Incentivizing businesses to lower carbon emissions and trade back excess carbon allowances paved the way for rapid growth in carbon credit ETFs. The use of carbon allowances as a hedging alternative fueled this rally further, causing a shift to speculation and forming repetitive bubbles....

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 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...

This paper investigates the profitability of technical trading rules in the Athens Stock Exchange (ASE), utilizing the FTSE/ASE-20 index over the period 1995-2008. We focus on a less developed and efficient stock market, given the existing paucity of research in such markets. The technical rules...

This paper investigates the usage of hedging and risk management in energy market. Energy firms adopt risk management tools in order to secure their positions. New economic environment leads them to take decisions based on secured positions. Financial crisis 2008 caused many problems in world...

Estimates of terminal value of long-tern investment horizons are biased. Unbiased estimates exist only for investment horizon of one time-period. The purpose of our paper is to suggest a method based on the arithmetic mean in order to obtain unbiased estimates for the terminal value of long-tern...

This paper provides additional international evidence on the IPOs by examining the initial performance and two main determinants of short-run underpricing of 169 IPOs listed on the Athens Stock Exchange (ASE) over the period 1997-2002. The initial performance of the IPOs is measured by...