The time-varying nature of the overreaction effect: evidence from the UK

Previous studies on the overreaction effect in the UK show that prior losers consistently outperform prior winners in the period 1975 to 1990. This paper extends current knowledge by assessing the above phenomenon in the UK market for the period 1987 to 2007. In contrast to earlier research, we produce evidence of a weak presence of the overreaction effect for the latest test period. Further, we show that, after adjusting for size, the overreaction effect almost disappears and any additional excess post-formation return to prior-losers is attributable to market cycles. This study implies that the presence of the overreaction effect in the UK stock market is time-varying and difficult to exploit in practice

Characterization of the Generalized Top-Choice Assumption (Smith) set

In this paper, I give a characterization of the Generalized Top-Choice Assumption set of a binary relation in terms of choice from minimal negative consistent superrelations. This result provides a characterization of Schwart's set in tournaments.Negative Consistency, Generalized Top-Choice Assumption (Smith) set, Generalized Optimal-Choice Axiom (Schwartz) set.

Magic and the Roman Emperors

Roman emperors, the details of their lives and reigns, their triumphs and failures and their representation in our sources are all subjects which have never failed to attract scholarly attention. Therefore, in view of the resurgence of scholarly interest in ancient magic in the last few decades, it is curious that there is to date no comprehensive treatment of the subject of the frequent connection of many Roman emperors with magicians and magical practices in ancient literature. The aim of the present study is to explore the association of Roman emperors with magic and magicians, as presented in our sources. This study explores the twofold nature of this association, namely whether certain emperors are represented as magicians themselves and employers of magicians or whether they are represented as victims and persecutors of magic; furthermore, it attempts to explore the implications of such associations in respect of the nature and the motivations of our sources. The case studies of emperors are limited to the period from the establishment of the Principate up to the end of the Severan dynasty, culminating in the short reign of Elagabalus. The late Republican background of magic will also be explored as an introduction, since it is important to the understanding of the connection of emperors and magic in our imperial sources

The capital structure choice and the consumption tax

The consumption tax affects the consumer, but also affects the wealth of the producer because of the tax incidence effect. It affects cash flows from corporate investment, bears influence on capital budgeting choices on investment timing and financing and the respective agency conflicts between shareholders and creditors. In the context of irreversible investment, our model shows that consumption taxation delays investment and precipitates default. Furthermore, we find that the consumption tax has a negative effect on the agency costs of debt, the yield spreads and the optimal leverage ratio. Finally, the model also produces implications for governmental tax policy.peer-reviewe

General solutions for choice sets: The Generalized Optimal-Choice Axiom set

In this paper we characterize the existence of best choices of arbitrary binary relations over non finite sets of alternatives, according to the Generalized Optimal-Choice Axiom condition introduced by Schwartz. We focus not just in the best choices of a single set X, but rather in the best choices of all the members of a family K of subsets of X. Finally we generalize earlier known results concerning the existence (or the characterization) of maximal elements of binary relations on compact subsets of a given space of alternatives.Generalized Optimal-Choice Axiom; maximal elements; acyclicity; consistency; ≻-upper compactness

Κατανάλωση ενέργειας στις οδικές μεταφορές

Εθνικό Μετσόβιο Πολυτεχνείο--Μεταπτυχιακή Εργασία. Διεπιστημονικό-Διατμηματικό Πρόγραμμα Μεταπτυχιακών Σπουδών (Δ.Π.Μ.Σ.) “Συστήματα Αυτοματισμού

Exchange-rate exposure in a “Rule of Three” Model

We examine exchange-rate exposure in an international Bertrand model of differentiated goods using a “Rule of Three” (RoT) market structure that allows both within and between countries competition. We construct two versions of our model, a static and a dynamic one. In the latter, we explore how the intertemporal effects of exchange rates on the optimal prices of a firm’s domestic and international rivals will affect a firm’s long-run exposure in relation to its short-run exposure. We find that in the static version, the addition of a domestic competitor increases the firm’s exposure, while the effect on its foreign competitor is ambiguous. In the dynamic case, we find that the gap in exposure between the RoT model and the international duopoly case is larger in the long run than in the short run for the company facing a domestic rival, while the exposure for that firm can be either smaller or larger in the long run relative to the short run. Finally, the firm that remains a monopolist in its domestic market has a smaller exposure in the long run as compared to the short run