TOPICS

Applied Research

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Econometrics

Predicting Full Retirement Attainment of NBA Players

The aim of this analysis is to predict whether an NBA player will be active in the league for at least 10 years so as to be qualified for NBA’s full retirement scheme which allows for the maximum benefit payable by law. We collected per game statistics for players during their second year, drafted during the years 1999 up to 2006, for which information on their career longetivity is known. By feeding these statistics of the sophomore players into statistical and machine learning algorithms we select the important statistics and manage to accomplish a satisfactory predictability performance. Further, we visualize the effect of each of the selected statistics on the estimated probability of staying in the league for more than 10 years

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Agricultural Economics

Using Synthetic Farm Data to Estimate Individual Nitrate Leaching Levels

he paper develops a novel synthetic population generation scheme to deal with the NPS pollution problem of nitrate leaching from agricultural farms. The scheme relies upon estimation of the joint distribution of the variables using Bayesian network learning which, coupled with the use of non-parametric regression models facilitate the generation of realistic synthetic populations. Then building upon the sequential GME model suggested by Kaplan et al., (2003) in line with the multiple production relations model suggested by Murty et al., (2012) we obtain econometric estimates of both the production technology and nature's residual generating mechanism for the synthetic population of farms. These estimates are used to proxy a reliable optimal taxation scheme that corresponds to local environmental and economic conditions. The methodology is applied to the Greek FADN dataset for the Greek NUTS II region of Thessaly during the 2017-18 cropping year.

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Economic History

The Making of a Developing Fiscal State: A New Historical Dataset and a Graphical Network Analysis for Greece, 1833-1939

The paper studies the historical process of fiscal state-building in 19th and early 20th century Greece. A new public finances dataset, compiled from primary sources, is combined with international databases in a graphical network analysis revealing a rich set of dynamic interactions between economic (tax revenue, debt payments and GDP per capita) and institutional variables (army and representation). The emphasis is on two particular results closely related to the fiscal capacity literature: (a) the size of the army had a positive causal effect on tax revenues whereas (b) representation had a negative causal effect on tax revenue.

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Statistics

Cauchy Robust Principal Component Analysis with Applications to High-Dimensional Data Sets

In this paper, we propose a modified formulation of the principal components analysis, based on the use of a multivariate Cauchy likelihood instead of the Gaussian likelihood, which has the effect of robustifying the principal components. We present an algorithm to compute these robustified principal components. We additionally derive the relevant influence function of the first component and examine its theoretical properties.

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Statistics

Circular and Spherical Projected Cauchy Distributions

Two new distributions are proposed: the circular projected and the spherical projected Cauchy distributions. A special case of the circular projected Cauchy coincides with the wrapped Cauchy distribution, and for this, a generalization is suggested that offers better fit via the inclusion of an extra parameter. For the spherical case, by imposing two conditions on the scatter matrix we end up with an elliptically symmetric distribution.

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Statistics

Flexible Non-parametric Regression Models for Compositional Response Data with Zeros

Compositional data arise in many real-life applications and versatile methods for properly analyzing this type of data in the regression context are needed. When parametric assumptions do not hold or are difficult to verify, non-parametric regression models can provide a convenient alternative method for prediction. To this end, we consider an extension to the classical k-NN regression, termed a-k-NN regression, that yields a highly flexible non-parametric regression model for compositional data through the use of the a-transformation.

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Agricultural Economics

Factors Shaping Innovative Behavior: A Meta-Analysis of Technology Adoption Studies in Agriculture

In this paper, we employ a meta-regression analysis approach to synthesize empirical evidence on the average partial effects of eleven adoption determinants that regularly appear in empirical studies examining farmer's adoption behavior worldwide. Our analysis considers a total of 122 studies from the adoption literature using discrete choice models that are published in 24 peer-reviewed journals since 1985, covering farmer's adoption behavior around the world and for a wide variety of agricultural technologies.

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Agricultural Economics

Nitrate Pollution and Efficiency Measurement in Intensive Farming Systems: A Parametric By-Production Technology Approach

This paper develops a novel empirical framework for estimating individual emission levels in a nonpoint source (NPS) pollution problem. For doing so we incorporate into the GME model suggested by Kaplan et al., (2003) a specific theoretical structure describing both crop production technology and nature's residual generating mechanism based on the multiple production relations model suggested by Murty et al, (2012) fitted into a parametric stochastic framework.

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Political Economy

Top Income Shares in Greece from Dictatorship to Crisis: 1967-2017

The paper calculates the top income shares in Greece from 1967 (the seizure of power by the military dictatorship) until 2017 (the aftermath of the debt crisis). This long-run perspective allows for the examination of the relationship between inequality and institutional transformations, namely democracy, finance and crisis. We find in particular that (a) transition to democracy did not affect the income share of the top decile, whereas social democracy had a significant negative impact (b) financial development and liberalization substantially increased all top decile shares (c) debt crisis, consolidation and recession were beneficial for the upper ranks of the top decile.

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Agricultural Economics

Sub-Lethal Concentrations of Neonicotinoid Insecticides at the Field Level Affect Negatively Honey Yield

We used data from a 6-year survey of 60 apiaries in Greece and economic modelling to assess at the field level the effects of neonicotinoid insecticides on honey production. Based on production function estimates, we found that sub-lethal concentrations of two widely used neonicotinoid insecticides (imidacloprid and thiamethoxam) detected in the nectar of flowers resulted in substantial losses in honey production for commercial beekeepers in our sample.

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Macroeconomics

Gold Price and Exchange Rates: A Panel Smooth Transition Regression Model for the G7 Countries

In this paper we investigate whether the price of gold is affected by internal and external macroeconomic performance, which is reflected in exchange rate movements

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Agricultural Economics

Irrigation Practices, Water Effectiveness and Productivity Measurement

This paper develops a consistent theoretical framework for measuring irrigation water effectiveness and its impact on productivity growth rates by assuming a smooth transition process from traditional to modern irrigation technologies among individual farmers.

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Management

Factor Market Rivalry and Inter Industry Competitive Dynamics

Using ten years of data on infringement lawsuits, the study reveals how firms that operate in distinctly different product markets attack each other in overlapping factor markets.

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Macroeconomics

Eurozone's Leader and its Followers: Are their Markets Integrated Enough?

Focusing on the dominant role of Germany as the leading economy in the EMU, we test the progress of markets integration between Germany and selected EMU countries. For comparison reasons, we examine the same research question between Germany and selected non-EMU countries.

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Finance

Eurozone Debt Crisis and Bond Yields Convergence: Evidence from the New EU Countries

This article examines 10-year bond yields convergence between each of the new EU countries and Germany, including a structural break that embodies the effects of the current debt crisis in the Eurozone. The analysis is based on a new definition of bond yields convergence that can be interpreted either as strong or weak monetary policy convergence, depending on whether the conditions of UIP and ex-ante PPP hold or are violated, respectively.

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Accounting

Bank Diversification and Overall Financial Strength: International Evidence

Using an international sample of commercial banks, we find that diversification in terms of income, earning assets, and on and off-balance sheet activities influences positively their financial strength

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Management

The Effect of Board Directors from Countries with Different Genetic Diversity Levels on Corporate Performance

Using a panel of firms listed in the North American and U.K. stock markets, we find that adding board directors from countries with different levels of genetic diversity (either higher or lower) increases firm performance

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Finance

Assessing the Overall Performance of Microfinance Institutions

The results show that the size of the MFIs has a robust non-linear, inverted U-shaped impact on overall performance. Age and the status of non-governmental institution also appear to matter. As it concerns the country-level attributes, GDP growth has a robust positive impact on overall performance. Regional differences also appear to matter

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Economic Growth

Tax Evasion, Tax Monitoring Expenses and Economic Growth: An Empirical Analysis in OECD Countries

Based on an endogenous growth model, we extent Roubini and Sala-i-Martin (1993) theoretical framework to analyse empirically the relationship between economic growth, announced tax rate and tax monitoring expenses using data from 32 OECD countries during the 1999-2007 period.

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Finance

Linkages between the Eurozone and the South-Eastern European Countries: A VECMX Analysis

We assess the impact of the Eurozone’s economic policies on specific South-Eastern European countries. Since these countries are connected to the EU or the Eurozone and the economic interdependence among them is evolving, we carried out our analysis using the VECMX framework.

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Finance

Linkages between the Eurozone and the South-Eastern European Countries: A Global VAR Analysis

In the present paper we assess the impact of the Eurozone’s economic policies on specific South-Eastern European countries, namely Bulgaria, Croatia, Cyprus, Greece, Romania, Slovenia and Turkey.

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Finance

Transmission Effects in the Presence of Structural Breaks: Evidence from South-Eastern European Countries

In this paper, we investigate the monetary transmission mechanism through interest rate and real effective exchange rate channels.

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Technological Change

Information Transmission in Irrigation Technology Adoption and Diffusion: Social Learning, Extension Services and Spatial Effects

In this article we investigate the role of information transmission in promoting agricultural technology adoption and diffusion. We study the influence of two information channels, namely extension services and social learning.

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Production Economics

Using Data Envelopment Analysis to Measure Hotel Efficiency in Crete

The present paper studies the relative efficiency between hotels operating under a brand and hotels operating independently, in the island of Crete, Greece, using the Data Envelopment Analysis.

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Technological Change

Informational Cascades and Technology Adoption: Evidence from Greek and German Organic Growers

The present study aims to empirically analyze the competing effects of social interactions and conversion subsidies on the adoption of organic farming practices.

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Agricultural Economics

The Damage-Control Effect of Pesticides on Total Factor Productivity Growth

The present paper extents the existing literature providing a theoretically consistent framework for decomposing TFP growth taking into account the indirect effect of pesticides use on farm production.

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Macroeconomics

Nonlinearity and Inflation Rate Differential Persistence: Evidence from the Eurozone.

We employ a linear unit root test as well as a nonlinear two-regime Threshold Autoregressive (TAR) unit root test to determine whether inflation differentials in the Eurozone during the period 1970-2009 were persistent or transitory.

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Macroeconomics

What Causes Exchange Rate Volatility? Evidence from Selected EMU Members and Candidates for EMU Membership Countries

We allow for monetary, real, and financial variables to assess the relevant importance of each of the variables to exchange rate volatility in the case of selected EMU members and candidate countries.

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Finance

Behavioural Equilibrium Exchange Rate and Total Misalignment: Evidence from the Euro Exchange Rate

This paper investigates whether the nominal euro exchange rate against the currencies of China, Japan, the UK and the USA converges or not to its equilibrium level.

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Labour Economics

Sexual Orientation, Demography and Labor Relations

We use data from the 2008-09 Athens Area Study (AAS) to provide the first evidence on the relationship between sexual orientation and earnings in Greece. The AAS asks male adults a direct question about their sexual orientation: about 4.52% self-identify as homosexuals and 0.86% as bisexuals.

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Finance

Portfolio Management: An Investigation of the Implications of Measurement Errors in Stock Prices on the Creation, Management and Evaluation of Stock Portfolios, Using Stochastic Simulations

In this paper, we investigate the implications of measurement errors in the daily published stock prices on the creation and management of efficient portfolios.

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Finance

Nonlinear Diachronic Relationships between Financial Newspapers Circulations and the General Index of the Athens Stocks Exchange

This paper investigates the existence of any linear or non-linear diachronic relationship between the financial newspapers circulations and the General Index of the Athens Stocks Exchange (ASE).

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Econometrics

Evaluation of the Diachronic Performance of the OECD Macroeconomic Forecasts for Greece

A variety of standard forecasting accuracy criteria and one suggestion are applied to evaluate the OECD's macroeconomic forecasts for Greece for the aggregate demand and output, the GDP implicit price deflator, the investment, the imports and the exports of goods and services.

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Finance

Optimal Portfolio Analysis for the Czech Republic, Hungary and Poland During 2001-2006 Period

This paper examines the strategy of investing in selected East European stock markets: The Czech Republic, Hungary, and Poland.

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Management

The Status and Development of Eco-businesses in Romania

The aim of this exploratory research is to offer information for the set-up of a new eco-business. The Romanian eco-businesses understood the necessity of development and implementation of the latest patterns in order to assure a sustainable development of the business. The entrepreneurs are conscious about the poor state of it in comparison with other European companies.

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Health Economics

Labour Discrimination a Symptom of HIV Experimental Evaluation: The Greek Case

In the current study having considered the fundamental points the first ever correspondence testing was conducted in order to test whether job applicants living with HIV (still) face prejudices in the crucial stage of the selection process in Greece.

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Finance

Asymmetric Volatility Spillovers Βetween Stock Market and Real Activity: Evidence from UK and US

The present study examines the relation between real stock returns and real industrial production (IP) growth for the UK and the US.

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Industrial Organization

An Econometric Workbench for Comparing the Substantive and Dominance Tests in Horizontal Merger Analysis

We investigate for the individual and relative accuracy of two major market power tests: the Herfindahl Hirschman Index (HHI), and the merger simulation model of unilateral effects. We propose a methodology to compare the predictive and screening power of both tests by implementing them in a hypothetical economy.

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Game Theory

Strategic Behaviour and Risk Taking in Football

This article develops a dynamic game-theoretic model of optimizing strategic behaviour by football teams.

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Labour Economics

Integrated Roma Earnings: A Multivariate Analysis for the Discrimination Hypothesis in Greece

This study is the first to apply econometric tools in the study of wage discrimination for the integrated Romani population.

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Labour Economics

Labour Discrimination as a Symptom of HIV: Experimental Evaluation: The Greek Case

In the present study, we conducted the first ever Correspondence Test in order to test whether job applicants who voluntarily disclose their HIV infections face prejudices in the selection process in Greece.

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Labour Economics

Women’s Sexual Orientation and Labour Market Outcomes

This study provides evidence on the relationship between lesbian women and their hiring prospects by employing the Correspondence Test for Greece.

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Labour Economics

And the House Goes to Ethnic Discrimination in the Greek Rental Market

The current research contributes to two areas that have attracted scarce research attention in Greece: the experimental investigation of housing discrimination and discrimination by ethnicity. The results of this study have implications for understanding some of the enduring patterns of ethnic discrimination in the housing market.

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Macroeconomics

Purchasing Power Parity Among Developing Countries and Their Trade-Partners: Evidence from Selected CEECs and Implications for Their Membership of EU.

The purpose of the paper is twofold. Firstly, we test the validity of the PPP hypothesis for selected CEEC (Czech Republic; Hungary; Poland and Slovak Republic). Secondly, we attempt to define those countries' trade linkages between Euro Area; US and the rest of the world.

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Labour Economics

Dual Life for Equal Labour? Sexual Orientation Discrimination in the Greek Labour Market

The current research contributes to the small academic literature on the economics of discrimination according to sexual orientation in Europe.

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Economic Growth

Military Spending and the Growth-Maximizing Allocation of Public Capital: A Cross-Country Empirical Analysis

In this paper drawing from the theoretical framework developed by Shieh et al., (2002), we present an endogenous growth model to empirical analyze the growth maximizing allocation of public capital among military spending and investment in infrastructure.

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Production Economics

Measuring Technical Efficiency in the Stochastic Varying Coefficient Frontier Model

Due to the assumption that the best practice methods refer to each input separately instead of the whole set of inputs used by a firm, the benchmark technology as defined in the stochastic varying coefficient frontier model may be infeasible and theoretically improper whenever the maximum response coefficients are not coming from the same production unit. To overcome this problem we suggest an alternative procedure for measuring output-oriented and input-specific technical efficiency inspired from the maximum likelihood formulation of the non-neutral frontier model.

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Macroeconomics

Testing the Purchasing Power Parity: Evidence from the New EU Countries

This paper examines the validity of the purchasing power parity between each of the twelve new EU countries vis-à-vis the Eurozone.

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Macroeconomics

Estimating the Equilibrium Effective Exchange Rate for Potential EMU members

In this study, we attempt to examine the possibility of emergence of significant fluctuations of the exchange rates in the future for the candidate EMU countries.

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Labour Economics

Ethnic Discrimination in the Greek Labour Market: Occupational Access, Insurance Coverage, and Wage Offers

The paper investigates whether low skilled male Albanians face unequal treatment in the Greek labour market, two years after the national adoption of the European anti-discrimination employment legislation.

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Macroeconomics

Nonlinear Exchange Rate Adjustment in the Enlarged Eurozone. Evidence and Implications for Candidate Countries.

This paper sheds light on the importance of the validity of PPP hypothesis for the accessing process of the candidate countries towards EMU.

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Finance

Temporal Aggregation Effects on the Construction of Portfolios of Stocks or Mutual Funds Through Optimisation Techniques: Some Empirical and Monte Carlo Results

In this paper we test the effects of temporal aggregation (disaggregation) on the efficiency of portfolio construction using the mean variance optimization approach

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Finance

Testing for Efficiency in Selected Developing Foreign Exchange Markets: An Equilibrium-Based Approach.

This paper proposes an alternative way of testing FOREX efficiency for developing countries

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Agricultural Economics

The Demand for Organic, Integrated-Agriculture, and Conventional Fresh Vegetables: A Censored Inverse Almost Ideal Demand System

The Inverse Almost Ideal Demand System is employed for the empirical analysis of the demand for organic, integrated-agriculture, and conventional fresh vegetables, using a cross section data surveyed in Rethymno, Greece during the 2005-06 period.

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Agricultural Economics

Measuring Technical Efficiency under Factor Non-Substitution: A Stochastic von Liebig Crop Response Model

The present paper develops an econometric model for measuring input-oriented technical efficiency when the underlying technology is characterized by the lack of substitution between inputs.

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Production Economics

A Flexible Time-Varying Specification of the Technical Inefficiency Effects Model

The present paper incorporates the Cornwell, Sickless and Schmidt (1990) flexible specification of the temporal pattern of technical efficiency into technical inefficiency effects model. The proposed formulation is then applied to the agricultural sector of the EU and US, during the period 1973-1993.

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Production Economics

Parametric Decomposition of the Input-Oriented Malmquist Productivity Index: With an Application to Greek Aquaculture

Using a stochastic frontier approach and a tranlog input distance function, this paper implements the input-oriented Malmquist productivity index to a sample of Greek aquaculture farms.

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Macroeconomics

Accounting for Pairwise Heterogeneity in Bilateral Trade Flows: A Stochastic Varying Coefficient Gravity Model

This paper suggests an alternative way for estimating the gravity equation that takes into consideration country-pair heterogeneity in bilateral trade flows.

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Agricultural Economics

Endogenous Technology Adoption Under Production Risk: Theory and Application to Irrigation Technology

The objective of this paper is to present a theoretical framework that conceptualizes technology adoption as a decision process involving information acquisition by farmers who face yield uncertainty and vary in their risk preferences.

Accounting

Union structure and firms incentives for cooperative R&D investments

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Agricultural Economics

Explaining Output Growth with a Heteroscedastic Non-neutral Production Frontier: The Case of Sheep Farms in Greece

This paper extends the primal decomposition of TFP changes to the case of non- neutral production frontiers. Output growth is decomposed into input growth (size effect), changes in technical efficiency, technical change, and the effect of returns to scale.

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Macroeconomics

Real Money Balances and TFP Growth: Evidence from Developed and Developing Countries

The main objective of this paper is to enrich our knowledge on the true effect of real money balances on the production process.

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Agricultural Economics

Evading Farm Support Reduction Via Efficient Input Use: The Case of Greek Cotton Growers

Utilizing a stochastic frontier approach, this paper examines the importance that input-oriented technical and scale efficiency may have for Greek cotton farmers in the context of the current EU cotton policy.

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Agricultural Economics

Information Acquisition and Adoption of Organic Farming Practices: Evidence from Farm Operations in Crete, Greece

The objective of the paper is to model the degree of organic farming adoption as well as the importance of technical information acquisition in the adoption decision process.

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Production Economics

On the Choice of Functional Form in Stochastic Frontiers Models: A Box-Cox Approach

The generalized quadratic Box-Cox transformation is used to test the relative performance of alternative, widely used, functional forms and to examine the effect of prior choice on final efficiency estimates.

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Production Economics

Measuring Technical Efficiency with Panel Data: Results from Competing Models

This paper provides an empirical comparison of time-varying technical inefficiency measures obtained from the econometric estimation of different specifications of the stochastic production frontier model.

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Agricultural Economics

Self-Dual Stochastic Production Frontiers and Decomposition of Output Growth: The Case of Olive Growing Farms in Greece

This paper provides a decomposition of output growth among olive-growing farms in Greece during the period 1987-1993 by integrating Bauer’s (1990) and Bravo-Ureta and Rieger’s (1991) approaches.

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Agricultural Economics

Measuring Productive Efficiency of Seabass and Seabream Farms in Greece

A stochastic Cobb-Douglas production frontier is used to provide estimates of output-oriented technical efficiency, input-oriented technical efficiency, input allocative efficiency and cost efficiency for a sample of seabass and seabream farms in Greece.

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