• New evidence on the ability of asset prices and real economic activity forecast errors to predict inflation forecast errors.

      Apergis, Nicholas; University of Piraeus (Wiley, 2016-11-16)
      This paper investigates the impact of both asset and macroeconomic forecast errors on inflation forecast errors in the USA by making use of a two‐regime model. The findings document a significant contribution of both types of forecast errors to the explanation of inflation forecast errors, with the pass‐through being stronger when these errors move within the high‐volatility regime.
    • New Evidence on the Information and Predictive Content of the Baltic Dry Index

      Apergis, Nicholas; Payne, James; University of Piraeus; University of New Orleans (MDPI, 2013-07-24)
      This empirical study analyzes the information and predictive content of the Baltic Dry Index (BDI) with respect to a range of financial assets and the macroeconomy. By using panel methodological approaches and daily data spanning the period 1985–2012, the empirical analysis documents the joint predictability capacity of the BDI for both financial assets and industrial production. The results reveal the role of the BDI in predicting the future course of the real economy, yielding a link between financial asset markets and the macroeconomy.
    • A new macro stress testing approach for financial realignment in the Eurozone

      Apergis, Nicholas; Apergis, Emmanuel; Apergis, Hercules; University of Derby; University of Kent (Elsevier, 2019-02-12)
      Contrary to the common approach of stress-testing under which banks are evaluated whether they are distressed, this empirical study chooses to move from the micro stress test approach to a wider new macro stress test category. By being able to stress testing the entire economy of the Eurozone, it will permit big banks to fail and, at the same time, will open room for new banking players to enter the sector, promoting the essence of a healthy destruction. The analysis performs a battery of stress tests, by implementing VaR, Cornish-Fisher VaR, Monte Carlo VaR, Expected Shortfall, Cornish-Fisher Expected Shortfall, and Monte Carlo Expected Shortfall. At the same time, it explicitly considers the new regulatory approach of IFRS9 to incorporate extreme values from forecasted series in the distributions. The analysis also performs two versions of stress tests, one including TARGET2 and one without it. The results document that future stress tests should include TARGET2 values in order to capture a better picture of the stressed economy. The findings from these stress tests clearly illustrate that although there has been a trough after the distress call of 2008, this trough ended. These are results derived without including the TARGET2 transfers. By including the TARGET2 transfers we receive a different picture that possibly acts as a protective mechanism against any future crisis. Caution is still advised, possibly due to some lingering imbalances within the Eurozone.
    • A new methodological perspective on the impact of energy consumption on economic growth: time series evidence based on the Fourier approximation for solar energy in the US

      Apergis, Nicholas; Bulut, Unit; University of Derby; Kirsehir Ahi Evran University (Springer, 2020-03-03)
      From the empirical energy literature, it is observed that studies focusing on the energy-economic growth nexus ignore the possible existence of gradual breaks as they employ methods without or with sharp structural breaks. Therefore, one can argue that they may yield biased and inefficient output in the presence of gradual breaks. The goal of this paper is to investigate the impact of solar energy consumption on GDP utilizing quarterly data over the period 1984–2018 for the USA. For this purpose, the paper performs a unit root test and a cointegration test that are based on the Fourier approximation to take gradual breaks into account. The paper also performs the dynamic ordinary least squares estimator to estimate long-run parameters. The findings document that there exists cointegration in the empirical model and that GDP is positively associated with solar energy consumption. Some implications based on the empirical findings are presented in the paper.
    • Newswire messages and sovereign credit ratings: Evidence from European countries under austerity reform programmes.

      Apergis, Nicholas; Curtin University (Elsevier, 2015-01-09)
      The paper examines the role of newswire messages during the European debt crisis. In particular, this study quantifies how this news metric, revealed by statements electronically recorded, as well as by newspaper articles, affects credit ratings. Through a sample of three European countries with sovereign debt problems and under strict austerity programmes, i.e., Greece, Ireland, and Portugal, daily data spanning the period of 2009 to 2011, and parametric, nonparametric and ordered probit panel methodologies, the obtained results document that the news variable significantly affects credit ratings, particularly when news comes from market sources but less so when the news is from politicians.
    • The oil curse, institutional quality, and growth in MENA countries: Evidence from time-varying cointegration

      Apergis, Nicholas; Payne, James; University of Piraeus; Georgia College & State University (Elsevier, 2014-09-16)
      This study re-examines the impact of oil abundance on economic growth in a number of MENA (Middle East and North African) countries for the period 1990–2013. Given the number of economic and institutional reforms undertaken by these countries in recent years, we incorporate measures of institutional quality to evaluate if oil abundance impacts economic growth differently. The results from time-varying cointegration reveal that better institutional quality reduces the unfavorable effect of oil reserves on the performance of the real economy.
    • Oil reserve life and the influence of crude oil prices: An analysis of Texas reserves.

      Apergis, Nicholas; Ewing, Bradley; Payne, James; University of Piraeus; Texas Tech University; Georgia College & State University (Elsevier., 2016-02-27)
      Oil producing exploration and production companies generate revenue from reserves which, from any given well, are depleting over time. The reserve life index measures how long reserves would last at the current production rate if there were no additions to reserves. In this study, we examine the time series behavior of the reserve life index for each of the twelve onshore oil producing districts in Texas. Specifically, we model the relationship between reserve life and the real price of oil within a nonlinear ARDL framework. Among the results, we find evidence of both long-run and short-run asymmetries in the response of reserve life to increases/decreases in real oil prices. Further, the magnitude of the effect is greater for positive changes in real oil prices than for negative changes in real oil prices. The findings are important to operators, investors and policymakers interested in sustainability.
    • Old Wine in a New Bottle: Growth Convergence Dynamics in the EU

      Apergis, Nicholas; University of Piraeus (Springer, 2010-06)
      In this paper, we explore convergence of real per capita output across the European Union (EU) countries, as well as the transitional behavior of possible underlying factors that are responsible for any convergence or divergence pattern. The new panel convergence methodology developed by Phillips and Sul (2007) is employed in a production function growth accounting approach and data from the Total Economy Database and the Total Economy Growth Accounting Database. The empirical findings suggest that the EU countries form two distinct convergent clubs, exhibiting considerable heterogeneity in the underlying growth factors. These findings should help policy makers in designing appropriate growth-oriented programs as well as in setting priorities in their implementation.
    • On the causal dynamics between emissions, nuclear energy, renewable energy, and economic growth

      Apergis, Nicholas; Payne, James; Menyah, Kojo; Wolde-Rufael, Yemane; University of Piraeus; Illinois State University; London Metropolitan University; Private (Elsevier, 2010-09-15)
      This paper examines the causal relationship between CO2 emissions, nuclear energy consumption, renewable energy consumption, and economic growth for a group of 19 developed and developing countries for the period 1984–2007 using a panel error correction model. The long-run estimates indicate that there is a statistically significant negative association between nuclear energy consumption and emissions, but a statistically significant positive relationship between emissions and renewable energy consumption. The results from the panel Granger causality tests suggest that in the short-run nuclear energy consumption plays an important role in reducing CO2 emissions whereas renewable energy consumption does not contribute to reductions in emissions. This may be due to the lack of adequate storage technology to overcome intermittent supply problems as a result electricity producers have to rely on emission generating energy sources to meet peak load demand.
    • On the causal dynamics between renewable and non-renewable energy consumption and economic growth in developed and developing countries

      Apergis, Nicholas; Payne, James; University of Piraeus; University of South Florida Polytechnic (Springer, 2011-11)
      This study extends recent work on the relationship between renewable and non-renewable energy consumption and economic growth to the case of developed and developing countries over the period 1990–2007. Heterogeneous panel cointegration procedures show a long-run equilibrium relationship between real GDP, renewable energy consumption, non-renewable energy consumption, real gross fixed capital formation, and the labor force with the respective coefficient estimates positive and statistically significant for developed and developing country panels. The results from the panel error correction models reveal bidirectional causality between renewable and non-renewable energy consumption and economic growth in the short- and long-run for each country panel.
    • On the dynamics of poverty and income inequality in US states

      Apergis, Nicholas; Dincer, Oguzhan; Payne, James; University of Piraeus; Illinois State University; Illinois State University (Emerald Group Publishing Limited, 2011)
      This study seeks to provide answers to the following questions: Is there a relationship between poverty and income inequality in the short run/long run? Is the relationship unidirectional from income inequality to poverty as the previous studies assume, or is it bidirectional? The paper investigates the causality between income inequality and poverty within a multivariate framework using a panel data set of 50 US states over the period 1980 to 2004. The results reveal that a bidirectional relationship exists between poverty and income inequality both in the short run and in the long run. With respect to the short‐run dynamics associated with poverty, both income inequality and the unemployment rate have a positive and statistically significant impact on poverty, a negative and statistically significant impact for real per capita personal income and level of education, while corruption is insignificant. In terms of the short‐run dynamics associated with income inequality, poverty, the unemployment rate, real per capita personal income, and the level of education have a positive and statistically significant impact, while corruption has a statistically insignificant impact on income inequality. With regard to the long‐run dynamics, the statistically significant error correction terms indicate the presence of a feedback relationship between poverty and income inequality.
    • Per capita carbon dioxide emissions across U.S. states by sector and fossil fuel source: evidence from club convergence tests

      Apergis, Nicholas; Payne, James E.; University of Piraeus; Georgia College & State University (Elsevier, 2017-01-17)
      This study extends the literature on the convergence of per capita carbon dioxide emissions by examining the 50 U.S. states including the District of Columbia in the aggregate, by sector, and by fossil fuel source using the Phillips-Sul club convergence approach for the period 1980 to 2013. The results indicate multiple convergence clubs in the aggregate, by sector (residential, commercial, industrial, transport, and electric power), and for two of the three fossil fuel sources (natural gas and coal) with full panel club convergence in the case of petroleum. The presence of multiple equilibria suggests that environmental policies should recognize the distinctive convergence paths associated with each cluster of states.
    • Poetry in motion: creative networking in micro retail

      Foster, Carley; Brindley, Clare; Nottingham Trent University (British Academy of Management, 2015)
      This developmental paper explores the role of networks in the micro retail sector by providing qualitative evidence from a longitudinal study of a female owned retail publishing business. The preliminary analysis finds that the owner has drawn upon her own social capital to develop networks which have been crucial to the survival of the retail business. These networks are informal, wide reaching and closely linked to the social bonds the owner has made with other individuals who share similar values to that of the business.
    • Political and Institutional Factors in the Convergence of International Equity Markets: Evidence from the Club Convergence and Clustering Procedure

      Apergis, Nicholas; Christou, Christina; Payne, James; University of Piraeus; University of Piraeus; Illinois State University (Springer, 2011-03)
      In this study the new panel convergence methodology developed by Phillips and Sul (2007) is employed to explore the convergence dynamics of international equity markets and determine whether political and institutional factors can explain convergence or divergence patterns across international equity markets. The empirical findings suggest that international equity markets do not form a homogeneous convergence club. Seven specific political and institutional factors are used to explain such divergent behavior. The empirical analysis documented specific factors, i.e. democratization, unemployment benefits, and public expenditure on pensions, which seem capable of explaining such a heterogeneous divergent pattern among the equity markets under study.
    • Prediction of financial distress for multinational corporations: Panel estimations across countries.

      Apergis, Nicholas; Bhattacharya, Mita; Inekwe, John; University of Piraeus; Monash University; Macquarie University (Taylor & Francis, 2019-03-21)
      This research predicts ex-ante financial distress and analyses the link between financial distress, performance, employment, and research and development (R&D) investment in the case of multinational companies (MNCs). The conditional logit and hazard models are employed to predict financial distress, while a conditional mixed process model is employed to obtain consistent and efficient estimates. Financial distress generates contractions in performance, employment, and R&D investment. Hedging against risk mitigates the effect of financial distress on R&D. Our findings vary across countries, for example, we find MNCs in Canada, Israel and the U.S. benefit from hedging against risk. The findings also indicate that ex-ante financial distress is detrimental to employment for Canada, the U.K., the Netherlands and the U.S. The findings indicate the MNCs play different roles across countries in contributing jobs, investment in R&D during the distress period.
    • Price Concentration: New Evidence from Greek Industries and the Cournot Model

      Apergis, Nicholas; Monastiriotis, Vasilios; University of Piraeus; London School of Economics (Wiley, 2013-06-20)
      This paper investigates the degree of competitive forces across Greek industries over the period 2000–2011 at the three‐digit SIC level. Based on the simple Cournot modelling approach, three alternative models are used to investigate the competitive conditions across industries. The empirical results indicate that the majority of Greek industries, with the exception of the Chemicals industry, operate in non‐competitive conditions.
    • Professional doctorate curriculum design: A resource dependency analysis of DBA stakeholders

      Foster, Carley; Kirk, Susan; University of Derby; Nottingham Trent University (British Academy of Management, 2016-09-07)
      Interest in Professional Doctorates (ProfDs), including the Doctorate in Business Administration (DBA) programme, has increased significantly over recent years (Mellors-Bourne et al., 2016). Wildly et al (2015:p762) suggest that this is because globally, there is interest in research degrees which are ‘…more relevant, field-based doctoral studies incorporating applied rather than pure research…’. In comparison to a PhD, a Professional Doctorate adopts a more structured approach to learning and typically attracts industry professionals who wish to investigate a work-based problem through doctoral level research (Costley and Lester, 2012; Chiteng Kot and Hendel, 2011). Furthermore, according to Lester (2004:p767) ProfDs aim to be ‘…academically robust and directly relevant to professional practitioners who are concerned with leading practice and initiating change rather than being researchers.’ The DBA in particular has proven to be a popular Professional Doctorate, representing a natural progression from the MBA.
    • Professional standards research: diversity in the workplace

      Harris, Lynette; Foster, Carley; Nottingham Trent University (Chartered Institute of Personnel and Development, 2004)
    • Public and Private Investments in Greece: Complementary or Substitute ‘Goods’?

      Apergis, Nicholas; University of Ioannina (Wiley, 2002-12-16)
      This paper investigates whether government investment spending exerts a positive or a negative effect on private investments. Time‐series data for Greece as well as the methodology of cointegration suggest that, over the period 1948‐80, public investment spending exerted a positive effect on private investments, while over the period 1981‐96, the relationship turned out to be negative. Empirical results indicate that the large increase of the public share in the total investment process tended to crowd out private investments and to jeopardize the growth process of the economy.
    • Re-evaluating supply chain integration and firm performance: linking operations strategy to supply chain strategy

      Wiengarten, Frank; Li, Huashan; Singh, Prakash J.; Fynes, Brian; Ramon Llull University, Barcelona, Spain; University of Melbourne; University College Dublin (Emerald, 2019-06-11)
      This paper aims to explore the performance implications of supply chain integration (SCI) taking a strategic perspective. Thus, this paper is set to provide answers to the following research questions: Does a higher degree of SCI always lead to greater firm performance improvements? As the answer to this question is likely to be no, the authors explore the performance implications from a strategic perspective: Is the SCI–performance relationship contingent on a company’s competitive priorities (i.e. operations strategy)? The authors explore their questions through multiple quasi-independent data sets to test the impact of SCI on firm performance. Furthermore, the authors provide a more nuanced conceptual and empirical view to explore the previously uncovered contradictory results and contingent relationship challenging the “more integration equals higher firm performance” proposition. The results only provide partial support for the proposition that more integration is always beneficial in the supply chain context. The authors also identified that the impact of SCI on financial performance is contingent on a company’s competitive priorities. This study provides a much-needed comprehensive assessment of the SCI–performance relationship through critically re-evaluating one of the most popular propositions in the field of supply chain management. The results can be extrapolated beyond the dyad, as the authors conceptualise integration simultaneously from an upstream and downstream perspective.