Papers by Theodoros Syriopoulos
Maritime policy and management/Maritime policy & management, Apr 26, 2024
On the canvas of an era of globalization, "overthrow" of socio-economic-political struc... more On the canvas of an era of globalization, "overthrow" of socio-economic-political structures and technological developments culminating in them, the global epidemic phenomenon of Covid-19 that humanity is experiencing today, once again confirmed the declining environment of trade, being an unbalanced factor of major importance. History has shown us that the challenge of the unexpected brings about a reversal through new data of adjustment, and technological advances will find the opportunity to give the necessary boost to existing research. As the demand for sea transporting of goods increases, it equates to the respective consumption of the marine fuels associated with GHA affections. The era of renewable energy sources approaches new climate changes in the light of alternative technologies and fuels. As a consequence, the marine shipping industry is now in the process of transitioning from fossil fuels, with the aim of shipping zero emissions in the long run. Energy sour...
IFIP advances in information and communication technology, 2023
Energies
The European Union (EU) has agreed to gradually include shipping in the EU emissions trading sche... more The European Union (EU) has agreed to gradually include shipping in the EU emissions trading scheme (EU ETS), which makes shipping companies vulnerable to carbon price fluctuations. The aim of this paper is to investigate the effectiveness of carbon and petroleum futures contracts in managing carbon and bunker risks. We examine the effectiveness of alternative hedging methods, including both static and dynamic approaches, to estimate optimal hedge ratios under single and composite cross-hedge settings. Our results show that carbon future contracts are important for hedging the carbon emission allowances price risk, and Brent oil futures are the most effective instrument for out-of-sample hedging of bunker prices. In addition, the hedging effectiveness indicates that conventional methods outperform the sophisticated models in terms of variance reduction. Our study offers new insights into how the carbon and bunker markets relate to a combination hedging in reducing the joint price ri...
Journal of Shipping and Trade
The COVID-19 pandemic has augmented pre-existing digitalization and environmental trends. In the ... more The COVID-19 pandemic has augmented pre-existing digitalization and environmental trends. In the maritime industry, one of the marked impacts of the pandemic is how the regard for technology has changed. There is now greater appetite and acceptance of digital solutions across the industry. This study investigates the ways the adoption of a series of digital technologies impact shipping firms’ efficiency, that will shed light on how industry stakeholders may derive value from data solutions, for making better operational decisions. We use cross-country firm-level data to evaluate the efficiency effects of maritime industry-level digital adoption. The results provide robust proof that working in a digitalized ecosystem is a way to promote efficiency, though not to the same extent across shipping firms and divisions. Impacts are relatively stronger in water transport activities than warehousing/support activities for transportation. Digital technologies may add to the growing diffusion...
Maritime Policy & Management, 2021
A series of countries have focused on shipbuilding public policies, as it is commonly considered ... more A series of countries have focused on shipbuilding public policies, as it is commonly considered a deliberate industry and influences employment levels in many regions. Establishing key performance...
Transport Policy, 2007
In the late 1990s, Greece proceeded to a major port governance reform, aiming to overcome observe... more In the late 1990s, Greece proceeded to a major port governance reform, aiming to overcome observed deficiencies of its national port system. Twelve major ports of national interest were transformed from 'public law undertakings' to government-owned port corporations. Responsibility of port governance was devolved to autonomous commercially driven port authorities. At a latter stage, two ports (Piraeus and Thessaloniki) were listed on the Athens Stock Exchange. Grounded on the discussions regarding port performance indicators, this paper examines the financial performance of this new port governance model. It does so through an empirical evaluation of the 12 port entities' financial performance over a time span that corresponds to the sector's reorganisation. The analysis suggests that certain rigidities are still present and further steps of modernisation and restructuring are essential. Despite profitable financial results in the case of most Greek ports of national interest, the examination of the financial accounts raises considerable doubts as to the efficiency of the ports' organisational structures, currently in a transitional phase. These results are in line with suggestions that port governance in Greece does not respond, yet, to any of the potential matching framework configurations of structures and strategies that advance port competitiveness and have been identified in the port literature.
Journal of International Financial Markets, Institutions and Money, 2006
This paper analyses the impact of exogenous national security related shocks on the time-varying ... more This paper analyses the impact of exogenous national security related shocks on the time-varying volatility structure of the Greek stock market. Alternative autoregressive conditional heteroscedastic models are estimated, in order to identify the best fit that adequately describes return volatility behavior, testing symmetric as well as asymmetric innovation responses. An external national security related shock factor is included as well as a military crisis dummy, in order to depict possible implications for the conditional variance. The empirical findings appear to support a statistically significant impact of both national security related factors on the Athens stock market returns.
International Review of Financial Analysis, 2007
This paper investigates the short-and long-run behavior of major emerging Central European (Polan... more This paper investigates the short-and long-run behavior of major emerging Central European (Poland, Czech Republic, Hungary, Slovakia), and developed (Germany, US) stock markets and assesses the impact of the EMU on stock market linkages. Evidence of one cointegration vector in both a pre-and a post-EMU sub-period indicates market comovements towards a stationary long-run equilibrium path. Central European markets tend to display stronger linkages with their mature counterparts, whereas the US market holds a world leading influential role. No dramatic post-EMU shock is detected in stock market dynamics. The empirical findings have important implications for the effectiveness of domestic policy decisions, as the emerging Central European states have recently joined the EU and local stock markets may become less immunized to external shocks.
Breast Cancer, 2010
It is with great appreciation that we acknowledge the following reviewers who have served our res... more It is with great appreciation that we acknowledge the following reviewers who have served our research community by reviewing manuscripts for Nutrients in 2011.
Applied Financial Economics, 2004
... High correlations alone are not sufficient to ensure long-run performance, as common long-ter... more ... High correlations alone are not sufficient to ensure long-run performance, as common long-term trends in prices are not ... mainly among the European, US, Asian, Pacific-Rim, and Latin American stock markets, whereas the behaviour of emerging stock markets has been ...
Transport Policy, 2021
The COVID-19 pandemic, apart from leading to human cases and deaths, is also distracting the ship... more The COVID-19 pandemic, apart from leading to human cases and deaths, is also distracting the shipping stock market and the Baltic Indices. While event studies, as well as macroeconomic research has been conducted in the literature, we have not witnessed any effort yet to investigate how external shocks - and in particular the COVID-19 outbreak - may impinge on the shipping markets. Therefore, our research tries to fill in this gap by studying how a sanitary incident might influence shipping freight rates and stock values. We have used a market-model event study approach to investigate how fast and comprehensively shipping markets react upon certain latest evidence. To quantify the pandemic's economic impact, we estimated the abnormal returns; in a phase before and after the event, they may work as a measure of the unexpected effect of the event on a shipping firm's performance. The data that we have used in stock analysis come from a major shipping index, while for our freight study, time-series come from all main Baltic indices. Our results show that according to the key date set as the event window, different results appear of how pandemic-proof the dry market, the tanker market, and the shipping stock market have proven to be.
The Journal of Economic Asymmetries, 2014
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International Review of Financial Analysis, 2015
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Journal of Finance and Bank Management, 2014
In late 2010, the Basel Committee on Banking Supervision issued the Basel III document enumeratin... more In late 2010, the Basel Committee on Banking Supervision issued the Basel III document enumerating measures focused on improvements in the definition of regulatory capital, introduction of a leverage ratio as a backstop for risk-based capital requirement, capital buffers, enhancement of risk coverage through improvements in the methodology to measure counterparty credit risk and liquidity measurement standards. This study investigates the impact of the new capital requirements introduced under the Basel III framework on bank lending rates and loan growth. Higher capital requirements, by raising banks' marginal cost of funding, lead to higher lending rates. The data presented in the paper suggest that assuming a 1.3 percentage point increase in the equity-to-asset ratio to meet the Basel III regulations, the country-by-country estimations imply a reduction in the volume of loans by an average 4.97 percent in the long run for the banks in countries that experienced a crisis and by 18.67 percent for the banks in countries that did not experience a crisis. The wide variance in the results reflects crosscountry differences in the elasticity of loan demand with respect to loan interest rateand bank's net cost of raising equity.
Instruments, Performance, Benchmarks, and Strategies, 2013
This paper tests the hypothesis that highly leveraged firms operating in distressed industries ma... more This paper tests the hypothesis that highly leveraged firms operating in distressed industries manage to maintain profitability and sales growth. It is found that this is the case, in the context of a sample of 103 listed firms on the ASE (Athens Stock Exchange). Panel data is used to analyze the relationship between firm performance and leverage. Furthermore it is shown that there is a negative relationship between leverage and firms' stock returns. This can be attributed to investors' expectations, that an increase in leverage is bound to impair future firm profitability.
International Journal of Financial Studies, 2014
Credit risk measurement remains a critical field of top priority in banking finance, directly imp... more Credit risk measurement remains a critical field of top priority in banking finance, directly implicated in the recent global financial crisis. This paper examines the dynamic linkages between credit risk migration due to rating shifts and prevailing macroeconomic conditions, reflected in alternative business cycle states. An innovative empirical methodology applies to bank internal rating data, under different economic scenarios and investigates the implications of credit risk quality shifts for risk rating transition matrices. The empirical findings are useful and critical for banks to align to Basel guidelines in relation to core capital requirements and risk-weighted assets in the underlying loan portfolio.
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Papers by Theodoros Syriopoulos