• The efficient hypothesis and deregulation: the Greek case

      Apergis, Nicholas; Eleftheriou, Sofia; University of Macedonia; Thessaloniki Stock Exchange (Taylor & Francis, 1997)
      The impact is examined of the 1988 monetary deregulation in Greece on the efficiency of the foreign exchange market. A ‘news’ model reveals that the deregulation of the monetary system contributed to the presence of an efficient foreign exchange market.
    • Interest rates, inflation, and stock prices: the case of the Athens Stock Exchange

      Apergis, Nicholas; Eleftheriou, Sofia; University of Ioannina; Thessaloniki Stock Exchange (Elsevier, 2002-06)
      This study undertakes an empirical effort to investigate the relationship between stock prices, inflation, and interest rates in Greece over the period 1988–1999. Considering that most of the period under examination has been characterised by declining inflation as well as interest rates, it is crucial for an investor to know whether stock prices follow inflation rather than interest rate movements. The results provide evidence in favour of the stock prices–inflation relationship.
    • Measuring Price Elasticity of Aggregate Demand in Greece: 1961-1995

      Apergis, Nicholas; Eleftheriou, Sofia; University of Ioannina; Thessaloniki Stock Exchange (Sage, 2000-09-01)
      he goal of this article is to measure the price elasticity of aggregate demand in Greece over the period 1961 to 1995 to assess various economic policy steps undertaken by Greek fiscal policy makers to satisfy the budget-cut criterion set by the Maastricht Treaty
    • Stock returns and volatility: Evidence from the Athens Stock market index

      Apergis, Nicholas; Eleftheriou, Sofia; University of Ioannina; Thessaloniki Stock Exchange (Springer, 2001-03)
      This paper investigates the volatility of the Athens Stock excess stock returns over the period 1990–1999 through the comparison of various conditional hetero-skedasticity models. The empirical results indicate that there is significant evidence for asymmetry in stock returns, which is captured by a quadratic GARCH specification model, while there is strong persistence of shocks into volatility.