/library/oar/handle/123456789/28466 2025-11-09T17:35:20Z /library/oar/handle/123456789/31461 Title: Are earnings more informative than residual income in valuation models? Authors: Negakis, Christos J. Abstract: The efforts to derive a theoretically correct valuation model based on accounting data has lead to the development of the Feltham and Ohlson (1995) model, which employs book values (BV) and residual income (RI) as valuation attributes. However, in empirical settings RI is often replaced by net income (NI). The present paper shows that replacing RI with NI in valuation models potentially reduces information content and significance. The results also indicate that RI has a stronger association with Market values in conjunction with Research and Development expenditures (RD) and Book value. RD is shown to enhance the explanatory power of NI and RI for market values (MV). Its inclusion in valuation models, is thus, supported by the present paper. 2005-01-01T00:00:00Z /library/oar/handle/123456789/31460 Title: A time series model for the long-term forecast of ports' container handling : the case of the port of Piraeus Authors: Eleftherios, Thalassinos; Vassilis, Michalopoulos Abstract: The purpose of this study is to investigate the future demand of ports’ container handling and to propose a model to forecast this demand using annual data from the Piraeus Port Authority for the period 1980 to 2005. The variables used refer to the GDP, the population of the country, the gross investments of fixed capital of the transport sector, the weighted mean of price of container handling, the unemployment rate, the gross domestic product of the maritime transport sector in current prices, and a dummy variable. The empirical evidence refers to the port of Piraeus; the computations were run using the statistical package SAS and the results are consistent with the theory. The proposed methodology may be used for long run forecasts at any other similar situation. 2005-01-01T00:00:00Z /library/oar/handle/123456789/31457 Title: The impact of the European economic and monetary union on the stability of the Greek economy Authors: Roussou, Eleni; Cameron, Norman Abstract: This paper addresses the issue of how the stability of the Greek economy will be affected by Greece’s accession to the European Economic and Monetary Union (EMU). The theoretical basis for most of the discussion of this issue to date is found in the theory of optimum currency areas (OCA), which identifies the nature of economic disturbances as key to whether currency unions provide a net benefit. We use vector autoregression to identify the nature of the disturbances that the Greek economy has experienced in the past, and add such disturbances to stochastic simulations of a structural macroeconomic model of the Greek economy, part of a larger model of the European economy known as QUEST II. The main conclusion is that the EMU will make output slightly more stable in the Greek economy. Therefore, the Greek economy will reap the efficiency gains of the common currency without suffering significantly from the elimination of its monetary sovereignty. 2005-01-01T00:00:00Z /library/oar/handle/123456789/31455 Title: Fractional cyclical structures and business cycles in the specification of the US real output Authors: Gil-Alana, Luis A. Abstract: The issue in this paper is to analyse the business cycle frequencies in the US real output. However, instead of using classical approaches based on linear and non-linear models, we use a specification of fractional cyclical integration, which is based on Gegenbauer processes. We apply a procedure that permits us to test roots with integer and fractional orders of integration at fixed frequencies over time and thus, it permits us to approximate the length of the cycles. The results, based on the first differenced data, show that the cycles have a duration of about four years and a half, with an order of integration higher than 0 but smaller than 0.5, being thus stationary but with a component of long memory behaviour. Comparing this model with those based on ARIMA (and ARFIMA) models, we show via simulations that the fractional cyclical structure can better describe the business cycle features of the data. 2005-01-01T00:00:00Z