Portfolio managers favor long-term investment horizons. Their performance is usually forecasted using either the arithmetic mean or the geometric mean. The harmonic mean is generally ignored as an instrument of financial and/or portfolio management. We examine the performance of the harmonic...

During the last decades, several countries worldwide have introduced financial management reforms, as an important part of the New Public Management (NPM) initiative at one or more levels of government sector, by either replacing or transforming their traditional budgetary cash accounting...

The objective of this paper was to explore whether and how the main capital structure determinants of SMEs affected capital structure determination in different ways during the years of economic crisis. We used panel data of 8,052 SMEs operating in Greece during 2009-2012. We found that the...

The main objective of this paper is to analyze whether deviations from the target capital structure affect firms' decisions to become acquirers. The analysis is conducted in two stages. In the first stage we estimate the target leverage ratio considering the main determinants of capital...

The purpose of this paper is to show that different methodologies may lead to different implications about the validity of the pecking order theory. Using data from Greek firms as a starting-point, the paper first investigates whether they follow the financing pattern implied by the pecking...

In this paper we try to apply Technical Analysis methodology into the Behavior Theory for the large capitalization firms of the Athens Stock Exchange (ASE). In Behavioural and in Technical Theory we observe a combination between fundamental (rational) and psychological emotional (irrational)...

The purpose of this paper is to investigate the existence of historical Market anomalies in the Athens Stock Market (ASE). The market anomalies that are going to be explored are technical ones concerning the trading rules of the various types of moving averages.The above anomalies were observed...

We examine the performance of various types of technical trading rules in the Athens Stock Exchange (ASE). In particular, this study examines the predictability of daily returns for the ASE by using the various moving averages rules. Due to the problem of non-normality on distribution of the...

In this paper, we investigate the possible presence of the behavioural phenomenon in the stock markets of some members of the European Union who are historically known as PIGS (Portugal, Italy, Greece and Spain). We used technical analyses methods and rules to explain behavioural phenomenon in...