Gasoline price asymmetries in the Euro Zone

This paper uses the generalized method of moments (GMM) estimation to a panel data error correction model (ECM) in order to measure the asymmetries in the transmission of shocks to input prices and exchange rate onto the wholesale and retail gasoline price respectively. For this purpose, we use an updated data set of weekly observations covering the period from January 2000 to February 2011 for eleven euro zone countries (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal and Spain). The results favor the common perception that retail and wholesale gasoline prices respond asymmetrically to cost increases and decreases.Generalized method of moments; panel data; asymmetries; euro zone; error correction models

The gasoline Industry in European Union and the USA

This paper explores whether asymmetric pricing can be identified in the eleven euro zone countries (Austria, Belgium, Finland, Greece, France, Germany, Ireland, Italy, Netherlands, Portugal and Spain) by utilizing Error Correction Model on the weekly price changes in order to assess current and future potential. The sample spans from July 1996 to August 2011. We also try to analyze the effect of competition on the dynamic adjustment of gasoline price to which has been paid scant attention in the past. The results favor the common perception that retail gasoline prices respond asymmetrically to cost increases and decreases both in the long and the short-run. At the wholesale segment, there is a symmetric response of the spot prices of gasoline towards the adjustment to the short-run responses of the exchange rate.asymmetric pricing; euro zone countries; dynamic ordinary least squares; error correction model; unit root; Cointegration techniques; gasoline prices; competition; oil industry

Panel data estimation techniques and mark up ratios

The purpose of this paper is to evaluate the market power of the Greek manufacturing and services industry over the period 1970-2007. In particular, the empirical model, estimates the mark-up ratio following the Roeger (1995) methodology, separately for the two industries by using Ordinary Least Squares (OLS) and Two Stage Ordinary Least Squares (TSLS) in two unbalanced panel data sets. The sample comprises a total of 23 and 26 two-digit NACE codes. The empirical results indicate the existence of significant market power in the Greek manufacturing and services industry. Moreover, mark-up ratios vary significantly between the two industries, with services having higher mark ups than manufacturing.peer-reviewe

Measuring Post-Merger and Acquisition Performance of Corporations in the Maritime Transport Sector.

Mergers and Acquisitions are generally considered as tools of corporate growth that create value and propel corporate efficiency. Nevertheless, the empirical evidence are not consistent. This paper considers maritime corporations that participated as acquirers in completed M&As between 1998-2009. As far as the authors are aware, such an analysis has never been undertaken for the maritime industry although such an analysis will greatly assist maritime financial decision makers in formulating their decisions. The methodology of our analysis is based on utilizing profitability and enterprise value as measures to investigate the profitability performance of the acquirer following the acquisition. In addition we also examine enterprise value shifts in order to investigate how the decision to proceed with the acquisition was perceived by the investors. Our results indicate a decline in the profitability of the acquirer and there were no statistical significant evidence that the enterprise value of the acquirer increased between pre and post-merger period

What determines demand for Telecommunications services? Evidence from the EU countries before and after liberalization

This paper aims to investigate the main determinants of Telecommunications demand for European countries (EU). For this reason, a panel data set is used consisting of 19 EU countries over the period 1991-2010 capturing the years before and after the liberalization process. The goal is to clarify whether any changes in the demand of Telecommunications, as expressed by volume traffic in local, mobile and international market segments, are attributed to regulatory process or to some other major drivers so that policy implications can be drawn, taking also into account the magnitude of the relevant price elasticities. It turns out that the regulatory process does not seem to have significant impact on demand for Telecommunications services for the first period of liberalization

Does regulation affect market power? Evidence from Greek SMEs

The aim of this study is to examine the level of market power of the Greek Small and Medium-sized Enterprises (SMEs) acting in the manufacturing and services industries respectively. This has been performed at a two digit level over the period 1970-2007, with the aim of investigating possible heterogeneity across different subsectors of the above industries. The results of our analysis are linked with a number of interesting implications for the competition authorities. First, mark-ups can provide valuable information on competitive pressures in various sectors of the Greek economy, reflecting pressures stemming from rules of conduct imposed by regulators as well. Second, the estimation of mark-up ratios may benefit policy makers and government officials to pursue pro-competitive regulatory reforms in order to maximize consumer surplus. Third, the regulators may examine if market power changes over time and assess the effectiveness of deregulation on it. Lastly, the empirical findings indicate that there is a negative relationship between mark-ups and regulation taken one-period back. In other words, we claim that the level of regulatory reform affect the level of market power one-period ahead and cannot explain a big part of the variation of the mark-up ratios, over time. However, there is no evidence of non-linearity into this relationship

Ship demolition activity. An evaluation of the effect of currency exchange rates on ship scrap values.

The demolition market assists in balancing the supply and demand in the shipping industry and from that perspective is a major driver of market equilibrium and the level of freight rates. Even so, literature related to ship demolition, focuses mainly on the environmental and regulatory aspects of the topic. Literature related to the economic analysis of the industry and the factors affecting demolition activity is rather limited and sporadic. From this perspective the current paper is helpful to further build up insight of the shipbreaking industry. The decision to sell a ship for scrap is driven by a number of factors with the most important being the state of the market cycle. The offered scrap price for the ship will also affect the decision of the shipowner. In this paper we support the view that ship scrap prices are affected by the currency exchange rates at the main demolition countries. We apply regression to evaluate our hypothesis. The regression results indicate a strong relation between ship scrap price and currency exchange rates of the main demolition countries albeit with some differentiations between vessel sizes

Creative Industries’ Network of Entrepreneurs Lessons learned from the offering of an Acceleration Program in Portugal, Spain and Greece, to foster entrepreneurship in CCIs

The Creative Industries Network of Entrepreneurs (CINet) is a research project in innovation and creative entrepreneurship being implemented, within the Lifelong Learning Programme, Leonardo da Vinci, of the European Commission. The CINet project aims at improving business skills for creative entrepreneurs and enhancing the potential for business creation in the creative industries in three Southern European countries (Greece, Portugal, and Spain). To achieve its objectives, CINet brings together six partners (Universidade Aberta, the University of Piraeus, the Open University of Catalonia, UKWON, MediaDeals, and DNA Cascais), with expertise in entrepreneurship research and education provision for potential entrepreneurs. The course was offered in a pilot fashion, during the April – June 2015 period, and aimed to help and provide support to would-be entrepreneurs who desire to start-up in the creative sector (including arts and crafts, architecture, gastronomy, leisure, videogames, advertising, press and media, film and audiovisual activities, public relations and publishing industry, among others). After a period of conception, development and testing, this acceleration program was offered in Portugal, Spain and Greece in three different modalities: face-to-face in Greece; bLearning in Portugal; and eLearning in Spain.info:eu-repo/semantics/publishedVersio

Theology and Rhetoric: Nicholas Kabasilas between Thomas Magistros and Makarios Makres

This article contributes to the ongoing discussion about the relationship between Nicholas Kabasilas and Palamite theology by examining Nicholas Kabasilas’ understanding of the life in Christ as expressed in his hagiography. In particular, it uncovers a new source for Kabasilas’ intellectualist approach to spirituality in his encomium on St. Demetrios Myroblytes (BHG 543), namely the Oration on Gregory of Nazianzus by Thomas Magistros. Kabasilas’ hagiographical encomia would later influence the writings of Makarios Makres, a fifteenth-century Palamite author with somewhat different theological commitments.       &nbsp

Semiparametric smooth coefficient estimation of a production system

This paper addresses endogeneity of inputs in estimating a semiparametric smooth coefficient production function using a system approach. The system consists of a translog production function and the first-order conditions (FOC’s) of profit maximization. Each coefficient of the production function is an unknown function of some exogenous environmental variables. This makes the production function observation-specific so long as the environmental variables are observation-specific. The estimation of the system involves applying the functional coefficient instrumental variable method (Cai, Das, Xiong and Wu 2006) for the endogeneity of inputs in the first step, and the semiparametric smooth coefficient seemingly unrelated regression method (Henderson, Kumbhakar, Li and Parmeter 2015) in the second step. Using a Chinese food industry data set, we show that the semiparametric system approach gives most economically meaningful input elasticity estimates, compared with alternative models. We also calculate the returns to scale along with the technical and allocative inefficiency estimates