Measuring the effect of Kyoto protocol agreement on countries’ environmental efficiency in CO2 emissions: an application of conditional full frontiers

This paper applies the probabilistic approach developed by Daraio and Simar (J Prod Anal 24:93–121, 2005, Advanced robust and nonparametric methods in efficiency analysis. Springer Science, New York, 2007a, J Prod Anal 28:13–32, 2007b) in order to develop conditional and unconditional data envelopment analysis (DEA) models for the measurement of countries’ environmental efficiency levels for a sample of 110 countries in 2007. In order to capture the effect of countries compliance with the Kyoto protocol agreement (KPA) policies, we condition first the years since a country has signed the KPA until 2007 and secondly the obliged percentage level of countries’ emission reductions. Particularly, various DEA models have been applied alongside with bootstrap techniques in order to determine the effect of KPA on countries’ environmental efficiencies. The study illustrates how the recent developments in efficiency analysis and statistical inference can be applied when evaluating environmental performance issues. The results indicate a nonlinear relationship between countries’ obliged percentage levels of emission reductions and their environmental efficiency levels. Finally, a similar nonlinear relationship is also recorded between the duration which a country has signed the KPA and its environmental efficiency levels.     

Valuation Effects of Greek Stock Dividend Distributions

This study analyses the price reaction to stock dividend distributions by firms listed on the Athens Stock Exchange on both the announcement and the ex‐dividend day. It also analyses earnings per share, dividends per share and trading volume in the pre‐ and post‐announcement periods. The findings show statistically insignificant abnormal returns on both the announcement and the ex‐dividend day. The analysis does not reveal any significant change in earnings per share and dividends per share, but it does reveal a significant decline in the market‐adjusted trading volume in the post dividend period. The findings, based on a different institutional environment, expand the empirical evidence on the value effects of stock dividends.     

Executive compensation,method of payment and abnormal returns to bidding firms at takeover announcements

This study investigates the association between method of payment, long-term performance plans, managerial stockholdings and abnormal returns to bidding firms at takeover announcements, using a cross-sectional regression methodology. Previous studies have examined each of these factors separately. The results indicate that firms with long-term performance plans and high managerial stockholdings in cash offers experience significantly higher abnormal returns at the announcement of mergers prior to 1980. The study provides additional evidence in explaining the previous conflicting results (Jensen and Ruback, 1985), examining the stock market reaction of bidding firms at merger announcements.     

Visibility effects and timing in stock listing changes: Evidence from operating performance

We extend the timing motive hypothesis to account for the influence of improved visibility as a result of a stock listing change. The results are, in general, consistent with this proposition, especially for Nasdaq and AMEX firms that switch to the NYSE. The empirical findings support the positive relationship of the visibility effect with post-listing operating returns. The evidence is mixed for the timing motive. The evidence is also mixed for both timing and visibility in the case of Nasdaq firms that move to the AMEX. An important finding is that post-listing operating performance has improved after the 1996 Nasdaq market reforms that reduced the NYSE advantage of lower liquidity costs and, thus, made opportunistic timing less important in listing change decisions. In addition, some evidence points to an association between differences in expected visibility improvement due to variation in listing standards and the pattern of post-listing operating performance.     

Greece in the Eurozone: Lessons from a decade of experience

This study examines Greece's experience as a member of the Eurozone over the period 2002 to 2011. In evaluating the Greek experience within the Eurozone, we derive the following fundamental policy lessons that apply both to similar small peripheral EU countries that plan to enter the Eurozone, or any other economic union, and to the Eurozone itself in terms of facilitating their integration in a large monetary union. First, countries with inefficient public systems must re-engineer and restructure the decision making process in the public sector before they become members of an economic union. Second, countries must generate a friendly environment toward business and provide (a) a simple, stable tax system, (b) an effective and efficient justice system, and (c) a high quality educational system. Third, the living standards of the people are determined by the productivity and competitiveness of the economy and not by an inefficient and overspending public sector. Fourth, structural funds should be used to improve the competitiveness of the economy, not serve the political clientele of the party in power. Fifth, the admission requirements to an economic union must be strict and these requirements must be enforced. Sixth, capital market investors must always differentiate default risk within the country-members of a monetary union.     

Ownership structure and corporate liquidity policy

This study analyzes the relationship between corporate liquidity (i.e. the fraction of assets invested in cash and marketable securities) and managerial ownership in the firm's stock. We postulate a negative relationship between excess liquidity and managerial stock ownership as the managers' interests shift from protecting the value of their human capital to maximizing the value of their stockholdings. This managerial behavior is constrained by the disciplining forces of the firm's product market structure and the market for corporate control. While the tests fail to reveal any significant impact of managerial stock ownership, they show that firm liquidity is positively related to the firm's ability to earn economic rents.     

独立董事背景与公司经营绩效

本文从独立董事背景的角度检验其对公司经营业绩的影响。研究发现,独立董事的教育背景对公司业绩并没有正面的影响,同时发现有政府背景和银行背景的独立董事比例越高,公司经营业绩越好。研究的结果也支持限制个人担任过多独立董事的主张。本文的研究在丰富了公司治理文献的同时,对于正确理解独立董事对公司经营业绩的影响也提供了新的观点,并对我国公司治理的进一步改革提供了重要的经验证据。     

Oil consumption and economic efficiency: A comparative analysis of advanced, developing and emerging economies

This paper investigates the economic efficiency-oil consumption relationship in 42 countries during the period 1986-2006. In a first stage by using DEA window analysis countries' economic efficiencies are obtained. In a second stage an econometric analysis based on robust GMM estimators reveals an inverted ‘U’-shape relationship between oil consumption and economic efficiency. In order to capture heterogeneities among countries' development stages the analysis has been separated into two groups (advanced economies and developing/emerging economies). The results show that advanced economies have much higher turning points compared to emerging and developing economies. It appears that oil consumption increases countries' economic efficiency. In addition the consumption patterns of oil products and its derivatives have changed through years and among countries. The different turning points from the econometric analysis indicate the dependence of oil consumption in advanced economies (higher turning points) is driven mainly by household purchasing activities and their standards of living (transport, housing and water, food, etc.). Finally, it appears that oil consumption is the main driver behind the progress of industrialization and urbanization regardless of the country's development stage.     

Modelling the effect of national culture on multinational banks' performance: A conditional robust nonparametric frontier analysis

Most of the efficiency studies of large multinational banks operating in different countries calculate banks' inefficiency levels without taking into account the environmental factors in which they are operating in. As a result the estimated inefficiencies are subject to a combination of true managerial inefficiencies and the impact of environmental factors which most of the time are not appropriately controlled in the analysis. This study by examining 282 multinational banks from 43 different countries calculates the influence of their national culture on their estimated efficiency levels. By using conditional and unconditional robust efficiency estimators this paper provides empirical evidence of how different cultural values influence banks' global practices and thus their performances. The results indicate that there is a cultural pattern that has a positive effect on banks' performance. That is lower masculine, uncertainty avoidance and power distance values and moderate individualistic values.