Recent Publications

2022

Charalambous, C., Martzoukos, S.H., Taoushianis, Z. (2022). Estimating corporate bankruptcy forecasting models by maximizing discriminatory power. Review of Quantitative Finance and Accounting. Vol 58.
Charitou, A. (2022). Discussion of “The Evolution of Environmental Reporting in Europe: The Role of Financial and Non-Financial Regulation.” The International Journal of Accounting. Vol 57.
Koussis, N., Martzoukos, S.H. (2022). Credit line pricing under heterogeneous risk beliefs International. Journal of Production Economics. Vol 243.
Markoulis, S., Ioannou, P., Martzoukos, S. (XXXX). Bank distress in the European Union 2008–2015: A closer look at capital, size and revenue diversification. International Journal of Finance and Economics. Forthcoming.
Markoulis, S., Martzoukos, S., Patsalidou, E. (2022). Global systemically important banks regulation: Blessing or curse? Global Finance Journal. Vol 52.
Papageorgiou, S. (2022). Bank levy and household risk-aversion. Journal of Banking and Finance. Vol 138.
Trigeorgis, L., Baldi, F., Makadok, R. (2022). Compete, Cooperate, or Both? Intergrading the Demand Side into Patent Deployment Strategies for the Commercialization and Licensing of Technology. Academy of Management Review. Vol 47.
Zenios, S.A. (2022). The risks from climate change to sovereign debt. Climatic Change. Vol 172.

2021

Chevalier-Roignant, B., Flath, C.M., Kort, P.M., Trigeorgis, L. (2021). Capacity investment choices under cost heterogeneity and output flexibility in oligopoly. European Journal of Operational Research. Vol 290.
Choi, J.J., Ju, M., Trigeorgis, L., Zhang, X.T. (2021). Outsourcing flexibility under financial constraints. Journal of Corporate Finance. Vol 67.
Del Viva, L., Kothari, S.P., Lambertides, N., Trigeorgis, L. (2021). Asymmetric returns and the economic content of accruals and investment. Management Science. Vol 67.
Del Viva, L., Kasanen, E., Saunders, A., Trigeorgis, L. (2021). Is bailout insurance and tail risk priced in bank equities? Journal of Financial Stability. Vol 55.
Del Viva, L., Kasanen, E., Saunders, A., Trigeorgis, L. (2021). US government TARP bailout and bank lottery behavior. Journal of Corporate Finance. Vol 66.
Ioulianou, S.P., Leiblein, M.J., Trigeorgis, L. (2021). Multinationality, portfolio diversification, and asymmetric MNE performance: The moderating role of real options awareness. Journal of International Business Studies. Vol 52.
Kamiya, S., Kang, J.-K., Kim, J., Milidonis, A., Stulz, R.M. (2021). Risk management, firm reputation, and the impact of successful cyberattacks on target firms. Journal of Financial Economics. Vol 139.
Karamanou, I., Pownall, G., Prakash, R. (2021). Asymmetric information consolidation and price discovery: Inferring bad news from insider sales. Journal of Business Finance and Accounting. Vol 48.
Koch, A., Panayides, M., and Thomas, S. (2021). Common Ownership and Competition in Product Markets. Journal of Financial Economics. Vol 139.
Mourouzidou Damtsa, S., Milidonis, A., Stathopoulos, K. (2021). National Culture and Bank Deposits. Review of Corporate Finance. Vol 1.
Trigeorgis, L., Baldi, F., Katsikeas, C.S. (2021). Valuation of brand equity and retailer growth strategies using real options. Journal of Retailing. Vol 97.
Zenios, S.A., Consiglio, A., Athanasopoulou, M., Moshammer E., Gavilan, A., Erce, A. (2021). Risk management for sustainable sovereign debt financing. Operations Research. Vol 69.

2020

Baldi, F., Trigeorgis, L. (2020). Valuing human capital career development: a real options approach. Journal of Intellectual Capital. Vol. 21.
Bali, T.G., Del Viva, L., Lambertides, N., Trigeorgis, L. (2020). Growth Options and Related Stock Market Anomalies: Profitability, Distress, Lotteryness, and Volatility. Journal of Financial and Quantitative Analysis. Vol. 55.
Charalambous, C., Martzoukos, S.H., Taoushianis, Z. (2020). Predicting corporate bankruptcy using the framework of Leland-Toft: evidence from US. Quantitative Finance. Vol. 20.

Charitou, A., Karamanou, I. (2020). Sleeping with the enemy: should investment banks be allowed to engage in prop trading? Review of Accounting Studies. Vol. 22.

Charitou, A., Karamanou, I., Loizides, G. (2020). Intention to Acquire and M&As: Evidence from European IPOs. The International Journal of Accounting. Vol. 55.

Driouchi, T., So, R.H.Y., Trigeorgis, L. (2020). Investor ambiguity, systemic banking risk and economic activity: The case of too-big-to-fail. Journal of Corporate Finance. Vol. 62.
Driouchi, T., Trigeorgis, L., So, R.H.Y. (2020). Individual antecedents of real options appraisal: The role of national culture and ambiguity. European Journal of Operational Research. Vol. 286.

Gersbach, H., Haller, H., Papageorgiou, S. (2020). Regulatory competition in banking: Curse or blessing? Journal of Banking and Finance. Vol. 121.
Topaloglou, N., Vladimirou, H., Zenios, S.A. (2020). Integrated dynamic models for hedging international portfolio risks. European Journal of Operational Research. Vol. 285.

2019

Berwart, E., M. Guidolin, and A. Milidonis. (2019). An empirical analysis of changes in the relative timeliness of issuer-paid vs. investor-paid ratings. Journal of Corporate Finance. Vol. 59..
Charitou, A., I. Karamanou, and N. Lambertides. (2019). Analysts to the rescue? Journal of Corporate Finance. Vol. 56.
Chevalier-Roignant, B., C. M. Flath, and L. Trigeorgis. (2019). Disruptive innovation, market entry and production flexibility in heterogeneous oligopoly. Production and Operations Management. Vol. 28.
Chi, T., J. Li, L. G. Trigeorgis, and A. E. Tsekrekos. (2019). Real options theory in international business. Journal of International Business Studies. Vol. 50.
Demertzis, M., and S. A. Zenios. (2019). State contingent debt as insurance for euro area sovereigns. Journal of Financial Regulation. Vol. 5.
Kyriakou, I., A. A. Pantelous, G. Sermpinis, and S. A. Zenios. (2019). Preface: Application of operations research to financial markets. Annals of Operations Research. Vol. 282.
Michaelides, A., A. Milidonis, and G. P. Nishiotis. (2019). Private information in currency markets. Journal of Financial Economics. Vol. 131.
Milidonis, A., T. Nishikawa, and J. Shim. (2019). CEO inside debt and risk taking: Evidence from Property–Liability insurance firms. Journal of Risk and Insurance. Vol. 86.
Mourouzidou-Damtsa, S., A. Milidonis, and K. Stathopoulos. (2019). National culture and bank risk-taking. Journal of Financial Stability. Vol. 40.
Nishiotis, G. P., and L. S. Rompolis. (2019). Put-call parity violations and return predictability: Evidence from the 2008 short sale ban. Journal of Banking and Finance. Vol. 106.
Panayides, M. A., T. D. Shohfi, and J. D. Smith. (2019). Bulk volume classification and information detection. Journal of Banking and Finance. Vol. 103.
Vafeas, N., and A. Vlittis. (2019). Board executive committees, board decisions, and firm value. Journal of Corporate Finance. Vol. 58.

2018

Ben Ammar, S., Eling, M., Milidonis, A. (2018). The cross-section of expected stock returns in the property/liability insurance industry. Journal of Banking and Finance. Vol. 96.
Charitou, A., Floropoulos, N., Karamanou, I., Loizides, G. (2018). Non-GAAP earnings disclosures on the face of the income statement by UK firms: The effect on market liquidity. International Journal of Accounting. Vol. 53.
Charitou, A., Karamanou, I., Kopita, A. (2018). Are analyst stock recommendation revisions more informative in the post-IFRS period? Journal of Business Finance and Accounting. Vol. 45.
Charitou, A., Karamanou, I., Kopita, A. (2018). The determinants and valuation effects of classification choice on the statement of cash flows. Accounting and Business Research. Vol. 48.
Choi, J. J., Ju, M., Kotabe, M., Trigeorgis, L., Zhang, X. T. (2018). Flexibility as firm value driver: Evidence from offshore outsourcing. Global Strategy Journal. Vol. 8.
Consiglio, A., Lotfi, S., Zenios, S. A. (2018). Portfolio diversification in the sovereign credit swap markets. Annals of Operations Research. Vol. 266.
Consiglio, A., Tumminello, M., Zenios, S. A. (2018). Pricing sovereign contingent convertible debt. International Journal of Theoretical and Applied Finance. Vol. 21.
Consiglio, A., Zenios, S. A. (2018). Contingent convertible bonds for sovereign debt risk management. Journal of Globalization and Development. Vol. 9.
Consiglio, A., Zenios, S. A. (2018). Pricing and hedging GDP-linked bonds in incomplete markets. Journal of Economic Dynamics and Control. Vol. 88.
Dendramis, Y., Tzavalis, E., Adraktas, G. (2018). Credit risk modelling under recessionary and financially distressed conditions. Journal of Banking and Finance. Vol. 91.
Driouchi, T., Trigeorgis, L., So, R. H. Y. (2018). Option implied ambiguity and its information content: Evidence from the subprime crisis. Annals of Operations Research. Vol. 262.
Kamiya, S., Milidonis, A. (2018). Actuarial independence and managerial discretion. Journal of Risk and Insurance. Vol. 85.
Lotfi, S., Zenios, S. A. (2018). Robust VaR and CVaR optimization under joint ambiguity in distributions, means, and covariances. European Journal of Operational Research. Vol. 269.
Trigeorgis, L., Tsekrekos, A. E. (2018). Real options in operations research: A review. European Journal of Operational Research. Vol. 270.
Vafeas, N., Vlittis, A. (2018). Independent directors and defined benefit pension plan freezes. Journal of Corporate Finance. Vol. 50.

2017

Biffis, E., Lin, Y., Milidonis, A. (2017). The cross-section of asia-pacific mortality dynamics: Implications for longevity risk sharing. Journal of Risk and Insurance. Vol. 84.
Charitou, A., Louca, C. (2017). Why do canadian firms cross-list? the flip side of the issue. Abacus. Vol. 53.
Consiglio, A., Zenios, S. A. (2017). Stochastic debt sustainability analysis for sovereigns and the scope for optimization modeling. Optimization and Engineering. Vol. 18.
Del Viva, L., Kasanen, E., Trigeorgis, L. (2017). Real options, idiosyncratic skewness, and diversification. Journal of Financial and Quantitative Analysis. Vol. 52.
Ioulianou, S., Trigeorgis, L., Driouchi, T. (2017). Multinationality and firm value: The role of real options awareness. Journal of Corporate Finance. Vol. 46.
Karamanou, I., Kopita, A., Lemessiou, L. (2017). The role and current status of IFRS in the completion of national accounting Rules–Evidence on Cyprus. Accounting in Europe. Vol. 14.
Koussis, N., Martzoukos, S. H., Trigeorgis, L. (2017). Corporate liquidity and dividend policy under uncertainty. Journal of Banking and Finance. Vol. 81.
Kwon, R. H., Zenios, S. A. (2017). Optimization for financial engineering: A special issue. Optimization and Engineering. Vol. 18.
Milidonis, A., Efthymiou, M. (2017). Mortality leads and lags. Journal of Risk and Insurance. Vol. 84.
Smit, H. T. J., Trigeorgis, L. (2017). Strategic NPV: Real options and strategic games under different information structures. Strategic Management Journal. Vol. 38.
Trigeorgis, L., Reuer, J. J. (2017). Real options theory in strategic management. Strategic Management Journal. Vol. 38.

2016

Berwart, E., Guidolin, M., Milidonis, A. (2016). An empirical analysis of changes in the relative timeliness of issuer-paid vs. investor-paid ratings. Journal of Corporate Finance
Consiglio, A., Carollo, A., Zenios, S. A. (2016). A parsimonious model for generating arbitrage-free scenario trees. Quantitative Finance, 16(2), 201-212.
Dendramis, Y., Tzavalis, E., Adraktas, G. (2016). Credit risk modelling under recessionary and financially distressed conditions. Journal of Banking and Finance
Kamiya, S., Milidonis, A. (2016). Actuarial independence and managerial discretion. Journal of Risk and Insurance
Milidonis, A. (2016). An empirical investigation of CDS spreads using a regime-switching default risk model. North American Actuarial Journal, 20(3), 252-275.
Ragozzino, R., Reuer, J. J., Trigeorgis, L. (2016). Real options in strategy and finance: Current gaps and future linkages. Academy of Management Perspectives, 30(4), 428-440.
Vafeas, N., Vlittis, A. (2016). The association between board composition and corporate pension policies. Financial Review, 51(4), 481-506.
Zenios, S. A. (2016). Fairness and reflexivity in the Cyprus bail-in. Empirica, 43(3), 579-606.

2015

Charitou, A. (2015). Discussion of "the association between energy taxation, participation in an emissions trading system, and the intensity of carbon dioxide emissions in the european union". International Journal of Accounting, 50(4), 418-426.
Charitou, A. (2015). Discussion of "Equity Financing and Social Responsibility: Further International Evidence". International Journal of Accounting, 50(3), 281-288.
Charitou, A., Karamanou, I., Lambertides, N. (2015). Who are the losers of IFRS adoption in europe? an empirical examination of the cash flow effect of increased disclosure. Journal of Accounting, Auditing and Finance, 30(2), 150-180.
Consiglio, A., Tumminello, M., Zenios, S. A. (2015). Designing and pricing guarantee options in defined contribution pension plans. Insurance: Mathematics and Economics, 65, 267-279.
Consiglio, A., Zenios, S. (2015). Risk profiles for re-profiling the sovereign debt of crisis countries. Journal of Risk Finance, 16(1), 2-26.
Dendramis, Y., Kapetanios, G., & Tzavalis, E. (2015). Shifts in volatility driven by large stock market shocks. Journal of Economic Dynamics and Control, 55, 130-147.
Driouchi, T., Trigeorgis, L., So, R. H. Y. (2015). Option implied ambiguity and its information content: Evidence from the subprime crisis. Annals of Operations Research, 1-29.
Michaelides, A., Milidonis, A., Nishiotis, G. P., Papakyriakou, P. (2015). The adverse effects of systematic leakage ahead of official sovereign debt rating announcements. Journal of Financial Economics, 116(3), 526-547.
Nikolaidis, A. I., Milidonis, A., Charalambous, C. A. (2015). Impact of fuel-dependent electricity retail charges on the value of net-metered PV applications in vertically integrated systems. Energy Policy, 79, 150-160.
Vafeas, N., Vlittis, A. (2015). Board influence on the selection of external accounting executives. British Accounting Review, 47(1), 46-65.
Zenios, S. A., Panayi, E. (2015). Was the Cyprus crisis banking or sovereign debt? Banks and Bank Systems, 10(2), 23-33.

2014

Αndreou, P. C., Charalambous, C., Martzoukos, S. H. (2014). Assessing the performance of symmetric and asymmetric implied volatility functions. Review of Quantitative Finance and Accounting, 42(3), 373-397.
Chourdakis, K., Dendramis, Y., Tzavalis, E. (2014). Are regime-shift sources of risk priced in the market? Journal of Empirical Finance, 28, 151-170.
De Treville, S., Schürhoff, N., Trigeorgis, L., Avanzi, B. (2014). Optimal sourcing and lead-time reduction under evolutionary demand risk. Production and Operations Management, 23(12), 2103-2117.
Dendramis, Y., Kapetanios, G., Tzavalis, E. (2014). Level shifts in stock returns driven by large shocks. Journal of Empirical Finance, 29, 41-51.
Dendramis, Y., Spungin, G. E., Tzavalis, E. (2014). Forecasting VaR models under different volatility processes and distributions of return innovations. Journal of Forecasting, 33(7), 515-531.
Driouchi, T., Trigeorgis, L., & Gao, Y. (2014). Choquet-based european option pricing with stochastic (and fixed) strikes. OR Spectrum, 37(3), 787-802.
Milidonis, A., Stathopoulos, K. (2014). Managerial incentives, risk aversion, and debt. Journal of Financial and Quantitative Analysis, 49(2), 453-481.
Trigeorgis, L., Lambertides, N. (2014). The role of growth options in explaining stock returns. Journal of Financial and Quantitative Analysis, 49(3), 749-771.

2013

Avanzi, B., Bicer, I., de Treville, S., Trigeorgis, L. (2013). Real options at the interface of finance and operations: exploiting embedded supply-chain real options to gain competitiveness. European Journal of Finance. Vol. 19.Charalambous, C.A.,
Milidonis, A., Hirodontis, S., Lazari, A. (2013). Loss evaluation and total ownership cost of power transformers-part II: Application of method and numerical results. IEEE Transactions on Power Delivery. Vol. 28.Charalambous, C.A.,
Milidonis, A., Lazari, A., Nikolaidis, A.I. (2013). Loss evaluation and total ownership cost of power transformers-part I: A comprehensive method. IEEE Transactions on Power Delivery. Vol. 28.
Charitou, A., Dionysiou, D., Lambertides, N., Trigeorgis, L. (2013). Alternative bankruptcy prediction models using option-pricing theory. Journal of Banking and Finance. Vol. 37.
Gorovaia, N., Zenios, S.A. (2013). Does freedom lead to happiness? Economic growth and quality of life. Global Business and Economics Review. Vol. 15.

Koussis, N., Martzoukos, S.H., Trigeorgis, L. (2013). Multi-stage product development with exploration, value-enhancing, preemptive and innovation options. Journal of Banking and Finance. Vol. 37.
Martzoukos, S.H., Zacharias, E. (2013). Real option games with R&D and learning spillovers. Omega (United Kingdom). Vol. 41.
Milidonis, A. (2013). Compensation incentives of credit rating agencies and predictability of changes in bond ratings and financial strength ratings. Journal of Banking and Finance. Vol. 37.
Trigeorgis, L., Ioulianou, S. (2013). Valuing a high-tech growth company: the case of EchoStar Communications Corporation. European Journal of Finance. Vol. 19.
Vladimirou, H., Zenios, S.A. (2013). Parallel Algorithms. Parallel Computing in Optimization. Vol. 7.

2012

Bris, A., Cantale, S., Hrnjić, E., Nishiotis, G.P. (2012). The value of information in cross-listing. Journal of Corporate Finance. Vol. 18.
Charitou, A., Constantinidis, E., Louca, C. (2012). The relation between changes in the information content of earnings and expected stock returns: Empirical evidence for Japan. Investment Management and Financial Innovations. Vol. 9.

Drymiotes, G., Sivaramakrishnan, K. (2012). Board Monitoring, Consulting, and Reward Structures. Contemporary Accounting Research. Vol. 29.
Inkmann, J., Michaelides, A. (2012). Can the Life Insurance Market Provide Evidence for a Bequest Motive? Journal of Risk and Insurance. Vol. 79.
Karamanou, I. (2012). Value relevance of analyst earnings forecasts in emerging markets. Advances in Accounting. Vol. 28.
Koussis, N., Martzoukos, S.H. (2012). Investment options with debt-financing constraints. European Journal of Finance. Vol. 18.
Vafeas, N., Vlittis, A. (2012). An agency-based perspective on the performance consequences of COO adoption. Review of Quantitative Finance and Accounting. Vol. 39.

2011

Charitou, A., Lambertides, N., Theodoulou, G. (2011). Dividend increases and initiations and default risk in equity returns. Journal of Financial and Quantitative Analysis. Vol. 46.
Charitou, A., Lambertides, N., Theodoulou, G. (2011). Losses, dividend reductions, and market reaction associated with past earnings and dividends patterns. Journal of Accounting, Auditing and Finance. Vol. 26.
Charitou, A., Lambertides, N., Trigeorgis, L. (2011). Distress Risk, Growth and Earnings Quality. Abacus. Vol. 47.
Chevalier-Roignant, B., Flath, C.M., Huchzermeier, A., Trigeorgis, L. (2011). Strategic investment under uncertainty: A synthesis. European Journal of Operational Research. Vol. 215.
Drymiotes, G.C. (2011). Information precision and manipulation incentives. Journal of Management Accounting Research. Vol. 23.
Inkmann, J., Lopes, P., Michaelides, A. (2011). How deep is the annuity market participation puzzle? Review of Financial Studies. Vol. 24.
Karamanou, I. (2011). On the Determinants of Optimism in Financial Analyst Earnings Forecasts: The Effect of the Market's Ability to Adjust for the Bias. Abacus. Vol. 47.
Kiyotaki, N., Michaelides, A., Nikolov, K. (2011). Winners and Losers in Housing Markets. Journal of Money, Credit and Banking. Vol. 43.
Milidonis, A., Lin, Y., Cox, S.H. (2011). Mortality Regimes and Pricing. North American Actuarial Journal. Vol. 15.
Milidonis, A., Stathopoulos, K. (2011). Do U.S. insurance firms offer the "wrong" incentives to their executives? Journal of Risk and Insurance. Vol. 78.
Topaloglou, N., Vladimirou, H., Zenios, S.A. (2011). Optimizing international portfolios with options and forwards. Journal of Banking and Finance. Vol. 35.

2010

Andreou, P.C., Charalambous, C., Martzoukos, S.H. (2010). Generalized parameter functions for option pricing. Journal of Banking and Finance. Vol. 34.
Charitou, A., Lambertides, N., Theodoulou, G. (2010). The effect of past earnings and dividend patterns on the information content of dividends when earnings are reduced. Abacus. Vol. 46.
de Treville, S., Trigeorgis, L. (2010). It may be cheaper to manufacture at home. Harvard Business Review. Vol. 88.
Grant, C., Koulovatianos, C., Michaelides, A., Padula, M. (2010). Evidence on the insurance effect of redistributive taxation. Review of Economics and Statistics. Vol. 92.
Larmou, S., Vafeas, N. (2010). The relation between board size and firm performance in firms with a history of poor operating performance. Journal of Management and Governance. Vol. 14.
Smit, HTJ., Trigeorgis, L. (2010). Flexibility and games in strategic investment. Multinational Finance Journal. Vol. 14.
Vafeas, N. (2010). Determinants of single authorship. EuroMed Journal of Business. Vol. 5.
Vafeas, N. (2010). How Do Boards of Directors and Audit Committees Relate to Corporate Tax Avoidance? Advances in Quantitative Analysis of Finance and Accounting. Vol. 8.

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