• Spillover effects between lit and dark stock markets: Evidence from a panel of London Stock Exchange transactions.

      Apergis, Nicholas; Voliotis, Dimitrios; Northumbria University; University of Piraeus (Elsevier, 2015-06-12)
      A characteristic of today's equity markets is the fraction of trading that occurs in the dark (i.e., outside of regular and visible order books). This study extends investigation of the relationship between transactions that occurred in visible stock markets and those that occurred in dark stock markets. In particular, the study evaluates the quantitative impact of dark trading on the lit London stock market between January 2001 and December 2013. We find that dark trading has a substantial effect on both prices and liquidity in the lit market, counseling for regulation that protects ordinary investors participating in lit stock markets.
    • Stock price reactions to wire news from the European Central Bank: evidence from changes in the sentiment tone and international market indexes.

      Apergis, Nicholas; Pragidis, Ioannis; University of Derby; Democritus University of Thrace (Springer., 2019-02-18)
      This paper examines the link between changes in the sentiment tone with respect to the European Central Bank’s (ECB) announcements and stock returns. The analysis constructs a new index that describes the tone of the sentiment derived from these announcements, spanning the period January 2002 to June 2016. The novelty of this work relies on the development of a unique sentiment index associated with the messages conveyed by the ECB’s activities and the effect of this index on both the mean and the volatility of certain major international stock markets. In this context, the sentiment index is present in both the conditional mean and the volatility equations. The findings indicate a significant impact on both the mean and the volatility of returns, whereas the news sentiment/stock returns association increases in strength during the crisis period. The findings survive a robustness check based on the characteristics of the ECB governor’s personality.
    • 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)
    • 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.
    • Structural breaks and electricity prices: Further evidence on the role of climate policy uncertainties in the Australian electricity market.

      Apergis, Nicholas; Lau, Chi Keung; University of Piraeus; Northumbria University (Elsevier., 2015-10-31)
      The primary objectives and the strategies of a national electricity market are the efficient delivery of network services and the electricity infrastructure to meet the long-term consumer's interests. Therefore, the objective of this study is to explore whether electricity prices across the six Australian States display instability. Such instability is closely associated with the presence of structural breaks in relevance to policy events on Australian carbon policies. The study makes use of weekly Australian wholesale electricity prices spanning the period from June 8th, 2008 to March 30th, 2014 along with linear and non-linear unit root testing methodologies. The results provide supportive evidence that the Australian electricity market can be described as a less stable electricity market, which implies that a high degree of market power is exercised by generators across regional markets. These findings are expected to have substantial consequences for the effectiveness of carbon dioxide mitigating policies, especially, when there is uncertainty as to whether the planned environmental policy is put in place for the lifespan of undertaken investments.
    • 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.
    • Talent management and the HRIS specialist: a narrative analysis

      Tansley, Carole; Foster, Carley; Nottingham Trent University (2010)
    • Talent management: research on practice

      Tansley, Carole; Foster, Carley; Harris, Lynette; Nottingham Trent University (CIPDLondon, 2007)
    • Talent management: the executive view

      Tansley, Carole; Foster, Carley; Harris, Lynette; Stewart, Jim; Sempik, Anne; Turner, Paul; Williams, Hazel; Nottingham Trent University (CIPDLondon, 2007)
    • Talent management: understanding the dimensions change agenda

      Tansley, Carole; Harris, Lynette; Stewart, K.; Turner, Paul; Foster, Carley; Williams, Hazel; Nottingham Trent University (CIPDLondon, 2006)
    • Talent: strategy, management, measurement

      Tansley, Carole; Turner, Paul; Foster, Carley; Harris, Lynette; Stewart, James; Sempik, Anne; Williams, Hazel; Nottingham Trent University (CIPDLondon, 2007)
    • 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 tension between worker safety and organization survival

      Pagell, Mark; Parkinson, Mary; Veltri, Anthony; Gray, John; Louis, Michail; Wiengarten, Frank; Fynes, Brian; University College Dublin; Oregon State University; The Ohio State University; et al. (INFORMS, 2020-05-05)
      This research addresses the fundamental question of whether providing a safe workplace improves or hinders organizational survival, because there are conflicting predictions on the relationship between worker safety and organizational performance. The results, based on a unique longitudinal database covering over 100,000 organizations across 25 years in the U.S. state of Oregon, indicate that in general organizations that provide a safe workplace have significantly lower odds and length of survival. Additionally, the organizations that would in general have better survival odds, benefit most from not providing a safe workplace. This suggests that relying on the market does not engender workplace safety.
    • Testing Purchasing Power Parity: results from a new foreign exchange market

      Apergis, Nicholas; University of Ioannina (Taylor & Francis, 2010-10-06)
      This study examines whether the Purchasing Power Parity hypothesis holds in the foreign exchange market of Armenia, following the initiation of an independent foreign exchange market, after the country seceded from the Soviet Union and the rouble zone in 1993. OLS and highly efficient unit root tests provide results suggesting that PPP fails to hold both in the short-run and in the long-run, respectively. In addition, variance decompositions justify - in terms of the Balassa-Samuelson effect - why in the long-run the PPP is rejected by identifying real shocks as the main determinant of the Dram real exchange rate.
    • Testing the intertemporal substitution hypothesis: The impact of income uncertainty on savings

      Apergis, Nicholas; Katrakilidis, Costas; University of Ioannina; Aristotelian University of Thessaloniki (Springer, 2001-09-01)
    • A time series analysis of oil production, rig count and crude oil price: Evidence from six U.S. oil producing regions.

      Apergis, Nicholas; Ewing, Bradley; Payne, James; University of Piraeus; Texas Tech University; Georgia College & State University (Elsevier., 2016-01-25)
      With oil company valuations tied in part to oil well drilling to replace reserves at a rate that exceeds production, understanding the dynamic relationship between the development of oil rigs and oil production is important. This study focuses on the Bakken, Eagle Ford, Haynesville, Marcellus, Niobrara, and Permian regions, historically the six major oil producing regions in the U.S. Specifically, we apply time series econometric techniques of unit root, cointegration, and error correction modeling to examine the dynamic relationship among oil production, rig count, and crude oil prices for each of these six U.S. oil producing regions. The results of this study highlight the importance of identifying the regional variations in oil production, rig count, and crude oil prices and their interactions in both the valuation of oil firms and capital investment projects as it pertains to oil drilling activity.
    • Total Factor Productivity and Monetary Policy: Evidence from Conditional Volatility

      Apergis, Nicholas; Miller, Stephen; University of Piraeus; University of Nevada Las Vegas (Wiley, 2007-08-14)
      This paper empirically assesses whether monetary policy and its volatility affect real economic activity through their effect on the aggregate supply side of the macroeconomy. Analysts typically argue that monetary policy either does not affect the real economy (the classical dichotomy) or only affects the real economy in the short run through aggregate demand (new Keynesian or new classical theories). Real business cycle theorists try to explain the business cycle with supply‐side productivity shocks. We provide some preliminary evidence about how monetary policy and its volatility affect the aggregate supply side of the macroeconomy through their effect on total factor productivity and its volatility. Total factor productivity provides an important measure of supply‐side performance. The results show that monetary policy and its volatility exert a positive and statistically significant effect on the supply side of the macroeconomy. Moreover, the findings buttress the importance of reducing short‐run swings in monetary policy variables as well as support the adoption of an optimal money supply rule. Our results also prove consistent with the effective role of monetary policy during the so‐called ‘Great Moderation’ in US gross domestic product volatility beginning in the early 1980s.
    • Understanding and implementing managing diversity in organisations: a study in the retail sector

      Foster, Carley; Nottingham Trent University (Nottingham Trent UniversityNottingham, 2003)
    • Understanding the key drivers of and technology related issues associated with going multi-channel

      Lewis, J.; Foster, Carley; Whysall, P.; Nottingham Trent University (2012)
      A multi-channel retail strategy is viewed by many academics and practitioners to be the success model for most retailers. Yet, while there are many drivers of, and advantages related to, using multiple channels to sell products and services to customers likewise there are numerous technology-related issues. Despite this, the multi-channel retailing literature provides little empirical insight into these technology-related constraints. Moreover, there is a lack of multi-channel retailing research which explores the impetuses behind retailers adding new channels to go multi-channel, especially in the context of the UK retail sector. To contribute to gaps in the literature this study utilises a case study research strategy to examine the key motivations behind, and technology-related issues associated with, multi-channel retail strategic implementation, in the setting of the UK retail sector. Three UK based retailers (Boots, Screwfix and Bettys) are used which have different approaches to, and are at different stages of, adopting a multi-channel retail strategy. In addition, they have different backgrounds such as size, product range, sector and type. Consequently, the use of these three different retailers enables exploration of the drivers behind, and technological problems associated with, implementing a multi-channel retail strategy in the context of store and Internet/catalogue retailers. Case analysis reveals novel themes which are not identified, or not clearly recognised, in the literature. These include that key drivers behind retailers going multi-channel are to increase sales, and, meet the needs of the multi-channel shopper. Indeed, customers want to shop via multiple channels and therefore, these retailers have no choice but to go multi-channel if they are to meet customer needs. However, while at a strategic level these motivations were similar across the case study retailers, they also differed. For example, Screwfix added a store channel to enable customers to purchase products and receive them instantly. In contrast, Boots added an Internet channel to drive footfall in-store and increase store sales. Boots were also adding an Internet channel since it provided them with a marketing channel, which, going forward, was likely to replace other communications channels. The findings from this study also reveal that retailers encounter major technology-related issues when adding new, and using multiple, channels. These problems stem from the need to re-design existing logistics and IT infrastructure to offer a seamless, integrated offer to the customer. For instance, to leverage the brand and marketing mix consistently across all channels, and, to implement ‘click and collect’ (i.e. where customers purchase a product in one channel and collect it in another). Also, due to the need to use innovative marketing techniques, in particular, social media. Importantly, this study highlights that these technology-related multi-channel retailing constraints often have a ‘softer’ side. Technology-related problems are frequently intertwined with cultural, engagement and financial/staff resource related issues. This suggests a need for retailers to find entwined solutions to both technology and non- technology related issues to effectively implement a multi-channel retail strategy.
    • Unethical consumer behaviour in an Islamic society - evidence from Libya

      Whysall, P.; Foster, Carley; Abdelhadi, A.; Nottingham Trent University (2013)