• 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.
    • The long-term role of non-traditional banking in profitability and risk profiles: Evidence from a panel of U.S. banking institutions

      Apergis, Nicholas; University of Piraeus (Elsevier, 2014-03-18)
      The goal of this empirical study is to identify empirically and on a panel basis how non-traditional bank activities affect directly the profitability and risk profiles of the financial institutions involved in such activities. Through a dataset that covers 1725 U.S. financial institutions involved in non-traditional bank activities spanning the period 2000–2013 and the methodology of panel cointegration, the empirical findings document that non-traditional bank activities exert a positive effect on both the profitability and the insolvency risk. The results could be important for regulators given they could serve as a pre-warning signal that sends a clear message to regulators about the potential systemic risk that exists within the financial markets.
    • Long-term unemployment: a question of skill obsolescence (updating existing skills) or technological shift (acquiring new skills)?

      Apergis, Nicholas; Apergis, Emmanuel; University of Derby; University of Huddersfield (Emerald, 2020-02-20)
      This paper empirically explores the role of skill losses during unemployment behind firms’ behaviour in interviewing long-term unemployed. The analysis makes use of the Work Employment Relations Survey in the UK, while it applies a Panel Probit Modelling approach to estimate the empirical findings. The findings document that skill losses during long-term unemployment reduce the likelihood of an interview, while they emphasize the need for certain policies that could compensate for this skills deterioration. For robustness check, the estimation strategy survives the examination of the same predictors under different types of the working environment. The original values of the work lie on combining for the first time both duration and technology as predictors of interview probability. Until now, the independent variables were used to test whether an individual has managed to exit unemployment, thus skipping the step of the interview process.
    • Macroeconomic rationality and Lucas’ misperceptions model: further evidence from 41 countries.

      Apergis, Nicholas; Miller, Stephen; University of Macedonia; University of Nevada Las Vegas (Elsevier, 2004-03-27)
      Several researchers have examined Lucas’ misperceptions model as well as various propositions derived from it within a cross-section empirical framework. The cross-section approach imposes a single monetary policy regime for the entire period. Our paper innovates on existing tests of those rational expectations propositions by allowing the simultaneous effect of monetary and short-run aggregate supply (oil price) shocks on output behavior and the employment of advanced panel econometric techniques. Our empirical findings, for a sample of 41 countries over 1949–1999, provide evidence in favor of the majority of rational expectations propositions.
    • Managing diversity and equal opportunities - some practical implications

      Foster, Carley; Newell, S.; Nottingham Trent University (2002)
    • Managing diversity and equal opportunities - some practical implications

      Foster, Carley; Newell, S.; Nottingham Trent University (2001)
    • Managing diversity and HR practice: challenges and constraints for the operational manager

      Foster, Carley; Harris, Lynette; Nottingham Trent University (2003)
    • Managing diversity in organisations: easy to talk about but difficult to do

      Foster, Carley; Harris, Lynette; Nottingham Trent University (2003)