• CO2 emissions, energy usage, and output in Central America

      Apergis, Nicholas; Payne, James; University of Piraeus; Illinois State University (Elsevier, 2009-08)
      This study extends the recent work of Ang (2007) [Ang, J.B., 2007. CO2 emissions, energy consumption, and output in France. Energy Policy 35, 4772–4778] in examining the causal relationship between carbon dioxide emissions, energy consumption, and output within a panel vector error correction model for six Central American countries over the period 1971–2004. In long-run equilibrium energy consumption has a positive and statistically significant impact on emissions while real output exhibits the inverted U-shape pattern associated with the Environmental Kuznets Curve (EKC) hypothesis. The short-run dynamics indicate unidirectional causality from energy consumption and real output, respectively, to emissions along with bidirectional causality between energy consumption and real output. In the long-run there appears to be bidirectional causality between energy consumption and emissions.
    • 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.
    • Accounting information and excess stock returns: the role of the cost of capital – new evidence from US firm-level data

      Apergis, Nicholas; Artikis, George; Eleftheriou, Sofia; Sorros, John; University of Piraeus; University of Piraeus; University of Piraeus; University of Piraeus (Taylor & Francis, 2011-10-20)
      The goal of this article is to investigate the impact of accounting information on the cost of capital as well as how the latter influences excess returns. The analysis has certain novelties: first, it extends prior works by investigating how certain components of accounting information affect stock returns through its direct effect on the cost of capital by incorporating influential components of accounting information; second, it makes use of a sample of 330 US manufacturing firms spanning the period 1990Q1 to 2009Q2, while it makes use, for the first time in this literature, of the methodology of panel cointegration. The empirical findings display that accounting information affects directly the firm's cost of capital. This, in turn, tends to exert a negative effect on the firm's excess stock returns, an empirical documentation not captured in case researchers attempt to directly link the cost of capital and excess stock returns.
    • 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.
    • Coal consumption and economic growth: Evidence from a panel of OECD countries

      Apergis, Nicholas; Payne, James; University of Piraeus; Illinois State University (Elsevier, 2010-03)
      This study examines the relationship between coal consumption and economic growth for 25 OECD countries within a multivariate panel framework over period 1980–2005. The Larsson et al. (2001) panel cointegration test indicates there is a long-run equilibrium relationship between real GDP, coal consumption, real gross fixed capital formation, and the labor force. The respective coefficients for real gross fixed capital formation and the labor force are positive and statistically significant whereas the coefficient for coal consumption is negative and statistically significant. The results of the panel vector error correction model reveal bidirectional causality between coal consumption and economic growth in both the short- and long-run; however, the bidirectional causality in the short-run is negative.
    • 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.
    • Convergence in U.S. house prices by state: evidence from the club convergence and clustering procedure

      Apergis, Nicholas; Payne, James; University of Piraeus; University of South Florida Polytechnic (Springer, 2012-07)
      This study examines the convergence of U.S. house prices by state over the quarterly period 1975:1 to 2010:4 through the club convergence and clustering procedure of Phillips and Sul (Econometrica 75:1771–1855, 2007). The results indicate the presence of three convergence clubs with the first convergence club consisting of 29 states inclusive of the entire BEA regions of the Mideast, New England, and Rocky Mountain as well as several states from the other BEA regions. The second convergence club consists of 19 states primarily in the Southeast and Plains regions along with a few states from the Far West, Southwest, and Great Lakes regions. The third convergence club comprises two states in the Southeast region (Arkansas and Mississippi).
    • The relationship between international financial reporting standards, carbon emissions, and R&D expenditures: Evidence from European manufacturing firms

      Apergis, Nicholas; Eleftheriou, Sofia; Payne, James; University of Piraeus; University of Piraeus; University of New Orleans (Elsevier, 2013-04)
      This study examines the impact of research and development (R&D) expenditures on carbon dioxide (CO2) emissions prior to and under the mandatory adoption of International Financial Reporting Standards at the firm level within the manufacturing sectors of three European countries, i.e. Germany, France and the U.K. Estimation of a threshold autoregressive model using quarterly data from 1998 to 2011 reveals that in the post-IFRS mandatory adoption year R&D expenditures show a reduction in CO2 emissions to firms, i.e. rising CO2 abatement. This is likely due to the presence of incentives provided by the new accounting disclosure regime. Our results remain robust in terms of a sector analysis, firm size, and the introduction of the European Union Emission Trading Scheme (EU-ETS) across the three countries.
    • 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.
    • 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.
    • Money supply, consumption and deregulation: the case of Greece

      Apergis, Nicholas; Varelas, Erotokritos; Velentzas, Kostas; University of Macedonia; University of Macedonia; University of Macedonia (Taylor & Francis, 2000)
      This paper investigates empirically the impact of monetary deregulation that occurred in 1988 on the relationship betwen consumption and money supply in Greece. The results provide evidence that the deregulation has significantly affected the behaviour of consumption.
    • Employment news and exchange rates: policy implications for the European Union

      Apergis, Nicholas; University of Ioannina (Taylor & Francis, 2000)
      The relationship between employment news and exchange rates in five European Union (EU) countries is investigated over the period 1980 to 1996. The empirical evidence reveals that employment news has a negative impact on bilateral exchange rates with respect to the Deutschmark (DM) in all cases as a result of larger actual than expected employment figures.
    • 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.
    • Budget deficits and exchange rates: further evidence from cointegration and causality tests

      Apergis, Nicholas; University of Macedonia (Emerald Group Publishing Limited, 1998)
      ttempts to examine the relationship between budget (or public) deficits and exchange rates in eight OECD countries, namely Germany, the UK, Switzerland, Belgium, the Netherlands, Italy, France, and Canada over the period 1980‐1995 by using quarterly data and the methodologies of cointegration, long‐run causality and Granger (or short‐run) causality tests. The empirical findings provide evidence in favour of the association between exchange rates and budget deficits with the impact of these deficits on the exchange rate, however, not being uniform. In certain cases budget deficits seem to have led to a currency depreciation, while in others to a currency appreciation.
    • Monetary policy design and the buffer–stock hypothesis: further evidence from European Union countries

      Apergis, Nicholas; University of Macedonia (Taylor & Francis, 1999)
      The buffer-stock hypothesis is examined through a structural vector autoregression (SVAR) model across European Union (EU) countries. Variance decompositions do not provide uniform evidence in favour of the buffer-stock hypothesis in all case studies. The results are very important for the design of monetary policy within EU.
    • Tax‐spend nexus in Greece: are there asymmetries?

      Apergis, Nicholas; Payne, James; Saunoris, James; University of Piraeus; University of South Florida Polytechnic; University of Kentucky (Emerald Group Publishing Limited, 2012)
      The purpose of this paper is to examine the possibility of asymmetries in the budgetary adjustment process. The paper uses the TAR and MTAR models, set forth by Enders and Siklos, for the period 1957 to 2009. Short‐run results indicate unidirectional causality from revenues to expenditures. Long‐run results indicate asymmetric responses by both revenues and expenditures to budgetary disequilibria. With respect to asymmetric adjustment, revenues respond only when the budget is improving whereas expenditures respond faster (in absolute terms) to a worsening budget than for an improving budget.
    • The Feldstein-Horioka puzzle and exchange rate regimes: Evidence from cointegration tests

      Apergis, Nicholas; Alexakis, Panagiotis; Kyranis Securities; University of Aegean (Elsevier, 1994-10)
      Many economists specialized in international finance claim that international capital markets are highly integrated (at least during the flexible exchange rate era). The main consequence of the above claim is that there is no longer any close relationship between investment and savings decisions. In other words, the close link between savings and investment ceases to exist under perfect capital mobility. Therefore, we construct a general equilibrium optimization model that is capable of generating artificial (model) data for savings and investment. Then, using the methodology of cointegration testing on these artificial data, we test whether there exists or not any link between savings and investment. The test is implemented between two different exchange rate regimes, that is, that of the Bretton Woods and that of the floating or flexible exchange rate regime. The results from the empirical analysis provide support for integrated capital markets over the second exchange rate era in the case of the United States of America.
    • Structural breaks and petroleum consumption in US states: Are shocks transitory or permanent?

      Apergis, Nicholas; Payne, James; University of Piraeus; Illinois State University (Elsevier, 2010-10)
      This short communication extends the literature on the stationarity of energy consumption to the case of US petroleum consumption at the state level from 1960 to 2007. The results of Lee and Strazicich (2003) and Narayan and Popp (forthcoming) unit root tests with endogenously determined structural breaks in the intercept and slope of the trend function reveal break dates that correspond to the two OPEC oil shocks of the 1970s along with the double-dip recession of 1980–1982. The null hypothesis of a unit root in petroleum consumption is rejected for a majority of states. These results highlight the importance of recognizing the heterogeneity in the behavior of petroleum consumption across states in the formulation of energy conservation and demand management policies.
    • Stock returns and inflation volatility: Evidence from developed and emerging capital markets

      Apergis, Nicholas; Alexakis, Panagiotis; Winder, Robert; University of Macedonia; University of Aegean; Christopher Newport University (Springer, 1996-02)
    • ARCH effects and cointegration: Is the foreign exchange market efficient?

      Apergis, Nicholas; Alexakis, Panagiotis; University of Macedonia; University of the Aegean (Elsevier, 1996-05)
      Extensive empirical work has produced mixed evidence regarding the validity of the unbiased efficient expectations hypothesis in the foreign exchange market. Empirical analysis in this paper, via cointegration techniques, produces the same inconclusive results for three currency markets, namely, the FFR/$US, the DM/$US and the Yen/$US foreign exchange market. However, when modeling conditional heteroskedasticity of exchange rates, through autoregressive conditional heteroskedasticity (ARCH) models, the results are fairly conclusive; the presence of the efficient foreign exchange market hypothesis is found in all these three currency markets.