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This paper studies calendar effects in the emerging Athens Stock Exchange. Rather than examining only basket indices, we analyse calendar effects for each of the constituent stocks of the Athens Stock Exchange General Index for the period from October 1986 to April 1997. In accordance with similar studies substantial evidence of 'day-of-the week', 'monthly', 'trading month' and 'holiday' effects are found. The intensity of these effects for various stocks on the basis of capitalization, beta coefficients and company type are examined. The results indicate that the calendar regularities vary significantly across the constituent shares of the General Index and that aggregation introduces a considerable bias in unravelling these regularities. Also, it is found that factors such as the beta coefficient and company type influence significantly the intensity of calendar effects.

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Purpose The purpose of this paper is to examine two novel theories that concern the relationship between stock market development (SMD) and foreign direct investment (FDI). The authors focus on Greece that was demoted to the emerging market category in 2013–2014 in the international lists. Design/methodology/approach This study is based on the period 1988–2014 that includes the sub-periods 1988–2001 (emerging market) and 2002–2014 (developed market). The authors adopt cointegration methods examining, on the one hand, if the relationship between SMD and FDI is positive or negative and, on the other hand, if it is long run or short run. The authors complete the analysis using the Markov Switching regression model for the test of robustness. Findings The results exhibit a weak positive and symmetric long-run relationship for the full period. In the first sub-period, the relationship is strong but in the second sub-period it is not significant. The results are confirmed by the Markov Switching regression model. Originality/value The precise definition of a theoretical framework that is tested by a compact empirical methodology leads to a novel suggested policy that will upgrade the Greek market to developed market as soon as possible.

SIRIOPOULOS C. and ASTERIOU D. (1998) Testing for convergence across the Greek regions, Reg. Studies 32, 537-546. During the last five years, few issues have proved more controversial in empirical economics than the so-called convergence hypothesis. This paper examines the issue of convergence across Greek regions, following the theoretical basis of the neoclassical model of economic growth. Our empirical results support the popular view prevailing in Greece about the existence of dualism across the southern and northern regions of Greece. A possible explanation for this may be the lack of experience that poor countries (like Greece) have in comparison with the rich ones. Rich countries have the combined ability to educate themselves as they grow rich and the endogenous ability to accumulate the knowledge upon which these efforts are made. The same argument can be also used as an explanation for regional differences - the fact that poor regions do not have previous experience and knowledge for efficient investments SIRIOPOULOS C. et ASTERIOU D. (1998) Determiner la convergence des regions en Grece, Reg. Studies 32, 537-546. Pendant les cinq dernieres annees, rares sont les questions qui ont souleve autant de controverses en economie empirique que la soi-disant hypothese de convergence. A partir du point de depart theorique du modele neoclassique de la croissance economique, cet article examine la question de la convergence des regions en Grece. Les resultats empiriques viennent a l'appui de l'opinion generale en Grece concernant l'existence du dualisme a travers les regions meridionales et septentrionales de la Grece. Cela pourrait s'expliquer eventuellement par le manque d'experience des pays pauvres (dont la Grece) par rapport aux pays riches. Les pays riches peuvent a la fois s'instruire tout seuls au fur et a mesure qu'ils s'enrichissent et rassembler de facon endogene les connaissances qu'il faut. Il en va de meme pour ce qui concerne les differences regionales - a savoir, les regions pauvres n'ont ni l'experience ni les connaissances anterieures favorisant des investissements efficaces SIRIOPOULOS C. und ASTERIOU D. (1998) Untersuchungen zur Konvergenz griechischer Regionen, Reg. Studies 32, 537-546. In den letzten funf Jahren waren in der empirischen Wirtschaftswissenschaft wenige Fragen heisser umstritten als die sogenannte Konvergenzhypothese. Dieser Aufsatz untersucht die Frage der Konvergenz griechischer Regionen in Ubereinstmmung mit der theoretischen Grundlage des neoklassischen Modells wirtschaftlichen Wachstums. Die empirischen Ergebnisse der Autoren stutzen die in Griechenland weit verbreitete Ansicht, dass in den sudlichen und nordlichen Regionen Griechenlands Dualismus besteht. Eine mogliche Erklarung dafur konnteder-im Vergleich mit reichen Landern-herrschende Mangel an Erfahrung der armen Lander sein. Reichen La �ndern ist nicht nur die Fa �higkeit gegeben, sich zu bilden, wenn ihr Wohlstand zunimmt, sondern auch die endogene Fa �higkeit, Kenntnisse anzusammeln, auf deren Grundlage diese Anstr...

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PurposeThis paper presents an integrated overview of the empirical literature on the impact of all forms of unconventional monetary policy on macroeconomic variables and on markets.Design/methodology/approachThis survey covers the findings concerning portfolio rebalancing, signaling, liquidity, bank lending and confidence channels.FindingsThe positive effect of QE announcements on stock and bond prices seems to be unified across studies. A contagion effect from US QE to other emerging markets is identified, while currency devaluation is present in most cases for the country that its central bank adopted such policies. Moreover, impacts of non-conventional practices on GDP, inflation and unemployment are examined. The studies presenting weak instead of strong positive effects on inflation are more, and these studies, also, present weak positive effects on GDP growth.Originality/valueBased on the large body of research on non-conventional action taking, this is the first survey including effects of each country that adopted quantitative easing (QE) measures and that provides results from every methodology employed in order to estimate unconventional practices' impacts.