• Inflation uncertainty, money demand, and monetary deregulation: Evidence from a univariate ARCH model and cointegration tests

      Apergis, Nicholas; University of Macedonia (Elsevier, 1997-06)
      This study has extended a money demand equation to include uncertainty of inflation. It is proved via cointegration techniques that inflation uncertainty in Greece is described well by an Autoregressive Conditional Heteroskedasticity (ARCH) process over the period 1975-93, following the deregulation of the monetary system in 1988 and in terms of capturing money demand structural instabilities.
    • Inflation volatility and stock prices: Evidence from ARCH effects

      Apergis, Nicholas; Alexakis, Panagiotis; Xanthakis, Emmanuel; University of Macedonia; University of Aegean; University of Athens (Springer, 1996-05)
      This paper examines the impact of inflation uncertainty on stock prices in developed as well as in emerging capital markets over the period 1980:1–93:12 via an Autoregressive Conditional Heteroskedasticity (ARCH) model for inflation. The results seem to support the presence of a negative association between inflation uncertainty and stock prices.
    • The inflation–output volatility trade-off: a case where anti-inflation monetary policy turns out to be successful, a historical assessment

      Apergis, Nicholas; University of Piraeus (Elsevier, 2003-12)
      Over the period 1988–2000, the Greek monetary authorities seemed to have implemented a successful disinflation policy. The question, however, is whether this disinflation was optimal or not. This paper, through a theoretical model and the GMM approach, constructs an optimal policy frontier in terms of a trade-off between output and inflation variabilities. The frontier yields increases in the output variance when policymakers attempt to decrease inflation variances, and vice versa. The location of the actual monetary policy performance suggests a policy close to the frontier, implying a successful monetary policy.
    • The influence of FOMC member characteristics on the monetary policy decision-making process.

      Apergis, Nicholas; Smales, Lee; University of Piraeus; Curtin University (Elsevier., 2015-12-22)
      This paper provides new empirical evidence on a monetary policy committee with heterogeneous members whose decisions affect the efficacy of monetary policy. It thereby provides a link between the literature on monetary policy committees and central bank monetary policy implementation through monetary rules. Using a novel dataset of the idiosyncratic characteristics of FOMC members, over the period from August 1979 to February 2014, the empirical findings show that characteristics such as education, age, and, to a lesser extent, work experience are not important in understanding the FOMC decision-making process. Instead, the results point to the importance of time spent within the Federal Reserve System, tenure on the FOMC itself, and the influence of the Chair in shaping the decision-making process. The results are expected to have implications for the capacity of economic agents, as well as various markets in the economy, to more readily interpret public (monetary policy) information that reaches them. This makes the monetary policy decision process less noisy and thus enhances the capability of agents and markets to attach the correct weight to this information.
    • The influence of policy, public service and local politics on the shift to a low carbon economy in the East Midlands.

      Pearce, Warren; Paterson, Fred; University of Sheffield; University of Derby (Palgrave Macmillan, 2017-11-12)
      This chapter charts the shift from sustainable development policy drivers, through the emergence of climate policy and its impact on public service managers, to the more recent development of low-carbon policy. We also explore the relationship between local business, the local political ‘regime’, the national and European political ‘landscape’ and implications for local actors in the East Midlands; arguing that while low-carbon policy might be more in tune with political realities than attempts at wholesale reductions of carbon emissions, it has brought into question the viability of existing carbon reduction targets. In doing this, we explore the tensions between the ‘grand challenge’ of climate change, the difficult details of policy implementation and the pragmatic reality of business practice.
    • Innovation, Technology Transfer and Labor Productivity Linkages: Evidence from a Panel of Manufacturing Industries

      Apergis, Nicholas; Economidou, Claire; Fillipidis, Ioannis; University of Piraeus; University of Utrecht; Aristotelian University of Thessaloniki (Springer, 2008-10)
      The paper explores the linkages between labour productivity, innovation and technology spillovers in a panel of manufacturing industries. The roles of R&D, human capital and international trade are considered in stimulating innovation and/or facilitating technology transfer. Using panel-based unit root tests and cointegration analysis, the results indicate the existence of a single long-run equilibrium relation between labour productivity, innovation and technology transfer. Further, R&D, trade and human capital have statistically and, especially the latter, quantitatively important effects on labour productivity both directly via innovation and indirectly as they enhance technology diffusion.
    • Integration of international capital markets: further evidence from EMS and non-EMS membership

      Alexakis, Panagiotis; Apergis, Nicholas; Xanthakis, Emmanuel; University of Athens; University of Macedonia; University of Athens (Elsevier, 1997-10)
      The present paper examines whether real interest rates from nine financial markets—five European Monetary System (EMS) and four non-EMS markets—are financially integrated both on a world-wide basis and within each market individually. Monthly data on nominal interest rates and prices over the period 1982:1–1993:12 along with the methodology of cointegration are used to serve the purposes of the empirical analysis. The results provide support to the integrated market hypothesis as regards the financial markets considered altogether, as well as the financial markets in each `block' of markets. The presence of a systematic real interest rate relationship in the long run is accepted both on a non-EMS and an EMS basis. This relationship proves to be stronger on the EMS basis than on the non-EMS basis; this is probably due to the lower exchange rate volatility within the EMS environment.
    • Integration of regional electricity markets in Australia: a price convergence assessment

      Apergis, Nicholas; Fontini, Fulvio; Inchauspe, Julian; University of Piraeus; University of Padua; Curtin University (Elsevier, 2016-07-19)
      From an electricity market design perspective, it is relevant and practical to know which market structures allow for price convergence, and how long this takes to achieve. This study employs the Phillips and Sul (2007, 2009) methodology to test for the convergence of wholesale electricity prices across the Australian States. We identify a long-run, common price growth pattern that applies to a cluster formed by three Eastern States that share common market characteristics and limited physical interconnection. We also find another cluster with less competitive market structures that, although not interconnected, strongly converge towards their own trend. These findings confirm theoretical expectations while quantifying the rate of convergence. Finally, we also investigate the role that the carbon tax regime has played in the convergence process, with new empirical showing that the previous results are not affected, with the notable exception being the case of South Australia.
    • Integration properties of disaggregated solar, geothermal and biomass energy consumption in the U.S.

      Apergis, Nicholas; Tsoumas, Chris; University of Piraeus; University of Piraeus (Elsevier, 2011-09)
      This paper investigates the integration properties of disaggregated solar, geothermal and biomass energy consumption in the U.S. The analysis is performed for the 1989–2009 period and covers all sectors which use these types of energy, i.e., transportation, residence, industrial, electric power and commercial. The results suggest that there are differences in the order of integration depending on both the type of energy and the sector involved. Moreover, the inclusion of structural breaks traced from the regulatory changes for these energy types seem to affect the order of integration for each series.
    • 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.
    • Internal lean practices and performance: The role of technological turbulence.

      Chavez, Roberto; Yu, Wantao; Jacobs, Mark; Wiengarten, Frank; Lecuna, Antonio; Fynes, Brian; University College Dublin; Universidad Diego Portales; University of East Anglia; University of Dayton; et al. (Elsevier, 2014-10-18)
      Drawing upon resource dependence theory, this study investigates the linkages from supplier partnership and customer relationship to internal lean practices. Furthermore, this study investigates the linkages from internal lean practices (ILP) to operational performance and organizational performance, and assesses the contingency perspective of these relationships with respect to technological turbulence. The study is based on a questionnaire sent to 228 manufacturing companies in the Republic of Ireland, and the relationships proposed analyzed with structural equation modeling and OLS regression. The results reveal the importance of supply chain relationships, in particular through supplier partnership and customer relationship, in that they are positively associated with ILP. Further, the study finds that ILP are positively associated with both operational and organizational performance. This study also adds to the understanding of the circumstances under which ILP impact performance in that technological turbulence was found to negatively moderate the linkages between ILP and operational performance and ILP and organizational performance. While lean practices can stimulate improved operational and organizational performance, this relationship is not monotonic and is timely to consider the rate of technological change at the time of implementing lean manufacturing.
    • International technology spillovers, human capital and productivity linkages: evidence from the industrial sector

      Apergis, Nicholas; Economidou, Claire; Filippidis, Ioannis; University of Piraeus; University of Utrecht; Aristotelian University of Thessaloniki (Springer, 2009-11)
      The paper estimates an empirical model that is consistent with a variety of Research and Development (R&D)-driven models of growth where technology is transmitted via trade to other industries, both domestically and internationally, by being embodied in differentiated intermediate goods. The evidence is based on data from 21 manufacturing industries in six European Union countries for the period 1980–1997. The contribution of the paper lies in showing how by including human capital in the model and employing suitable econometric procedures the magnitude of R&D spillovers reported in the existing literature can be affected, while pointing to a major role of human capital in economic growth process.
    • Investigating the impact of auto loans on unemployment: The US experience

      Apergis, Emmanuel; Apergis, Nicholas; Young, Weiwei; University of Derby; University of Huddersfield (Taylor & Francis, 2020-07-28)
      This paper explores the impact of automobile loan debt on US unemployment. Individuals with heterogeneous economic positions deem automobiles as important durable goods for unemployment exit and expected wage increases. The methodological approach makes use of an Autoregressive Distributed Lag (ARDL) Bound Testing modelling approach to document a negative and significant relationship between auto loans and unemployment. The results survive certain robustness tests, while they seem to confirm certain theoretical arguments posed in the literature, such as that the credit mechanism that dominates the transmission mechanism of monetary policy (credit shocks have a profound significant link with unemployment), while they seem to mitigate the role of alternative theories (where levered households suffer from a ‘debt overhang’ problem that distorts their preferences, making them demand high wages, and the ‘vacancy-posting’ effect) which imply that loans lead to high unemployment. The findings seem to provide significant recommendations to monetary policy makers on strengthening the banking services industry, providing an alternative to monetary policy for labour market intervention.
    • Is CAPM a Behavioral Model? Estimating Sentiments from Rationalism

      Apergis, Nicholas; Rehman, Mobeen Ur; University of Piraeus; Shaheed Zulficar Ali Bhutto Institute of Science and Technology (Taylor & Francis, 2018-03-06)
      The authors investigate the role of investor sentiment in asset pricing. In particular, they explore whether this investor sentiment has the ability to be predicted by the residuals from the capital asset pricing model (CAPM). The analysis makes use of data for S&P500 firms on a daily basis, spanning the period of 1995–2015, as well as certain panel methodological approaches. The results suggest that the residuals from the CAPM model gain explanatory power for investor sentiment. In other words, investor sentiment is a priced factor. The implication of this finding is that overlooking the role of investor sentiment in classical finance theory could lead to an imperfect picture of describing the asset pricing.
    • It's marketing... but not as we know it: a qualitative study of marketing in SMEs

      Cheng, Ranis; Resnick, Sheilagh; Brindley, Clare; Foster, Carley; Nottingham Trent University (2010)
    • Job dissatisfaction among retail employees: a study of three leading UK retailers

      Whysall, P.; Foster, Carley; Harris, Lynette; Nottingham Trent University (2007)
    • Job dissatisfaction among retail employees: a study of three leading UK retailers

      Foster, Carley; Whysall, P.; Harris, Lynette; Nottingham Trent University (RoutledgeAbingdon, 2009)
    • Leadership and the low carbon economy

      Paterson, Fred; University of Derby (Springer/ Palgrave Macmillan, 2017-11-12)
      This chapter explores the nature of leadership for sustainability and questions whether there is a currently sufficient leadership capacity to have any realistic chance of accelerating the shift to a low-carbon (and ultimately green) economy. It mines empirical research from a variety of (disparate) literatures for useful insight into the type of leadership that could support our efforts to make this shift and highlights some of the ‘actionable’ concepts emerging from three largely discrete disciplines: socio-technical transitions, place-based (or civic) leadership and systems’ leadership. Finally, it argues that the new and distributed leadership skills and qualities required to support this system-wide innovation requires a strategic approach to building leadership capacity in cities and other localities that embrace the political, public service, community and business sectors (Hambleton and Howard 2012).
    • Live free or bribe: On the causal dynamics between economic freedom and corruption in U.S. states

      Apergis, Nicholas; Dincer, Oguzhan; Payne, James; University of Piraeus; Illinois State University; University of South Florida Polytechnic (Elsevier, 2012-06)
      We investigate the relationship between economic freedom and corruption using data from U.S. states covering almost a quarter of a century. Our study advances the existing literature on several fronts. First, instead of using subjective cross-country corruption indices assembled by various investment risk services, we use a more objective measure of corruption: the number of government officials convicted in a state for crimes related to corruption. Second, unlike previous studies, we exploit both time series and cross-sectional variation in the data in the estimation of a panel error correction model. The panel error correction model results show that in the long-run economic freedom, per capita income, and education have a negative and statistically significant impact on corruption whereas income inequality has a positive and statistically significant impact. The causality tests associated with the panel error correction model reveal bidirectional causality between economic freedom and corruption in both the short-run and long-run.