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Accounting, Finance and Economics
Oxford Brookes Business School
+44 (0) 1865 485837
CLC2.23, Clerici Building, Headington Campus
Dimitrios Asteriou is the Research Lead for the Department of Accounting, Finance and Economics.
Dimitrios's research work has been cited several times from various researchers in the field and he has published papers in journals such as Energy Economics, Review of Economic Development, Scottish Journal of Political Economy, International Journal of Finance and Economics, Applied Economics, Economic Modelling, Journal of Economic Integration, Journal of Policy Modelling, Regional Studies, Journal of Economic Asymmetries, Journal of Property Investment and Finance, Journal of Economic Studies, Managerial Auditing Journal, Advances in Accounting, etc. Finally, he has presented his research output in more than 70 International Scientific Conferences.
An audit in accordance with International Standards of Auditing(ISA) should be designed to provide reasonable assurance that thefinancial statements as a whole are free from material misstatements.Misstatements in the financial statements can arise either by fraudulentreporting or inadvertent error. The former appear when, the governmentor the auditee firm manipulate on purpose financial reports in order togain an illegal advantage, while the latter appear due to unintentionalmistakes or misinterpretations in gathering or processing of data. Eventhough, actions should be taken for both cases to be avoided the mostcritical one, however, that should be detected and confronted is fraudulentfinancial reporting. In this chapter, initially, the fraud detection problemis formulated as a two-player game between the auditor and the auditeewhere the auditor aims at eliminating misstatements, reducing at the sametime his audit efforts, while the auditee aims at benefiting from fraudulentfinancial reporting and defalcation. Then, this analysis is extended tocover the case of audit of group of financial statements. Since classicgame theory formulations fail to specify: 1) how the players arrive atequilibrium, 2) whether this equilibrium is stable or not and, 3) what isthe long term behavior of the auditor's tenure on the quality of auditing,an alternative formulation based on evolutionary game theory will be alsopresented. © 2013 Nova Science Publishers, Inc. All rights reserved.
In this paper, a game-theoretic framework is proposed to address the problem of fraud deterrence and detection taking into consideration fundamental principles and threats that may affect the performance of an audit process. Based on evidence from social psychology and on the outcomes of statistical sampling theory on audit quality, a mathematical model based on game theory is proposed providing reasonable assurance that the financial statements as a whole are free from material misstatements. It is proven that the auditing/fraud detection game between two new engagement parties has a unique mixed strategy equilibrium, between an experienced auditor and a client has a unique pure strategy equilibrium, whereas in the long-run the game converges to a pure strategy equilibrium that is governed by sympathy. Furthermore, a closed form solution to the optimal auditor’s replacement problem is extracted. The validity of the proposed scheme is tested on empirical data and modeling results comply with the International Federation Accountants Code of Ethics that requires the key audit partner to be rotated after a predefined period.
This study investigates the real estate stock market in Portugal, Italy, Ireland, Greece and Spain from the introduction of the REIT legislation in each country until April 2014. We examine their descriptive statistics and we use various GARCH and asymmetric EGARCH models to their daily returns. The results suggest that the general index of each stock market has a significant impact on real estate stock returns except of the Italian BNS REIT and the Irish GREEN REIT. Except Greece, the general indices tend to report lower standard deviations than the REIT companies. The asymmetry of the volatility response to news seems to be present due to the fact that Italian IGD and BNS, Irish HIBERNIA, Spanish AXIA, MERLIN and PROMORENT along with the Greek Grivalia and TRASTOR report asymmetric transition dynamics for positive and negative shocks.
Dimitrios has studied Economics at both undergraduate (BSc in Economics, 1995) and postgraduate level, (MSc in Economics, 1997), at the University of Macedonia, Thessaloniki, Greece and holds a PhD in Economics (2000) from City University, London. He is currently the Programme Lead for Economics at Oxford Brookes, while in the past he has been employed as a Lecturer at the University of Reading (2000-2002); as a Senior Lecturer at City University (2002-2009), London and as a Professor at the Hellenic Open University (2009-2015). He is the author of three books in the topic of “Applied Econometrics” and he has published more than 50 academic research papers in peer-reviewed journals. He has served as the Secretary General of the European Economics and Finance Society (http://www.eefs-eu.org/) and as a Guest Editor in various academic journals (Journal of Policy Modelling, Applied Economics, Regional Economics, Journal of Economic Integration).
His research work has been cited several times from various researchers in the field and he has published papers in journals such as Review of Economic Development, Scottish Journal of Political Economy, Energy Economics, International Journal of Finance and Economics, Applied Economics, Economic Modelling, Journal of Economic Integration, Journal of Policy Modelling, Regional Studies, Journal of Economic Asymmetries, Journal of Property Investment and Finance, Journal of Economic Studies, Managerial Auditing Journal, Advances in Accounting, etc. Finally, he has presented his research output in more than 70 International Scientific Conferences.