there is a time of substantial acquiring from remote private loan bosses. Secondly, it analyzes the period from 2008 in more detail to present and the role that the banks play in four times defaults. As reimbursement challenges emerge, foreign governments venture in, help to reimburse the private leasers, and request spending cuts and alteration programs as a condition for the authority bailout advances. Political obstruction from abroad mounts and a drawn out scene of obligation shade and monetary autarky takes after. At present, there is considerable evidence to suggest that a substantial haircut on external debt is needed to restore the economic viability of the country. Even with that, a policy priority for Greece is to reorient, to the extent possible, toward domestic sources of funding.

THE CASUAL RELATIONS BETWEEN THE ECONOMIC GROWTH AND FINANCIAL DEVELOPMENT IN GREECE: AN EMPIRICAL RESEARCH FOR THE CAUSALITY ANALYSIS

The main object of this research focuses on the empirical study of the causal relation among the degree of openness of the economy, the financial and economic growth using a multi-variate autoregressive model VAR. The long-term relation among GDP, the financial development and the degree of openness of the economy are based on the Cointegration test results. The Granger causality test, using the Vector Autoregration Estimate and the error correction model, suggests that there is a dynamic two-way causal link between the variables GDP and OPEN. In addition, there is an one way causal link between the variables GDP and FD and finally we observed an one way causal link between the variables OPEN and FD.

Financial Development and Economic Growth: An Empirical Research about Greece-Cointegration Test

In this research we attempt to study empirically the casual relation among the degree of openness of the economy, the financial and economic growth using a multi-variate autoregressive model VAR. The Cointegration test results define the long-term relation among GDP, the financial development and the degree of openness of the economy.

Constructing a Strategic Planning Framework for a Private Service Organisation in Greece, by Following the Fundamentals of BSC

The present paper aims to provide the reader with a clear insight of how the implementation of the Balanced Scorecard (BSC) in a private courier company could facilitate its performance, when considering to its current and future goals. For that reason, the research will attempt to present the process of the adoption, implementation and operation of the BSC within a private courier organisation. As the latter is a complex organisation various management tools are considered important in order to develop the BSC as a strategic planning system, with the most accurate way. Revising the previous experience of using performance measures, it can be noticed that there is a gap between the traditional and innovative performance measures. Therefore the importance of using up to date and innovative performance measures, is emerged. In addition, the gap between the obsolete Greek notion of performance measurement and suggested ones by literature is highlighted, in order to provide insight to Greek companies in improving their performance measurement systems. The latter, will help the Greek organisation to keep a consistency between its performance measures and strategic objectives. Taking in consideration the unique characteristics of the Greek market, where customers place considerable attention in the notion of their perceived SQ, as well as the noteworthy industry competition, were regarded as a great opportunity to examine the question in investigation. It was also considered as an important step of the process, to use specific management tools for the most accurate outcomes and proper suggestions to take place in the attempt of improving the companys strategic objectives. As a result, this paper will give light to the development of a BSC framework which would provide managers with tools and procedures of facing future business challenges comprehensively and efficiently, facilitating them with the opportunity to develop strategies and goals progressively.