Staff Profiles

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.

Books

• Asteriou D, Hall S, Applied Econometrics, Palgrave, MacMillan (2015)
  ISBN: 978-1137415462
  
• Anastasopoulos N., Asteriou D., Applications of game theory and evolutionary game theory in auditing, Nova Science Publishers, Inc. (2013)
  ISBN: 9781624171659
  Abstract

  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.

  Website 

Journal articles

• Huang R, Asteriou D, Pouliot W, 'A reappraisal of luck versus skill in the cross-section of mutual fund returns'
  Journal of Economic Behavior and Organization 176 (2020) pp.166-187
  ISSN: 0167-2681
  Abstract

  The first contribution we make to research on measuring U.S. mutual fund performance is to show
  that the cross-section bootstrap procedure used in one prominent publication on this topic can easily accommodate conditional asset pricing models. Using this result, we reestimate US fund performance using the conditional asset pricing model of Ferson and Schadt (1996) for the period of time covering January 1984 to September 2006, the same period of time used in this prominent publication. Unlike most of the current research on the performance of U.S. mutual funds, including the latter research, the estimates of fund performance produced here suggest that some funds, on a net return basis, performed very well over this period. Our second contribution is to update the U.S. mutual fund data to the end of 2018 and then to re-estimate fund performance over this longer period of time. These results show that fund performance, on a net return basis, is poor, confirming the findings of previous research that used data ending before 2018. The third contribution is to provide a detailed guide on how the mutual fund data widely used in this literature is constructed. Until now much of the information required to do this has not been made widely available. Our last contribution is to make some policy recommendations that should better align fund manager incentives with the interests of investors, an alignment which current practices have hindered.
  

  Website 
• Litsios I, Pilbeam K, Asteriou D, 'DSGE Modelling for the UK Economy 1974-2017'
  Bulletin of Economic Research x (2020)
  ISSN: 0307-3378 eISSN: 1467-8586
  Abstract

  We build four different dynamic stochastic general equilibrium (DSGE) models for a small open economy reflecting both neoclassical and Keynesian specifications. A DSGE model with full price and wage flexibility is initially constructed and then modified through nominal wage and price rigidities. The ability of the models to replicate important features of the business cycle activity in the UK is explored through statistical and econometric analysis. Evidence suggests that a monetary shock under the Taylor model with price stickiness can replicate a significant portion of the business cycle activity in the UK economy.
  

• Anastasopoulos N, Asteriou D, 'Optimal dynamic auditing based on game theory'
  Operational Research - An International Journal 2019 (2019)
  ISSN: 1109-2858 eISSN: 1866-1505
  Abstract

  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.

  Website 
• Asteriou D, Pilbeam K, Sarantidis A, 'The Behaviour of Banking Stocks During the Financial Crisis and Recessions. Evidence from Changes-in-Changes Panel Data Estimations'
  Scottish Journal of Political Economy 66 (1) (2019) pp.154-179
  ISSN: 0036-9292 eISSN: 1467-9485
  Abstract
  This paper examines the impact of the financial crisis and economic recessions on bank shares compared to the overall stock market index for 18 OECD countries from 1993 to 2015. The empirical methodology utilizes the changes-in-changes approach. We compare and contrast the returns of the banking stock price index (treatment group) in each country with their general stock price index (control group), which experiences smaller changes. Our results suggest that bank returns on average perform significantly worse than that of the general stock price index during recessions. In addition we also find significantly greater volatility in bank share returns.
  Website 
• Spanos K, Asteriou D, 'The Relationship between Financial Development and Economic Growth during the recent Crisis: Evidence from the EU'
  Finance Research Letters 28 (2018) pp.238-245
  ISSN: 1544-6123 eISSN: 1544-6131
  Abstract
  This paper aims to examine the relationship between financial development and economic growth on the face of the recent financial crisis, using a panel dataset of 26 European Union countries over the period 1990-2016. The empirical approach uses multiplicative dummies to compare two distinct sub-periods before/after the crisis. The results show that before crisis, financial development promoted economic growth, while after the crisis it hindered economic activity. Also, the findings suggest that during the years 2008 and 2009 the capital adequacy of banks protected depositors and promoted the stability of the financial system.
  
  Website 
• Samitas A, Asteriou D, Polyzos S, Kenourgios D, 'Terrorist incidents and tourism demand: evidence from Greece'
  Tourism Management Perspectives 25 (Jan. 2018) (2017) pp.23-28
  ISSN: 2211-9736 eISSN: 2211-9744
  Abstract The purpose of this paper is to examine the impact of terrorism on tourism demand in Greece
  using monthly data from 1977 to 2012. We investigate whether this relationship is
  bidirectional and whether it exhibits long run persistence. Thus, we employ a large dataset
  of terrorist incidents and perform cointegration and long-run causality tests, correcting our
  data for cyclical seasonality and applying PCA to construct a terrorism proxy according to the
  severity of the incident. Our findings concur that terrorism has a significant negative impact
  on tourist arrivals to Greece and that causality is noted from terrorism to tourism only. The
  results suggest that authorities should establish firm measures against terrorism and that
  further actions should be taken to promote tourism, safety and security, as a response to
  terrorist incidents. Our study is, to the best our knowledge, the first to approach terrorism
  using a three-factor proxy with qualitative features.Website 
• Fotis P, Karkalakos S, Asteriou D, 'The relationship between energy demand and real GDP growth rate: the role of price asymmetries and spatial externalities within 34 countries across the globe'
  Energy Economics 66 (Aug. 2017) (2017) pp.69-84
  ISSN: 0140-9883
  Abstract
  The aim of this paper is to empirically explore the relationship between energy demand and real Gross Domestic Product (GDP) growth and to investigate the role of regional externalities on per capita Final Energy Consumption (FEC) in 34 countries during the period from 2005 to 2013. The paper utilizes a Dynamic Panel Generalized Method of Moments (DPGGM) approach in order to analyse the effect of real GDP growth rate on FEC through an Error Correction Model (ECM) and spatial econometric techniques in order to examine clustered patterns of energy consumption. The results show that a) the demand is elastic both in the industrial and the household/services sectors, b) electricity and natural gas are demand substitutes, c) the relationship between real GDP growth rate and per capita energy consumption exhibits an inverted U-shape for all the sample countries under scrutiny (34 countries, Eurozone and EU28), but not for all the employed sectors of the economy, d) price (electricity and gas) and GDP growth asymmetries are supported from the employed parametric tests, and, e) distance does not affect per capita FEC, but economic neighbours have a strong positive effect.
  Website 
• Asteriou D, Sarantidis A, 'Political instability and stock market returns: Evidence from OECD countries'
  Economics and business letters 5 (4) (2016) pp.113-124
  ISSN: 2254-4380
  Abstract This paper examines the relationship between political instability and stock market returns using quarterly time series data from 1993 to 2013. In this paper, stock market returns are defined as the returns of the general stock market index and banking index for 18 OECD countries. Five different political instability indicators are constructed in order to measure political uncertainty. The empirical part utilizes the EFA, PCA and GARCH-M methodologies. The findings indicate a direct and an indirect impact between the PI indicators and the returns of the Banking Index and the Overall Stock Market Index. The research contributes to the literature by providing empirical evidence to policy makers on the effects that political instability has on stock markets.Website 
• Asteriou D, Masatci K, Pilbeam K, 'Exchange rate volatility and international trade: International evidence from the MINT countries'
  Economic Modelling 58 (2016) pp.133-140
  ISSN: 0264-9993
  Abstract This paper examines the effect of exchange rate volatility on international trade volumes for Mexico, Indonesia, Nigeria, and Turkey. We use volatility predicted from GARCH models for both nominal and real effective exchange rate data. To detect the long-term relationship we use the autoregressive distributed lag (ARDL) bound testing approach, while for the short-term effects, Granger causality models are employed. The results show that, in the long term, there is no linkage between exchange rate volatility and international trade activities except for Turkey, and even in this case, the magnitude of the effect of volatility is quite small. In the short term, however, a significant causal relationship from volatility to import/export demand is detected for Indonesia and Mexico. In the case of Nigeria, unidirectional causality from export demand to volatility is found, while for Turkey, no causality between volatility and import/export demand is detected.Website 
• Asteriou D, Begiazi K, Pilbeam K, 'A multivariate analysis of United States and global real estate investment trusts'
  International Economics and Economic Policy 13 (3) (2016) pp.467-482
  ISSN: 1612-4804 eISSN: 1612-4812
  Abstract Using daily data for the period February 2006 to July 2013 we examine the return and volatility linkages between the two main United States REIT sub-sectors and global linkages between the Americas, Europe and the Asia Pacific regions using the BEKK-GARCH and the DCC-GARCH models. We find that there is no evidence of any volatility spillovers between the US sub-sectors. By contrast, we find evidence of volatility spillovers between the Asia Pacific and the Americas, the Asia Pacific and Europe but no spillovers between the United States and Europe. Our results suggest that the REIT market is becoming increasingly globalized and that investors need to consider time varying volatility and correlations across different regions of the world when forming their optimal portfolio-allocations.Website 
• Begiazi K, Asteriou D, 'Volatility analysis of REITs: empirical evidence for the EU peripheral countries'
  International Journal of Banking, Accounting and Finance 6 (2) (2015)
  ISSN: 1755-3830 eISSN: 1755-3849
  Abstract

  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.

  Website 
• Moudatsou A., Asteriou D., 'Business Cycle Synchronization in the Enlarged EU: The Role of Bilateral Trade and FDI'
  Review of Development Economics 19 (1) (2015) pp.196-207
  ISSN: 1363-6669 eISSN: 1467-9361
  Abstract The aim of this paper is to investigate the determinants of business cycle (BC) synchronization across 21 (old and new) countries of the enlarged European Union (EU). It utilizes international data to evaluate the linkages among bilateral trade in goods, bilateral foreign direct investment (FDI) flows and BC co-movements. The paper contributes to the current literature by examining the relationship using the latest available data (sample range: 1998-2011), and thus taking into account the European sovereign debt crisis period. It also examines the role of FDI, which though increasingly important in the flows of international production factors, is currently neglected by the literature. Preliminary results show that FDI has no direct effect on BC synchronization while international trade helps to synchronize BCs but only before the recent financial crisis (pre-2008) and only for the traditional EU countries.Website 
• Asteriou D., Dimelis S., Moudatsou A., 'Globalization and income inequality: A panel data econometric approach for the EU27 countries'
  Economic Modelling 36 (2014) pp.592-599
  ISSN: 0264-9993
  Abstract This paper investigates the relationship between income inequality and globalization, measured with both trade and financial variables. We estimate an econometric model using appropriate panel data techniques for the EU-27 countries over the period 1995-2009. The analysis is also performed at subgroups of countries within the EU27, such as the Core, Periphery, High Technology, and the New EU Member countries. Overall, the results suggest that trade openness exerts an equalizing effect, while financial globalization through FDI, capital account openness and stock market capitalization has been the driving force of inequality in the EU-27 since 1995. The highest contribution to inequality stems from FDI. Although the trade impact remained robust, disparities were observed in the financial globalization effects within a certain group or among country groups. The recent financial crisis led to a significant rise in inequality only in the EU-periphery and the New Member states. The impact from the other control variables was either minor or insignificant. © 2013 Elsevier B.V.Website 
• Asteriou D., Begiazi K., 'Modeling of daily REIT returns and volatility'
  Journal of Property Investment and Finance 31 (6) (2013) pp.589-601
  ISSN: 1463-578X
  Abstract Purpose: The purpose of this paper is to examine the US real estate investment trusts (REITs) for the 2000-2012 period using GARCH models that include the day-of-the-week effect and the stock-market index as explanatory variables. This technique documents the return and volatility of equity, mortgage and hybrid REITs. Design/methodology/approach: The study starts with a CAPM model and continues with GARCH(1,1), TGARCH(1,1) and EGARCH(1,1) models for each of the REIT subcategories with and without the days of the week as dummy variables. Findings: The results show that the best-fitted model is EGARCH except the equity REIT series without the dummy variables that is better described with the GARCH. The stock market has a significant impact on REIT returns but no remarkable significance in respect of the day-of-the-week effect. Practical implications: The findings suggest that there is not a significant risk diversification potential between REITs and common stocks. In the scope of the credit crisis which originated in the real estate market it must be taken seriously into consideration that REITs, except of the equity REITs, are more sensitive to bad news. Originality/value: This paper uses daily returns for each of the three main REIT subcategories opposed to the monthly that are commonly used. We point out the evidence of asymmetric responses, suggesting the leverage effect and differential financial risk depending on the direction of price change movements. © Emerald Group Publishing Limited.Website 
• Kenourgios D., Asteriou D., Samitas A., 'Testing for asymmetric financial contagion: New evidence from the Asian crisis'
  Journal of Economic Asymmetries 10 (2) (2013) pp.129-137
  ISSN: 1703-4949
  Abstract This paper investigates financial contagion as an asymmetric propagation mechanism across both equity and foreign exchange markets. In order to provide a robust analysis of the contagion dynamics, we apply an asymmetric generalized dynamic conditional correlation (AG-DCC) model. This specification allows examining the presence of asymmetric responses in correlations to negative returns, focusing on four countries affected by a specific emerging-market crisis (Asian crisis in 1997-1998). We find that conditional correlations among stock (currency) markets increase significantly during the crisis period, supporting the presence of asymmetric responses to negative shocks and the contagion phenomenon. The results also support the regional nature of this crisis, which is also spread with a higher magnitude among equity rather than currency markets. This evidence has important implications for portfolio diversification strategies and the effectiveness of policy responses to prevent the spread of the crisis among countries. © 2014 Elsevier Inc.Website 
• Asteriou D., Villamizar D., 'The effects of oil price on macroeconomic variables in oil exporting and oil importing countries'
  International Journal of Energy, Environment and Economics 21 (4) (2013) pp.323-341
  ISSN: 1054-853X
  Abstract The aim of this paper is to analyse the causal relationship between oil price and the macroeconomy for a large number of countries including both oil exporting and oil importing countries. To this end, four macroeconomic variables namely gross domestic product, consumer price index, unemployment and interest rates, were considered. After testing for stationarity we implemented Granger causality tests both pairwise and in a panel context to detect the effects of oil prices on those variables over the short run. When the interactions were analysed country by country, few cases reported causality and it generally ran from the macroeconomic variable to oil price except for the case of unemployment. Furthermore, it is worth noting that according to our results most of the cases where causality was obtained corresponded to the group of oil importing countries. In addition, the results provided by the panel analysis support those obtained from the pairwise study. In general, the empirical evidence fails to reject the null hypothesis of no causality running from oil price to each one of the macroeconomic variables under analysis. © Nova Science Publishers, Inc.Website 
• Dimitropoulos P., Asteriou D., Kousenidis D., Leventis S., 'The impact of IFRS on accounting quality: Evidence from Greece'
  Advances in Accounting (2013)
  ISSN: 0882-6110
  Abstract The present paper examines the impact of IFRS adoption on the quality of accounting information within the Greek accounting setting. Using a balanced sample of firms listed in the Athens Stock Exchange (ASE) for a period of eight years (2001-2008) we find convincing evidence that the implementation of IFRS contributed to less earnings management, more timely loss recognition and greater value relevance of accounting amounts, compared to the local accounting standards. Also, our findings document that audit quality further complements the beneficial impact of IFRS since those companies that are audited by the big-5 audit firms exhibit higher levels of accounting quality. Our findings are robust in regard to different model specifications and after controlling for firm-specific effects like size, risk, profitability and growth opportunities. © 2013 Elsevier Ltd. All rights reserved.Website 
• Dimitropoulos P., Asteriou D., Kousenidis D., Leventis S., 'The impact of IFRS on accounting quality: Evidence from Greece'
  Advances in Accounting 29 (1) (2013) pp.108-123
  ISSN: 0882-6110
  Abstract This paper examines the impact of IFRS adoption on the quality of accounting information within the Greek accounting setting. Using a sample of 101 firms listed in the Athens Stock Exchange (ASE) for a period of eight years (2001-2008) we find convincing evidence that the implementation of IFRS contributed to less earnings management, more timely loss recognition and greater value relevance of accounting figures, compared to the local accounting standards. Also, our findings document that audit quality further complements the beneficial impact of IFRS since those companies that are audited by Big-5 audit firms exhibit higher levels of accounting quality. Our findings are robust in regard to different model specifications and after controlling for firm-specific effects like size, risk, profitability and growth opportunities. © 2013 Elsevier Ltd.Website 
• Asteriou D., Samitas A., Kenourgios D., 'The London 2012 Olympic Games announcement and its effect on the London Stock Exchange'
  Journal of Economic Studies 40 (2) (2013) pp.203-221
  ISSN: 0144-3585
  Abstract Purpose: The purpose of this paper is to investigate the reaction of the London Stock Exchange to the announcement of the city hosting 2012 Summer Olympic Games. The expectations of the Olympic Games are the anticipation of massive economic boosts to the host cities. These expectations are presumed to be translated into positive stock price returns. This research examines the London Stock Exchange industrial indices reactions to this announcement in July 2005. Design/methodology/approach: In order to evaluate the returns the paper employs simple conventional OLS methodology technique, event study methodology and GARCH models with appropriate dummy variables. Findings: The empirical results indicate a very limited number of significant indices impacted by such an announcement. A consistent finding to all the alternative estimations is that the oil and gas industry seem to be negatively affected by the Olympic Games announcement. Practical implications: Findings are strongly recommended to practitioners, financial investors and portfolio managers dealing with British Stocks. Originality/value: The contribution of this paper is that findings are in contrast to relevant studies, like Athens' Olympic Games, since enthusiasm is diminished. © Emerald Group Publishing Limited.Website 
• Asteriou D, Bashmakova Y, 'Assessing the impact of oil returns on emerging stock markets: A panel data approach for ten Central and Eastern European Countries'
  Energy Economics 38 (2013) pp.204-211
  ISSN: 0140-9883
  Abstract This paper uses an international multi-factor model in order to investigate the relationship between oil price risk and stock market returns for the emerging capital markets of the Central and Eastern European Countries (CEECs). A panel data approach is being employed for the period covering 22 October 1999 until 23 August 2007. The oil price beta is found to be negative and statistically significant suggesting that the oil price is indeed an important factor in determining stock returns. No statistically significant non-linear dependency is found between market risk and emerging market stock returns or between oil price risk and returns. Observation of conditional models shows positive reaction of emerging stock market returns to upward movements of market returns. The reaction of the stock returns to upward and downward movements of the oil market is also negative but more significant when oil prices are low. © 2013 Elsevier B.V.Website 
• Dimitropoulos P., Asteriou D., Siriopoulos C., 'Euro adoption and the quality of accounting information'
  Managerial Auditing Journal 27 (3) (2012) pp.299-328
  ISSN: 0268-6902
  Abstract Purpose - The purpose of this paper is to consider the impact of the drachma's replacement by the euro on the quality of accounting information published by Greek listed firms. Design/methodology/approach - The authors examined how the adoption of the euro currency impacted on the timeliness of income recognition and the relevance of accounting information during the pre and post euro adoption periods using a sample of 176 listed firms over the period 1995-2008. Findings - Convincing evidence was found that the euro contributed to a decrease on the value relevance of accounting information, an increase in the conservatism of financial statements and finally a reduction in the earnings management behavior of managers. Practical implications: By considering the impact of the common currency on the quality of accounting information, analysts are more able to provide accurate estimates on firms' future prospects, thus contributing to less information asymmetries among stock market participants. Social implications - The results could be proved useful to regulators since they indicate that financial accounting information prepared after the adoption of the euro currency has inferior value relevance. Therefore, if regulators want to develop an efficient financial market they need to address this effect by developing relative legislation that promotes the quality of accounting information. Originality/value - The majority of studies on the issue of the euro have focused on matters of macroeconomic stability, corporate investments and valuation and market integration. No research until now has studied the impact of euro adoption on the quality of accounting information and how accounting quality is perceived by market participants during the pre and post-euro adoption periods. © Emerald Group Publishing Limited.Website 
• Dimitropoulos P, Asteriou D, Koumanakos E, 'The relevance of earnings and cash flows in a heavily regulated industry: Evidence from the Greek banking sector'
  Advances in Accounting 26 (2) (2010) pp.290-303
  ISSN: 0882-6110
  Abstract This study examines the informational quality of annual accounting earnings within Greek banking institutions taking into consideration the most significant risks facing by such firms and specifically interest rate risk, credit risk, liquidity risk and solvency risk, alongside with the persistence of earnings and bank size as significant determinants of ERCs. Data analysis over a period of ten years (1995-2004) revealed that earnings have higher incremental importance in explaining stock return movements compared to cash flows since earnings change has been found to affect stock returns positively. Additionally, interest rate risk has a positive but not significant impact on the return-earnings relation but on the contrary solvency risk, credit risk and liquidity risk proved to have a negative impact on the valuation process for both small and big-sized banks. Finally, tests on the incremental informativeness of cash flows when earnings are transitory provide significant results suggesting that investors seek for alternative measures of banks' performance when earnings are characterized by increased extremity but inversely cash flows and earnings seem to be equally value relevant when investors evaluate big-sized banking institutions. The results are generally robust to the specification of the empirical models and the research design employed in our study. © 2010 Elsevier Ltd.Website 
• Dimitropoulos P, Asteriou D, 'The effect of board composition on the informativeness and quality of annual earnings: Empirical evidence from Greece'
  Research in International Business and Finance 24 (2) (2010) pp.190-205
  ISSN: 0275-5319
  Abstract This study examines how the informational quality of annual accounting earnings, varies according to the size and composition of the board of directors of publicly listed firms within the Greek capital market. Data analysis over a period of five years (2000-2004) revealed that the informativeness of annual accounting earnings is positively related to the fraction of outside directors serving on the board, but it is not related to board size. Additionally, firms with a higher proportion of outside board members proved to be more conservative when reporting bad news but on the contrary they do not display greater timeliness on the recognition of good news. Finally, firms with a higher proportion of outside directors report earnings of higher quality compared to firms with a low proportion of outside directors. Our results are robust to several sensitivity tests controlling for endogeneity, firm's fixed effects and alternative models for the estimation of discretionary accruals. © 2009 Elsevier B.V. All rights reserved.Website 
• Asteriou D, 'Foreign aid and economic growth: New evidence from a panel data approach for five South Asian countries'
  Journal of Policy Modeling 31 (1) (2009) pp.155-161
  ISSN: 0161-8938
  Abstract This paper investigates the long-run relationship between foreign aid and economic growth using a panel data set comprising of five South Asian economies. Using the recently developed panel unit root tests, mean group and pooled mean group estimation techniques on cross-country panel data, the paper finds support of the theoretical hypothesis of a positive relationship between aid and GDP growth. © 2008 Society for Policy Modeling.Website 
• Dimitropoulos P., Asteriou D., 'The impact of accruals and cash flows on the returns-earnings relation: Evidence from Greece'
  International Journal of Accounting, Auditing and Performance Evaluation 5 (4) (2009) pp.384-407
  ISSN: 1740-8008
  Abstract This paper aims at examining the impact of earnings and cash flows relevance on stock return movements within the Greek capital market from 1996 to 2004. Results indicated that earnings have higher incremental importance in explaining stock return movements compared with cash flows as earnings have been found to affect stock returns positively. Additionally, tests on the incremental informativeness of cash flows when earnings are transitory did provide significant results suggesting that investors seek for alternative measures of firms' performance when earnings are characterised by increased extremity. Moreover, cash flows and earnings seem to be equally value relevant when investors evaluate big-sized firms but on the contrary, cash flows are highly valued for firms with increased growth opportunities. Finally, the empirical findings with respect to the effect of leverage on the informational content of earnings and cash flows, provides support to the hypothesis that earnings become less value relevant for high leveraged firms. Copyright © 2009, Inderscience Publishers.Website 
• Dimitropoulos P., Asteriou D., 'The value relevance of financial statements and their impact on stock prices: Evidence from Greece'
  Managerial Auditing Journal 24 (3) (2009) pp.248-265
  ISSN: 0268-6902
  Abstract Purpose - The aim of this paper is to examine the relevance of financial reporting. In order to achieve this, a model that includes specific ratios is developed, which have proved to be indicators of falsified financial statements in the Greek capital market, and by estimating accruals quality, measured both by discretionary and non-discretionary accruals. Design/methodology/approach - The data were collected from a sample of 101 non-financial firms listed at the Athens stock exchange. The time frame spans from 1995 to 2004 and the methodology used was OLS regression models. Findings - The results indicate that the ratios of working capital to total assets and net profit to sales have a negative impact on stock returns, while the ratios of net profit to total assets and sales to total assets affect returns positively. Additionally, both types of accruals have incremental importance - with the non-discretionary appearing to be more important compared to the discretionary one - in explaining stock return movements. Thus, it is concluded that the Greek stock market depicts prices accruals. Originality/value - The present study adds to the existing literature by examining the issue of financial reporting relevance within the context of an emerging capital market such as Greece. This is believed to be the first study which considers the aforementioned issues in the Greek accounting setting. © Emerald Group Publishing Limited.Website 
• Asteriou D., Kavetsos G., 'Testing for the existence of the 'January effect' in transition economies'
  Applied Financial Economics Letters 2 (6) (2006) pp.375-381
  ISSN: 1744-6546
  Abstract This paper tests the efficient market hypothesis (in terms of the presence or not of the 'January effect') for eight transition economies, namely the Czech Republic, Hungary, Lithuania, Poland, Romania, Russia, Slovakia, and Slovenia. Our analysis utilizes a monthly dataset that spans from 1991 till the early months of 2003 using monthly time series data of the stock markets of each country. The main results support the existence of seasonal effects and particularly of the January effect for most of the countries in our sample. Stronger evidence (in terms of statistical significance) is evident for the cases of Hungary, Poland and Romania; while for Hungary and Romania the results also suggest evidence in favour of the tax-loss selling hypothesis.Website 
• Asteriou D., Price S., '"Uncertainty, investment and economic growth: Evidence from a dynamic panel"'
  Review of Development Economics 9 (2) (2005) pp.277-288
  ISSN: 1363-6669
  Abstract This paper studies the interactions between uncertainty, investment and economic growth. Utilizing panel data for a sample of 59 industrial and developing countries between 1966 and 1992, we estimate reduced form equations to explore the possible effects of uncertainty on economic growth and investments. Uncertainty reduces both investment and growth. © Blackwell Publishing Ltd 2005.Website 
• Voulgaris F., Asteriou D., Agiomirgianakis G., 'Size and determinants of capital structure in the Greek manufacturing sector'
  International Review of Applied Economics 18 (2) (2004) pp.247-262
  ISSN: 0269-2171
  Abstract Increasing competition in the European Union (EU) and world markets affects the Greek manufacturing sector. Capital structure is essential for the survival, growth and performance of a firm. There has been a growing interest worldwide in identifying the factors associated with debt leverage. However, nothing has been done so far in contrasting small and medium sized enterprises (SMEs) and largesized enterprises (LSEs) on these aspects. SMEs are very important in the Greek manufacturing sector for employment and growth. Empirical studies show that capital structure and the factors affecting it vary with firm size. In this paper we investigate the determinants of capital structure of Greek manufacturing firms and formulate some policy implications that may improve the financial performance of the sector. Our study utilizes panel data of two random samples, one for SMEs and another for LSEs. The findings show that profitability is a major determinant of capital structure for both size groups. However, efficient assets management and assets growth are found essential for the debt structure of LSEs as opposed to efficiency of current assets, size, sales growth and high fixed assets, which were found to affect substantially the credibility of SMEs. In an era of increasing globalization, the findings imply that Greek SMEs should focus their efforts on (a) increasing their cash flow capacity through better assets management and achievement of higher exports and (b) ensuring good bank relations, but at the same time, turn to alternative forms of financing. Greek LSEs should adopt strategies that will lead to the improvement of their competitiveness and securing new forms of financing. Government policy measures aiming at structural changes and economic efficiency should be designed clearly depending upon its targets: SMEs need policies that will encourage information exchange and co-operation in local and foreign markets and use of e-business, as well as, financial assistance. On the other hand, LSEs should be supported by policies aimed at new high-technology investments, entrance of new firms and foreign investments in the country, tax alleviation and increase of RandD and training expenditures. The upgrading and transparency of the capital market in Greece is expected to improve the capital structure of Greek manufacturing firms. © 2004 Taylor and Francis Ltd.Website 
• Lianos T., Asteriou D., Agiomirgianakis G., 'Foreign university graduates in the Greek labour market: Employment, salaries and overeducation'
  International Journal of Finance and Economics 9 (2) (2004) pp.151-164
  ISSN: 1076-9307
  Abstract Greece is ranked among the first countries of the world in terms of student migration, while compared with other EU countries Greece has the highest number of students studying in other member states. Although the issue of migrating Greek students is constantly analysed in the newspapers, and often in relation to the educational policy adopted in Greece, most of the academic literature (Kanellopoulos and Psacharopoulos, 1997) is focused either on the cost side of this phenomenon in terms of expenditure and its implications for the balance of payments or on the loss of brains (Brain Drain) when the best students remain abroad. So far, to the best of our knowledge, no research effort has been devoted to examining how well these students perform in the Greek labour market when they return home after completion of their studies. More specifically, in this paper we examine the performance of foreign university graduates with respect to three aspects: (a) the length of time between the completion of their studies and employment; (b) the extent to which these graduates are employed in professions for which They studied; and (c) the extent to which they are overqualified in the performance of the job which they hold. Our findings suggest that (i) EU graduates are better placed in the Greek labour market, from an employability point of view, compared with graduates from all other countries and also get higher salaries compared with those who have been educated elsewhere, and particularly those educated in the Balkan countries; (ii) factors leading to higher returns after graduation are previous work experience, whether the graduate had worked systematically in the past and also if their qualification is at MSc/MA level or higher. Moreover, graduates perceiving that their qualifications are higher than their job requirements are getting higher returns; (iii) graduates with parents having a university qualification do not consider themselves as overqualified. This probably indicates that the perception of being overeducated or not is based to some degree on past family achievements and consequently one's decision to undertake studies, and the level of these studies, is taken on family, social and cultural grounds; (iv) overeducation does not place graduates in a better position from the point of view of employability, however, overeducated graduates do have higher salaries. Copyright © 2004 John Wiley and Sons, Ltd.Website 
• Agiomirgianakis G., Asteriou D., Monastiriotis V., 'Human capital and economic growth revisited: A dynamic panel data study'
  International Advances in Economic Research 8 (3) (2002) pp.177-187
  ISSN: 1083-0898
  Abstract This paper examines the role of human capital on economic growth by using a large panel of data including 93 countries. Given the cross-sectional character in most of the relevant studies, there is a possibility that when the long-run dynamics are considered, education might not be a significant determinant of growth. Following a dynamic panel data approach, the analysis indicates that education has, indeed, a significant and positive long-run effect on economic growth. Moreover, the size of this effect is stronger as the level of education (primary, secondary, and tertiary) increases. This has a straight-forward policy implication that governments taking actions towards an expansion of their higher education may well expect larger gains in terms of higher economic growth in their countries. (JEL El, F43, C33).Website 
• Voulgaris F, Asteriou D, Agiomirgianakis G, 'Capital structure, asset utilization, profitability and growth in the Greek manufacturing sector'
  Applied Economics 34 (11) (2002) pp.1379-1388
  ISSN: 0003-6846
  Abstract Greece's accession to the European Union (EU) has affected its economy and its manufacturing sector. Large-size enterprises (LSEs) form a small but vital part of Greek manufacturing and constitute a major component of the country's stock market. According to finance theory, the capital structure of a firm affects its capital cost and market value. This paper, by using dynamic panel data techniques, investigates the determinants of capital structure of LSEs in the Greek manufacturing sector. The findings suggest that asset utilization, gross and net profitability and total assets growth have a significant effect on the capital structure of LSEs. This has straightforward policy implications. Following recent economic developments, Greek firms are exposed to a stronger competition in the EU and global markets, but also to new opportunities. In order to improve their capital structure, Greek manufacturing LSEs need to achieve higher asset utilization and profit margins through economies of scale attained mainly by higher exports. Moreover, governmental measures aiming to support LSEs' efforts should focus their impact on alleviating taxation, reducing bureaucratic burdens, minimizing market imperfections and subsidizing applications of new technology.Website 
• Asteriou D, Price S, 'Political instability and economic growth: UK time series evidence'
  Scottish Journal of Political Economy 48 (4) (2001) pp.383-399
  ISSN: 0036-9292 eISSN: 1467-9485
  Abstract This paper tests for the influence of political instability on UK economic growth between 1961 and 1997. We construct six variables that quantify political instability and examine the effect on growth. The results suggest that there is a strong link. GARCH-M models reveal negative effects of instability on growth and positive effects on growth uncertainty. Uncertainty in itself does not affect growth.Website 
• Asteriou D., Agiomirgianakis G., 'Human capital and economic growth: Time series evidence from Greece'
  Journal of Policy Modeling 23 (5) (2001) pp.481-489
  ISSN: 0161-8938
  Abstract This article, examines the relationship between human capital and economic development in Greece. Assuming that the principal institutional mechanism for developing human skills is the formal education, we examine the long-run relationship between educational variables and gross domestic product (GDP), as well as the causal direction between them. Our main result suggests that there exists a cointegrating relationship between education as measured by enrollments rates in primary, secondary, and higher education and the GDP per capita while causality runs through educational variables to economic growth, with the exception of higher education where there exists reverse causality. © 2001 Elsevier Science Inc.Website 
• Siriopoulos C, Asteriou D, 'Testing for convergence across the Greek regions'
  Regional Studies 32 (6) (1998) pp.537-546
  ISSN: 0034-3404 eISSN: 1360-0591
  Abstract During the last five years, few issues have proved more controversial in empirical economics than the so-called convergence hypothesis. This paper examines the issue of convergence across Greek regions, following the theoretical basis of the neoclassical model of economic growth. Our empirical results support the popular view prevailing in Greece about the existence of dualism across the southern and northern regions of Greece. A possible explanation for this may be the lack of experience that poor countries (like Greece) have in comparison with the rich ones. Rich countries have the combined ability to educate themselves as they grow rich and the endogenous ability to accumulate the knowledge upon which these efforts are made. The same argument can be also used as an explanation for regional differences - the fact that poor regions do not have previous experience and knowledge for efficient investments.Website 

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.