Papers by Theodore Krintas
Encyclopedia of Finance
The multiple criteria decision-making (MCDM) modeling framework provides a solid methodological b... more The multiple criteria decision-making (MCDM) modeling framework provides a solid methodological basis to resolve the inherent multidimensional nature of the problem. It has the advantage of incorporating into the decision process,the preferences of any particular investor. Traditional theoretical approaches do not take the investor’s specialized individual goals into account sufficiently. The MCDM framework builds realistic models by assessing, in addition to the two basic criteria of return and risk, a number of other criteria.
Springer Optimization and Its Applications, 2012
Ever since Professor Markowitz introduced his modern portfolio theory (MPT), applications faced n... more Ever since Professor Markowitz introduced his modern portfolio theory (MPT), applications faced numerous constraints. These constraint dictated that professionals adopt either important assumptions or reengineered models. In this chapter, we focus on those elements that drive today’s professional world.
Springer Optimization and Its Applications, 2012
Springer Optimization and Its Applications, 2012
International Journal of Business Excellence, 2011
In this article, we present a multicriteria methodology for supporting decisions that concern the... more In this article, we present a multicriteria methodology for supporting decisions that concern the evaluation of the overall corporate performance of firms, on the basis of financial analysis. The methodology's key-characteristic is that the firms participate in the evaluation process are categorised in classes, with respect to their corresponding industry. In this way, the huge issue of competition between rival firms is fully taken into consideration, while unreasonable comparisons between them are excluded. Moreover, the crucial importance issue of accounting singularities between business sectors is also strongly taken into account. The evaluation of each class of firms is based on specialised criteria set which correspond to the specific accounting plan each company belongs in. The validity of the proposed methodology is tested through a large scale application on the Athens Stock Exchange. Finally, an elaborate review of the coherent research studies is also provided.
Applied Financial Economics, 2006
This study extracts two factors related to the variability of Premium/ Discount: a behavioural an... more This study extracts two factors related to the variability of Premium/ Discount: a behavioural and a fundamental. Evidence is provided to show that by using both factors one can achieve a better understanding of discounts as theories and the Closed End Funds Puzzle support it.
Of the Investment Funds world market that reached US dollars 21,76 trillion at the end of 2006, C... more Of the Investment Funds world market that reached US dollars 21,76 trillion at the end of 2006, Closed-End funds cover approximately 4%. The market is captured by the US and EU Investment Funds that cover almost 95% of total assets. Existing since 1868, Closed-End Funds offer most of the advantages of the collective investments, and one threat that can prove to be an important opportunity: The Discount to the Net Asset Value that they usually trade. The discount threat, can lead to superior total returns and this is one of the reasons why this small collective investment market still exists. We focus on the behavioral explanation of the discount puzzle, as it explains also the existence of periods or funds that are sold or trade at prices higher to their NAV. JEL Classifications: G23, L89.
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Papers by Theodore Krintas