Download NICHOLAS APERGIS, Ph.D.

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NICHOLAS APERGIS, Ph.D.
Chair, Department of Banking and Financial Management
University of Piraeus
Piraeus 18534, Greece
Τel. (+3210) 414 2429, Fax. (+3210) 414 2341
e-mail: [email protected]
EDUCATION
Ph.D. in Economics (Fordham University, New York, 1992)
M.A. in Economics (Economic University of Athens, Greece, 1986)
B.A. in Economics (University of Athens, Greece, 1984)
LANGUAGES
Greek (native language)
English (Perfect)
ADMINISTRATIVE APPOINTMENTS
Chair, Department of Banking and Financial Management, University of Piraeus, Greece
(September 2008-present)
Currently manage a Department of 10 tenure-track and 8 non-tenure track faculty, and 6
admionistrative staff with a personnes and operating budget of 1 million euros.
Responsibilities include curriculum development and oversight of the undergraduate and
graduate programs, hiring of faculty and administrative staff, fund-raising activities, fostering an
active research environment for faculty and students, enhancing alumni relations, and serving as
the Department’s liaison to external constituencies. As Head of the Department every year I am
managing of raising a number of scholarships from banking institutions and manufacturing and
services corporations with a value ranging from 120,000 euros to 160,000 euros.
Head of the Graduate Program, Department of Banking and Financial Management, University of
Piraeus, Greece (September 2008-present)
Currently manage a dual program (full-time and part-time) of 25 courses and operating a budget
of 1 million euros. The department offers 3 Master’s degrees: Master’s in Finance, Master’s in
Finance and Banking, and Master’s in Finance for Lawers. All three programs combined accept
up to 150 students every year.
Responsibilities include personnel decisions, budget planning and management, facilities and
technology, liaison to University administration, community engagement and outreach,
enhancing alumni relations, and fund-raising activities.
Vice-Chair, Department of Banking and Financial Management, University of Piraeus, Greece
(September 2007-August 2009)
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Managed a department of 8 tenure-track, 3 non-tenure track faculty, and 1 administrative staff
with a personnel and operating budget of 600,000 thousand euros.
Responsibilities included budget planning and management, facilities and technology, liaison to
University administration, community engagement and outreach, enhancing alumni relations, and
fund-raising activities.
Chair, Department of International Economics, University of Macedonia, Greece
(September 2003-August 2005)
Managed a department of 5 tenure-track, 5 non-tenure track faculty, and 2 administrative staff
with a personnel and operating budget of 500,000 thousand euros.
Responsibilities included curriculum development, hiring of faculty and administrative staff,
fund-raising activities, fostering an active research environment for faculty and students,
enhancing alumni relations, and serving as the Department’s liaison to external constituencies.
Chair, Department of Economics, University of Ioannina, Greece (Αugust 1999-Αpril 2002)
Managed a department of 3 tenure-track, 5 non-tenure track faculty, and 1 administrative staff
with a personnel and operating budget of 500,000 thousand euros.
Responsibilities included curriculum development and oversight of the undergraduate program,
hiring of faculty and administrative staff, fostering an active research environment for faculty and
students, and serving as the Department’s liaison to external constituencies.
ACADEMIC TENURE TRACK APPOINTMENTS
Professor, University of Piraeus, Greece (2006-present)
Professor, University of Macedonia, Greece (2002-2006)
Associate Professor, University Ioannina, Greece (1999-2002)
Coordinator and Member of the Money and Capital Markets Division,
Hellenic Open University. Member of the Program Committee (2000-present)
Assistant Professor, University of Macedonia, Greece (1998-1999)
VISITING ACADEMIC APPOINTMENTS
Visiting Professor, Fordham University and Manhattan College (1993-1994)
Visiting Professor, State University of New York at New Paltz (1993-1995)
Lecturer, University of Macedonia, Greece (1994-1998)
Research Scholar, London School of Economics (2009-2010)
OTHER PROFESSIONAL EXPERIENCE
Member of the Board, Hellenic Stock Exchange Group, SA (Athens Stock Exchange), November
2003-June 2006,
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EDITORIAL EXPERIENCE
Editor, International Journal of Economic Research
Managing Editor, Journal of World Economic Review
Associate Editor, Journal of Economics and Finance
Editorial Board Member: International Advances of Economic Research, Open Economics
Journal, International Journal of Economic Sciences and Applied Research,
International Journal of Energy Optimization and Engineering, International Journal of
Sustainable Economies Management
Member Scientific Committee for Review of Economic Sciences in Greece
REFEREE
Applied Economics
Applied Energy
Applied Financial Economics
Atlantic Economic Journal
Energy Economics
Energy Policy
European Economic Review
Global Economy Journal
International Advances of Economic Research
International Economic Journal
International Economic Review
Journal of Economics and Finance
Journal of International Money and Finance
Journal of Macroeconomics
Journal of Policy Modeling
PROFESSIONAL SOCIETY MEMBERSHIPS
American Economic Association
Atlantic Economic Association
European Economic Association
Academy of Economics and Finance
Greek Financial Association
Founder of the European-Asian Economics and Finance Association
FIELDS OF SPECIALIZATION AND RESEARCH INTERESTS
Open Economy Macroeconomics, International Finance, Monetary Economics, Economic
Growth, Financial Economics, Agricultural and Regional Economics, Applied Time Series and
Panel Econometrics
COURSES TAUGHT
Undergraduate: Principles of Microeconomics, Principles of Macroeconomics, Intermediate
Microeconomics, Intermediate Macroeconomics, Money and Banking, Applied Econometrics,
Applied Financial Econometrics, Open Economy Macroeconomics, Economics of European
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Integration, International Monetary Economics, Fixed Income Securities Markets, International
Finance, Investments in Real Estate
Graduate: Macroeconomics I & II, Advanced Topics in Macroeconomic Analysis, International
Money Markets, Finance and Investment in Real Estate
M.A. Thesis Supervision
Monetary Policy and Housing Prices
Asymmetries in Housing Prices
Asymmetric Consumption and Stock Prices
The Feldstein-Horioka Puzzle
Exchange Rate Risk and Interest Rate Spreads
PPP and Mean Reversion
Exchange Rates and Total Factor Productivity
Mean and Volatility in Stock Returns
Is There Any Home Bias in Housing Prices?
Mean Reversion in ROE
Hybrid Models in Real Estate Evaluation Decisions
Operating and Nonoperating Income and Stock Prices
Output Growth and Stock Prices
The TED Spread and Stock Prices
Oil Prices and Economic Growth
Oil Prices and Stock Market Prices
Oil Price Fluctuations and Exchange Rates
Macroeconomic Factors and Oil Futures
Intraday Efficiency in Oil Markets
The Effects of Macroeconomic, Political and Financial Factors on the Mean Returns and
Volatility of a Stock Market
Is Volatility Really the Best Measure of Financial Risk?
Banking and Currency Crises: Fundamentals, Sunspots and their Interaction
Market Liquidity in Stock Market Indices during the Pre- and the Post-Crisis Period
Are Foreign Banks More Profitable than Domestic Banks?
Ph.D. Thesis Supervision
Efficiency in European Banking
The Role of Monetary Rules for the Bank Lending Channel
SUBMISSIONS
‘Banks’ Reaction to Credit Rating Changes: Evidence from the US Banking Industry’, (with J.E.
Payne and C. Tsoumas), under review Journal of Money, Credit, and Banking, September 2010
‘Economic Freedom and Income Inequality Revisited: A Panel Investigation of U.S. States’,
(with O. Dincer and J.E. Payne), under review Contemporary Economic Policy, March 2011
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‘Accounting Information and Excess Stock Returns: The Role of the Cost of Capital-New
Evidence from US Firm Level Data’, under review Accounting Research (with S. Eleftheriou and
J. Sorros), March 2011
‘Optimal Hedge Ratio Estimation during the Credit Crisis and Application of Higher Moments’,
(with A. Gabrielsen), under review Review of Economics and Finance, March 2011
‘The Determinants of Business Starts-ups in Tertiary Education: Evidence for Greece through a
Panel Data Appraoch’, (with I. Fafaliou), under review Journal of Economics and Finance,
March 2011
‘Live Free or Bribe”: On the Causal Dynamics between Economic Freedom and Corruption in
U.S. States’, (with O. Dincer and J.E. Payne), under review European Journal of Political
Economy, April 2011
‘Accounting Information and the Cost of Capital: A Theoretical Approach’, (with S. Eleftheriou
and J. Sorros), Journal of Business, Finance, and Accounting, April 2011
‘Renewable Electricity Consumption and Economic Growth: A Panel Investigation of 80
Countries’, (with J.E. Payne), under review Applied Energy, April 2011
‘Weather Conditions and the Bank Lending Channel: A GMM Approach from US Banking’,
(with P. Artikis), under review Journal of Empirical Finance, April 2011
‘The Bank Lending Channel and Lunar Phases: Evidence from a Panel of European Banks’,
(with A. Gabrielsen), under review Journal of Behavioral Finance, April 2011
‘Health Expenses and Economic Growth: Growth Convergence Dynamics across the Indian
States’ (with P. Padhi), under review Journal of Health Economics, May 2011
‘Weather Conditions and Bank Loans Efficiency in US Banking: A Panel VAR Approach’, (with
P. Artikis and E. Mamatzakis), under review Journal of Banking and Finance, May 2011
REVISIONS
‘Tax-Spend Nexus in Greece: Are There Asymmetries?’, (with J.E. Payne and J.W. Saunoris),
revised and resubmitted Journal of Economics Studies, February 2011
‘Convergence Patterns in Financial Development: Evidence from Club Convergence’, (with C.
Christou and S. Miller), revised and resubmitted Empirical Economics, May 2011
‘The Role of Fixed Capital Depreciations for TFP Growth: Evidence from Firm Level Panel Data
Estimates’, (with J. Sorros), revised and resubmitted Journal of Economics and Finance, May
2011
PUBLICATIONS (Journals)
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1) Apergis, N. (1992) ‘An Estimation of Target Effective Exchange Rates: The Case of the U.S.’,
American Economist, 36, 22-28.
2) Alexakis, P. and N. Apergis (1994) ‘The Feldstein-Horioka Puzzle and Exchange Rate
Regimes: Evidence from Cointegration Tests’, Journal of Policy Modeling, 16, 459-472.
3) Apergis, N. and C. Katrakilidis (1995) ‘Public Deficit Monetization in Greece: Evidence
Using Structural VAR Modeling’, Studi Economici, 56, 137-152.
4) Alexakis, P. and N. Apergis (1996) ‘ARCH Effects and Cointegration: Is the Foreign Market
Efficient?’, Journal of Banking and Finance, 20, 687-697.
5) Apergis, N. and C. Karfakis (1996) ‘Sources of Fluctuations in Exchange Rates: A Structural
VAR Analysis’, Applied Economics Letters, 3, 251-254.
6) Alexakis, P., N. Apergis, and E. Xanthakis (1996) ‘Stock Prices and Inflation Volatility:
Evidence from an ARCH Model’, International Advances in Economic Research, 2, 101-111.
7) Apergis, N. (1996) ‘The Cyclical Behavior of Prices: Evidence from Seven Developing
Economies’, Developing Economies, 34, 204-211.
8) Apergis, N. (1996) ‘What Opportunity Cost of Holding Real Balances? The Case of Greece
1978-1993’, Applied Economic Letters, 3, 483-485.
9) Apergis, N. (1996) ‘Trends in Macroeconomic Series: Any Permanent Effects from Policy
Regime Changes’, International Review of Economics and Business (Rivista Ιnternationale di
Scienze Economiche e Commerciali), 43, 347-358.
10) Apergis, N. and E. Varelas (1996) ‘Can the Buffer-Stock Hypothesis Explain Money
Demand? Evidence from a SVAR Model’, International Review of Economics and Business
(Rivista Internazionale di Scienze Economiche e Commerciali), 43, 607-616.
11) Apergis, N. (1997) ‘Domestic and Eurocurrency Yields: Any Exchange Rate Link? Evidence
from a VAR Model’, Journal of Policy Modeling, 19, 41-47.
12) Apergis, N. and S. Eleptheriou (1997) ‘The Efficient Hypothesis and Deregulation: The
Greek Case’, Applied Economics, 29, 111-117.
13) Apergis, N., J. Papanastasiou, and C. Velentzas (1997) ‘The Credibility of Policy
Announcements: The Greek Evidence’, Applied Economics, 29, 699-705.
14) Apergis, N. (1997) ‘Inflation Uncertainty, Money Demand and Monetary Deregulation:
Evidence from a Univariate ARCH Model and Cointegration Tests’, Journal of Policy Modeling,
19, 279-293.
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15) Alexakis, P., N. Apergis, and E. Xanthakis (1997) ‘Integration of International Capital
Markets: Further Evidence from EMS Non-EMS Membership’, Journal of International
Financial Markets, Institutions, and Money, 7, 277-287.
16) Apergis, N. and E. Tsoulfidis (1997) ‘The Relationship Between Saving and Finance: Theory
and Evidence from EU Countries’, Research in Economics (Researche Economichi), 51, 333358.
17) Apergis, N. (1998) ‘Budget Deficits and Exchange Rates: Further Evidence from Causality
and Cointegration Tests’, Journal of Economic Studies, 25, 161-178.
18) Apergis, N., C. Katrakilidis, and S. Papastamatis (1998) ‘”Meteor Showers” and “Heat
Waves” in Greek Financial Markets’, International Advances in Economic Research, 3, 364-375.
19) Apergis, N. and E. Tsoulfidis (1998) ‘Money Supply Endogeneity in Greece: Further
Evidence from Cointegration and Causality Tests‘,International Review of Economics and
Business (Rivista Ιnternationale di Scienze Economiche e Commerciali), 45, 167-184.
20) Apergis, N. (1998) ‘Stock Market Volatility and Deviations from Macroeconomic
Fundamentals: Evidence from GARCH and GARCH-X Models’, Kredit and Kapital, 3, 400-412.
21) Apergis, N. (1998) ‘Inflation and Uncertainty: Does the EMS Participation Play Any Role?’,
Journal of Economic Integration, 13, 586-605.
22) Apergis, N. and C. Katrakilidis (1998) ‘Does Inflation Uncertainty Matter in Foreign Direct
Investment Decisions? An Empirical Investigation for Portugal, Spain, and Greece’,
International Review of Economics and Business (Rivista Internazionale and Scienze
Economiche & Commerciali), 45, 729-744.
23) Apergis, N. (1999) ‘Inflation Uncertainty and Money Demand: Evidence from a Monetary
Regime Change and the Case of Greece‘, International Economic Journal, 13, 21-30.
24) Apergis, N. (1999) ‘Monetary Policy Design and the Buffer-Stock Hypothesis: Further
Evidence from European Union Countries’, Applied Economics Letters, 6, 793-796.
25) Apergis, N. (2000) ‘Exchange Rate Volatility and Accounting for the Impact of Economic
Events: Evidence from a GARCH Model‘, Indian Economic Journal, 19, 45-63.
26) Apergis, N. (2000) 'Public and Private Investments in Greece: Complementary or Substitute
Goods', Bulletin of Economic Research, 52, 225-234.
27) Αpergis, N., K. Katrakilidis, and N. Tabakis (2000) 'Current Account Deficit Sustainability:
The Case of Greece', Applied Economic Letters, 7, 599-603.
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28) Apergis, N. (2000) 'Black Market Rates and Official Rates in Armenia: Evidence from
Causality Tests in Alternative Regimes', Eastern Economic Journal, 26, 335-344.
29) Apergis, N., E. Varelas, and E. Velentzas (2000) ‘Money Supply, Consumption, and
Deregulation: The Case of Greece’, Applied Economics Letters, 7, 385-390.
30) Apergis, N. (2000) 'Monetary Deregulation and Consumption: Evidence from Certain
Components of Consumption', Economic Issues, 18, 31-44.
31) Apergis, N. (2001) ‘Employment News and Exchange Rates: Policy Implications for the
European Union’, Applied Economics Letters, 7, 695-708.
32) Apergis, N. (2001) 'Reassesing the Role of Buffer-Stock Money under Oil Price Shocks',
Atlantic Economic Journal, 29, 20-30.
33) Αpergis, N. and S. Eleptheriou (2001) 'Measuring Price Elasticity of Aggregate Demand in
Greece: 1961-1995', Public Finance Review, 28, 452.467.
34) Apergis, N. and C. Katrakylidis (2001) 'Testing the Intertemporal Substituion Hypothesis:
The Impact of Income Uncertainty on Savings', Review of World Economics
(Weltwirtschaftliches Archiv), 137, 537-548.
35) Apergis, N. and S. Eleftheriou (2001) 'Stock Returns and Volatility: Evidence from the
Athens Stock Exchange Market Index', Journal of Economics and Finance, 25, 50-61.
36) Apergis, N. and A. Rezitis (2001) 'Asymmetric Cross-Market Volatility Spillovers: Evidence
from Intra-day Data on Equity and Foreign Exchange Markets', Manchester School of
Economics, 69, 81-96.
37) Apergis, N. and S. Eleftheriou (2002) 'Interest Rates, Inflation and Stock prices: The Case of
the ASE', Journal of Policy Modeling, 24, 231-236.
38) Apergis, N. (2002) 'Business Fluctuations Under ‘Hysteresis’ Effects: The Case of
Greece', Indian Economic Journal, 21, 120-134.
39) Apergis, N. and A. Rezitis (2003) 'Mean Spillover Effects in Agricultural Prices: Evidence
from Changes in Policy Regimes', International Advances in Economic Research, 9, 69-78.
40) Apergis, N. (2003) 'Testing Purchasing Power: Results from a New Foreign Exchange
Market', Applied Economics Letters, 10, 91-95.
41) Apergis, N. and A. Rezitis (2003) ' Food Price Volatility and Macroeconomic Factor
Volatility: 'Heat Waves' or 'Meteor Showers'?’, Applied Economics Letters, 10, 155-160.
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42) Apergis, N. and C. Velentzas (2002) 'The Impact of Financial Deregulation in Greece on
Consumption Patterns', International Economics (Economia Internazionale), 55, 283-296.
43) Apergis, N. and S. Zikos (2003) 'The Law of Verdoorn: Evidence from Greek Disaggregated
Manufacturing Time Series Data', Economic and Social Review, 34, 87-104.
44) Apergis, N. and A. Rezitis (2003) 'An Examination of Okun's Law: Evidence from Regional
Areas in Greece', Applied Economics, 35, 1147-1151.
45) Apergis, N. and A. Rezitis (2003) 'Operational Efficiency in the Greek Banking Industry:
Evidence from the Stochastic Frontier Approach and Error Decompositions', International
Review of Economics and Business (Rivista Internazionale and Scienze Economiche &
Commerciali), 34, 127-149.
46) Apergis, N., D. Kyrkilis, and A. Rezitis (2003) 'Exchange Rate Volatility and Inward Foreign
Direct Investment in Greece: The Prospects of EMU Membership', International Review of
Economics and Business (Rivista Internazionale and Scienze Economiche & Commerciali) 34,
235.251.
47) Apergis, N. and S. Eleftheriou (2003) 'Exchange Rates and Stock Prices: Further Evidence
from Intertemporal Asset Pricing and an Error Correction Model', International Journal of
Applied Business and Economic Research, 1, 73-88.
48) Apergis, N. and A. Rezitis (2003) ‘Housing prices and macroeconomic factors in Greece:
prospects within the EMU’, Applied Economics Letters, 10, 799-804.
49) Apergis, N. and A. Rezitis (2003) ‘Agricultural Price Volatility Spillover Effects: The Case
of Greece’, European Review of Agricultural Economics, 30, 389-406.
50) Apergis, N. and A. Rezitis (2003) ‘Mean Spillover Effects in Agricultural Prices: The Case
of Greece’, Agribusiness, 19, 425-437.
51) Apergis, N. (2003) ‘The Inflation-Output Volatility Trade-off: A Case where Anti-Inflation
Monetary Policy Turns Out to be Successful, A Historical Assessment’, Journal of Policy
Modeling, 25, 881-892.
52) Apergis, N. and S. Miller (2004) ‘Macroeconomic Rationality and Lucas’s Misperceptions
Model: Further Evidence from Panel Data’, Journal of Economics and Business, 56, 227-241.
53) Apergis, N. (2004) ‘Aggregate Employment and Sectoral Shocks in Greece: Evidence from
GARCH-M Estimates and Variance Decompositions’, Global Journal of Finance and
Economics, 15, 59-74.
54) Apergis, N. (2004) ‘Inflation, Output Growth, Volatility and Causality: Evidence from Panel
Data and the G7 Countries’, Economics Letters, 83, 185-191.
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55) Apergis, N. (2004) ‘Long Memory Patterns in the Foreign Exchange Market’, Indian Journal
of Economics and Business, 22, 71-84.
56) Apergis, N. and A. Rezitis (2004) ‘Cost Structure, Technological Change, and Productivity
Growth in the Greek Banking Sector’, International Advances of Economic Research, 14, 1-15.
57) Apergis, N. and A. Rezitis (2004) ‘Agricultural Price Volatility Spillover Effects: Reply’,
European Review of Agricultural Economics, 31, 487-488.
58) Apergis, N. (2005) ‘Inflation Uncertainty and Growth: Evidence from Panel Data’,
Australian Economic Papers, 44, 186-197.
59) Apergis, N. (2005) ‘An Estimation of the Natural Rate of Unemployment in Greece’, Journal
of Policy Modeling, 27, 91-99.
60) Apergis, N. and S. Miller (2005) ‘Money Volatility and Output Volatility: Any Asymmetric
Effects? Evidence from Conditional Measures of Volatility’, Journal of Economic Studies, 32,
511-523.
61) Apergis, N. (2006) ‘Housing Prices and the Macroeconomy: Evidence from a Panel of
European Mediterranean Countries’, Indian Journal of Economics and Business, 5, 12-24.
62) Apergis, N., C. Katrakilidis, and N. Tabakis (2006) ‘Dynamic Linkages between FDI Inflows
and Domestic Investment: A Panel Cointegration Approach‘, Atlantic Economic Journal, 34,
385-394.
63) Apergis, N. and A. Rezitis (2007) ‘Spillover Effects in Agricultural Prices: A panel
Cointegration and Causality Approach’, Journal of Agricultural and Food Economics, 41, 245264.
64) Αpergis, N., I. Filippidis, and C. Economidou (2007) ‘Financial Deepening and Economic
Growth Linkages: A Panel Data Analysis’, Review of World Economics (Weltwirtschaftliches
Archiv), 143, 179-198.
65) Apergis, N. and S. Miller (2007) ‘Consumption Asymmetry and the Stock Market: Empirical
Evidence’, Economics Letters, 93, 337-342.
66) Apergis, N., K. Lyroudi, and D. McCarty (2007) ‘The Role of Liquidity for the UK
Companies: A Panel Cointegration and Causality Approach’, Asian-African Journal of
Economics and Econometrics, 7, 159-173.
67) Apergis, N. and I. Theodosiou (2007) ‘The Employment-Wage Relationship: Was Keynes
Right After All?’, American Review of Political Economy, 6, 40-50.
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68) Apergis, N. and S. Miller (2007) ‘Total Factor Productivity and Monetary Policy: Evidence
from Conditional Volatility’, International Finance, 10, 131-152.
69) Apergis, N., C. Katrakalidis, and N. Tambakis (2007) ‘Foreign Direct Investment Inward and
Foreign Direct Investment Outward: Evidence from Panel Data, Indian Development Review: An
International Journal of Development Economics, 16, 24-43.
70) Apergis, N., K. Lyroudi, and A. Sfetsos (2007) ‘Private and Government Consumption in
Transitional Economies: A Panel Data Analysis’, Journal of Economic Development, 24, 109127.
71) Apergis, N. and P. Alexakis (2008) ‘Stock Returns and Expected Output: Evidence from the
G7 Economies’, International Journal of Economic Research, 6, 23-38.
72) Apergis, N. (2008) ‘Foreign Direct Investment Inward and Foreign Direct Investment
Outward: Evidence from Panel Unit Root and Cointegration Tests with a Certain Number of
Structural Changes’, Global Economy Journal, 8, 14.37.
73) Apergis, N., C. Economidou, and I. Phillipidis (2008) ‘Innovation, Technology Transfer and
Labor Productivity Linkages: Evidence from a Panel of Manufacturing Industries, Review of
World Economics (Weltwirtschaftliches Archiv), 144, 491-508.
74) Apergis, N., K. Lyroudi, and A. Vamvakidis (2008) ‘The Relationship between FDI and
Economic Growth: Evidence from Transition Countries’, Transition Studies Review, 15, 37-51.
75) Apergis, N., S. Miller, A. Panethimitakis, and T. Vamvakidis (2009) ‘Inflation Targeting and
Output Growth: Evidence from Aggregate European Data”, Economic and Financial Modelling,
21, 34-67.
76) Apergis, N. (2009) ‘Foreign Direct Investment Inward and Outward: Evidence from Panel
Data, Developed and Developing Economies, Open and Closed Economies’, American
Economist, 53, 21-35.
77) Apergis, N. and J.E. Payne (2009) ‘Energy Consumption and Economic Growth in Central
America: Evidence from a Panel Cointegration and Error Correction Model’, Energy Economics,
31, 211-216.
78) Apergis, N. and S. Eleftheriou (2009) ‘Firm Profitability and Stock Returns: Is There Any
Role of the Firm Size? A Panel Data Approach’, International Journal of Economic Issues, 34,
56-73.
79) Αpergis, N., C. Economidou, and J. Phillipidis (2009) ‘International Technology Spillovers,
Human Capital and Productivity Linkages: Evidence from the Industrial Sector’, Empirica, 36,
365-387.
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80) Apergis, N. and L. Ventouris (2009) ‘Asymmetries in Monetary Policy’, International
Journal of Economic Research, 8, 34-50.
81) Apergis, N. and J.E. Payne (2009) ‘Energy Consumption and Economic Growth: Evidence
from the Commonwealth of Independent States’, Energy Economics, 31, 641-647.
82) Apergis, N. and S. Miller (2009) ‘Do Structural Oil Market Shocks Affect Stock Prices?’,
Energy Economics, 31, 569-575.
83) Apergis, N. and J.E. Payne (2009) ‘CO2 Emissions, Energy Usage, and Output in Central
America’, Energy Policy, 37, 3282-3286.
84) Apergis, N. (2009) ‘Technology, Human Capital and Growth: Further Evidence from
Threshold Cointegration’, Open Economics Journal, 2, 80-86.
85) Apergis, N. and C. Tsoumas (2009) ‘A Survey on the Feldstein-Horioka Puzzle: What Has
Been Done and Where We Stand’, Research in Economics, 63, 64-76.
86) Apergis, N. (2009) ‘Bank Profitability over Different Business Cycles Regimes: Evidence
from Panel Threshold Models’, Banks and Bank Systems, 3, 59-70.
87) Apergis, N. (2009) ‘Demand and Supply Oil Shocks and Stock Prices: Evidence from Panel
Data and Variance Decomposition Tests’, Journal of Money, Investment, and Banking, 31, 7290.
88) Apergis, N. and I. Sorros (2009) ‘The Role of Disaggregated Earnings for Stock Prices:
Evidence from Listed Shipping Firms and Panel Tests’, Research in Applied Economics, 14, 124.
89) Apergis, N. and J.E. Payne (2010) ‘The Emissions, Energy Consumption and Growth Nexus:
Evidence from the Commonwealth of Independent States’, Energy Policy, 38, 650-655.
90) Apergis, N. and J.E. Payne (2010) ‘Renewable Energy Consumption and Economic Growth:
Evidence from a Panel of OECD Countries’, Energy Policy, 38, 656-660.
91) Apergis, N. and J.E. Payne (2010) ‘A Panel Study of Nuclear Energy Consumption and
Economic Growth’, Energy Economics, 32, 545-549.
92) Apergis, N. and D. Stratigos (2010) ‘House Prices and Monetary Policy’, International
Journal of Economic Research, 7, 1-19.
93) Apergis, N. and J.E. Payne (2010) ‘Coal Consumption and Economic Growth: Evidence
from a Panel of OECD Countries’, Energy Policy, 38, 1353-1359.
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94) Apergis, N., O. Dincer, and J.E. Payne (2010) ‘The Relationship between Corruption and
Income Inequality in U.S. States: Evidence from a Panel Cointegration and Error Correction
Model’, Public Choice, 145, 125-135.
95) Apergis, N., E. Panopoulou, and C. Tsoumas (2010) ‘Old Wine in a New Bottle: Growth
Convergence Dynamics in the EU’, Atlantic Economic Journal, 38, 169-181.
96) Apergis, N. and J.E. Payne (2010) ‘The Causal Dynamics between Coal Consumption and
Growth: Evidence from Emergimg Market Economies’, Applied Energy, 87, 1972-1977.
97) Apergis, N. and J.E. Payne (2010) ‘Are Fluctuations in Coal Consumption Transitory or
Permanent? Evidence from a Panel of U.S. States’, Applied Energy, 87, 2424-2426.
98) Apergis, N. and J.E. Payne (2010) ‘Natural Gas Consumption and Economic Growth: A
Panel Investigation of 67 Countries’, Applied Energy, 87, 2759-2763.
99) Apergis, N., A. Antzoulatos, and C. Tsoumas (2010) ‘Financial Structure and Industrial
Structure’, Bulletin of Economic Research, 63, 109-139.
100) Apergis, N., D. Loomis, and J.E. Payne (2010) ‘Are Shocks to Natural Gas Consumption
Temporary or Permanent? Evidence from a Panel of U.S. States, Energy Policy, 38, 4734-4736.
101) Apergis, N. (2010) ‘Nonlinearities between Oil Spot and Futures Markets: Evidence from
Intraday Data’, Chinese Business Review, 9, 1-10.
102) Apergis, N. and J.E. Payne (2010) ‘Energy Consumption and Growth in South America:
Evidence from a Panel Error Correction Model’, Energy Economics, 32, 1421-1426.
103) Apergis, N. and J. Sorros (2010) ‘Disaggregated Earnings and Stock Prices: Evidence from
International Listed Shipping Firms’, International Advances of Economics Research, 16, 269281.
104) Apergis, N. (2010) ‘Ted Spreads and Monetary Policy: Has the Financial Crisis Signalled
Significant Monetary Policy Changes?’, Empirical Economics Letters, 9, 20-26.
105) Apergis, N. and J.E. Payne (2010), ‘Renewable Energy Consumption and Growth in
Eurasia’, Energy Economics, 32, 1392-1397.
106) Apergis, N. and J.E. Payne (2010), ‘Structural Breaks and Petroleum Consumption in U.S.
States: Are Shocks Transitory or Permanent?’, Energy Policy, 38, 6375-6378.
107) Apergis, N., J.E. Payne, K. Menyah, and Y. Wolde-Rufael (2010), ‘On the Causal
Dynamics between Emissions, Nuclear Energy, Renewable Energy, and Economic Growth’,
Ecological Economics, 69, 2255-2260.
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108) Apergis, N. and V. Pekka-Economou (2010), ‘Incentives and Female Entrepreneurial
Acitivity: Evidence from Panel Firm Level Data’, International Advances of Economic Research,
16, 371-387.
109) Apergis, N. and J.E. Payne (2010) ‘The Renewable Energy Consumption-Growth nexus in
Central America’, Applied Energy, 88, 343-347.
110) Apergis, N. and A. Panethimitakis (2011) ‘Stylized Facts of Greek Business Cycles: New
Evidence from Aggregate and Across Regimes Data’, International Journal of Economics and
Business Research, 3, 147-165.
111) Apergis, N., C. Christou, and J.E. Payne (2011) ‘Political and Institutional Factors in the
Convergence of International Equity Markets: Evidence from the Club Convergence and
Clustering Procedure’, Atlantic Economic Journal, 39, 7-18.
112) Apergis, N. (2011) ‘Characteristics of Inflation in Greece: Mean Spillover Effects among
CPI Components’, Hellenic Observatory LSE, GreeceSE Paper Series, No.43.
113) Apergis, N. and E. Alevizopoulou (2011) ‘Bank Efficiency and the Bank Lending Channel:
Evidence from a Panel of European Banks’, Global Business and Economics Anthology, 11, 3043.
114) Apergis, N., E. Mamatzakis, and C. Staikouras (forthcoming) ‘Testing for Regime Changes
in Greek Sovereign Debt Crisis’, International Advances in Economic Research
115) Apergis, N., O. Dincer, and J.E. Payne (forthcoming) ‘On the Dynamics of Poverty and
Income Inequality in U.S. States’, Journal of Economic Studies.
116) Apergis, N. and A. Rezitis (forthcoming) ‘Food Price Volatility and Macroeconomic
Factors: Evidence from GARCH and GARCH-X Estimates’, Journal of Agricultural and
Applied Economics.
117) Apergis, N. and J.E. Payne (forthcoming) ‘Renewable Energy Consumption, Growth, and
Economic Development: An Exploratory Panel Analysis’, Advances in Energy Research.
118) Apergis, N. (forthcoming) ‘Old Wine in a New Bottle: Are Financial Variables Omitted
Variables in the Production Function?’, Research in World Economy.
119) Apergis, N. and A. Lake (forthcoming) ‘Credit Default Swaps and Stock Prices: Further
Evidence of Mean and Volatility Transmission using a GARCH-M Model’, China-USA Business
Review.
120) Apergis, N., C. Christou, and J.E. Payne (forthcoming) ‘Convergence Patterns in Equity
Markets: International Evidence from the Club Convergence and Clustering Procedure’,
Advances in Investment Analysis and Portfolio Management.
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121) Apergis, N., P. Artikis, and J. Sorros (forthcoming) ‘Asset Pricing and Foreign Exchange
Risk’, Research in International Business and Finance.
122) Apergis, N., G. Zestos, and D.S. Shaltayev (forthcoming) ‘Do Market Fundamentals
Determine the Dollar-Euro Exchange Rate?’, Journal of Policy Modeling.
123) Apergis, N. and J. Sorros (forthcoming) ‘Long-Term Debt and the Value of the Firm:
Evidence from International Listed Manufacturing Firms’, Review of Economics and Finance.
124) Apergis, N. and J.E. Payne (forthcoming) ‘A Dynamic Panel Study of Economic
Development and the Electricity Consumption-Growth Nexus’, Energy Economics.
125) Apergis, N., P. Artikis, J. Sorros, and V. Zisis (forthcoming) ‘Bankruptcy Probability and
Stock Prices: The Effect of ALTMAN Z-Score Information on Stock Prices: Evidence from
Panel Data’, Modern Accounting and Auditing.
126) Apergis, N. and J.E. Payne (forthcoming) ‘Renewable and Non-Renewable Energy
Consumption-Growth Nexus: Evidence from a Panel Error Correction Model’, Energy
Economics.
127) Apergis, N. and J.E. Payne (forthcoming) ‘Tourism and Growth in the Carribean: Evidence
from a Panel Error Correction Model’, Tourism Economics.
128) Apergis, N., Payne, J. and Saunoris, J. W. (2012, forthcoming) ‘Tax-spend nexus in Greece:
Are there asymmetries?’, Journal of Economic Studies.
129) Apergis, N. and Tsoumas, C. (2012, forthcoming) ‘Integration Properties of Disaggregated
Solar, Geothermal and Biomass Energy Consumption in the U.S.’, Energy Policy.
130) Apergis, N, and Alevizopoulou, E. (2012, forthcoming) ‘The Bank Lending Channel and
Monetary Policy Rules: Evidence from European Banks’, International Advances of
Economics Research.
131) Apergis, N. and Lamprinidis, L. (2012, forthcoming) ‘More Evidence on the Relationship
between the Stock and the Real Estate Market’, Briefing Notes in Economics.
132) Apergis, N., Christou, C. and Tsoumas, C. (2012, forthcoming) ‘Fractional integration and
U.S. Disaggregated natural gas energy consumption: New evidence in the presence of structural
breaks’, The Empirical Economics Letters.
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PUBLICATIONS (Edited Volumes)
Alexakis, P. and N. Apergis (1994) ‘Monetary Policy in Greece: The Impact of the EC
Membership’ in European Membership Evaluated-Greece, edited by Panos Κazakos and
Ioakimidis, Pinter Publications, London.
Alexakis, P. and N. Apergis (1997) ‘Macroeconomic Fundamentals and Stock Prices in the
Athens Stock Exchange’ in Athens Stock Exchange Annual Studies, Papazisis Editions.
Apergis, N. (1997) ‘The Relationship between Price Dispersion in Stock Prices and
Unemployment: The Case of Greece’ in The Unemployment Problem in Greece, edited by the
University of Crete Publications.
Apergis, N. (1998) ‘Sources of the Price Process: Evidence from ERM and Non-ERM
Membership, A VAR Approach’, in Essays in Economic Analysis, (edited by G. Demopoulos, P.
Korliras, K. Prodromidis), Athens, Sideris Publishers.
Apergis, N. (1999) ‘Forecasting Stock Prices from Macroeconomic Fundamentals: Further
Evidence from an Error Correction Model’ in Advances in Quantitative Analysis of Finance and
Accounting, Volume 7, JAI Press Inc., Stamford, Connecticut, 165-177.
Apergis, N. (2000) 'Survey on Savings', Reader's Guide to Social Sciences, Fitzroy Dearborn
Publishers, London.
Apergis, N. and D. Kyrkilis (2003) 'Output, Exchange Rate, Inflation, and Monetary Dynamics in
Transitional Southeast European Economies: Evidence through a Panel Country Set', in
Globalisation, Growth and Poverty, Edited by V. B. Jugale, New Delhi, Serials Publications.
Apergis, N. and S. Zikos (2004) ‘An Examination of Okun’s Law in Greece: Implications for
Unemployment’, Volume in Honor for Prof. S. Sarantidis, Department of Economics, University
of Pireaus, Greece.
Apergis, N. (2010) ‘The Recent Financial Crisis and the Real Estate Market in Greece:
Implications for Banking Stocks’, in The Implications of the Recent Financial Crisis for the
Greek Economy, Union of Hellenic Banks.
PUBLICATIONS (Μonographs):
Alexakis P. and N. Apergis (1998) ‘Business Cycles and Exchange Rate Regimes: Theory and
Evidence from Eight Industrialized Economies’, Μonograph, Gutemberg Publications, George
Dardanos.
PUBLICATIONS (Working Papers):
Apergis, N., S. Miller, A. Panethimitakis, and A. Vamvakidis (2004) ‘Inflation Targeting and
Output Growth: Evidence from Aggregate European Data’, Working Paper/04/148, International
Monetary Fund.
17
Apergis, N. and S. Miller (2004) ‘Consumption Asymmetry and the Stock Market: Further
Evidence’, Working Paper Series 2004-19, Department of Economics, University of Connecticut.
Apergis, N. (2010) ‘Mean Spillover Effects among CPI Components: The Case of Greece’,
Hellenic Observatory Publication Series, UK: London School of Economics.
CONFERENCE PRESENTATIONS
1. ‘Monetary Policy and Eurocurrency Yields: The Exchange Rate Link’, European Financial
Management, Maastricht, Netherlands, 1994.
2. ‘Stock Prices and Inflation Volatility: Evidence from an ARCH Model’, Atlantic Economic
Association, Williamsburg, VA, 1995.
3. ‘Monetary Volatility, Real Volatility and Real Exchange Rates: Evidence from GARCH
Estimates and Variance Decomposition Tests’, Atlantic Economic Association, Paris, France,
1996.
4. ‘Integration of International Capital Markets: Further Evidence from EMS and Non-EMS
Membership’, European Financial Management Association, Insbrung, Austria, 1996.
5. ‘Money, Output, and Alternative Exchange Rate Regimes: The Case of Greece’, Atlantic
Economic Association, Washington, DC, 1996.
6. ‘Monetary Policy Shocks and Long-Term Interest Rates: The European Experience’, American
Economic Association, New Orleans, LA, 1997.
7. ‘Stock Price Volatility and Exchange Rate Volatility Greece: Evidence from a version of the
“Heat Waves” and the “Meteor Showers” Hypotheses’, Atlantic Economic Association, London,
United Kingdom, 1997.
8. ‘Daily Patterns in Greek Foreign Exchange Market’, Multinational Finance Society,
Thessaloniki, Greece, 1997.
9. ‘Macroeconomic Rationality: Evidence from Time Series‘, Atlantic Economic Association,
Rome, Italy, 1998.
10. ‘Current Account Sustainability: The Case for Greece’, Αtlantic Economic Association,
Rome, Italy, 1998.
11. ‘Long Memory Patterns in the Foreign Exchange Market‘, Αtlantic Economic Association,
Vienna, Austria, 1999.
12. ‘Exchange Rate Volatility and Inward Foreign Direct Investment in Greece: The Prospects of
EMU Membership‘, Αtlantic Economic Association, Munich, Germany, 2000.
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13. ‘Mean Spillover Effects in Agricultural Prices: Evidence from Changes in Policy Regimes‘,
Αtlantic Economic Association, Athens, Greece, 2001.
14. ‘An Estimation of the Natural Rate of Unemployment in Greece‘, Αtlantic Economic
Association, Paris, France, 2002.
15. ‘Agricultural Price Volatility Spillover Effects: The Case of Greece’, Irish Economic
Association, Mallinbrau, Ιreland, 2002.
16. ‘The Employment–Wage Relationship: Was Keynes right after all?’, Αtlantic Economic
Association, Vienna, Austria, 2003.
17. ‘The Relationship between Foreign Direct Investment and Economic Growth: Evidence from
Panel Data in Transition Economies‘, Αtlantic Economic Association, Lisbon, Portugal, 2004.
18. ‘Consumption and Budget Deficits in Transitional Economies: Does the Ricardian
Equivalence Hold? Evidence from Panel Data’, Macroeconomics and International Finance
Conference, Rethymnon, Criti, 2004.
19. ‘Consumption and Budget Deficits: Neural Networks vs. Parametric Models’, Atlantic
Economic Association, London, United Kingdom, 2005.
20. ‘Dynamic Linkages between FDI Inflows and Domestic Investment: A Panel Cointegration
Approach’, Atlantic Economic Association, London, United Kingdom, 2005.
21. ‘Labor Productivity, Innovation and Technological Diffusion Linkages: Evidence from a
Panel of EU Industries’, Atlantic Economic Association, Berlin, Germany, 2006.
22. ‘Financial Development and Sectoral Growth: Evidence from Panel Data’, (co-authored with
A. Antzoulatos and C. Tsoumas), Atlantic Economic Association, Madrid, Spain, 2007.
23. ‘Financial Development and Sectoral Growth: Evidence from Panel Data’, (co-authored with
A. Antzoulatos and C. Tsoumas), Εuropean Economic Association, Budapest, Hungary, 2007.
24. ‘Old Wine in a New Bottle: Are Financial Variables Omitted Variables in the Production
Function?, Academy of Economics and Finance Conference, Nashville, TN, 2008.
25. ‘Old Wine in a New Bottle: Growth Convergence Dynamics in the EU (co-authored with K.
Panopoulou and C. Tsoumas), Atlantic Economic Association, Warsaw, Poland, 2008.
26. ‘Bank Profitability over Different Business Cycles Regimes: Evidence from Panel Threshold
Models’, Western Economic Association, Honolulu, HI, 2008.
27. ‘Convergence in Earnings-Price Ratios: International Evidence from Club Convergence’ (coauthored with C. Christou), Atlantic Economic Association, Rome, Italy, 2009.
19
28. ‘Credit Default Swaps and Stock Prices: Further Evidence of Mean and Volatility
Transmission using a GARCH-M Model΄ (co-authored with A. Lake), All Economists
Conference (ACE), City University of Hong Kong, Hong Kong, 2009.
29. ‘Convergence Patterns in Equity Markets: International Evidence from the Club Convergence
and Clustering Procedure’ (co-authored with C. Christou), Business & Economics Society
International, Nassau, Bahamas, 2010.
30. ‘Asset Pricing and Foreign Exchange Risk’ (co-authored with P. Artikis and J. Sorros),
Academy of Economics and Finance Conference, Houston, TX, 2010.
31. ‘Political or Institutional Factors in Explaining Convergence Patterns in Equity Markets?
International Evidence from the Club Convergence and Clustering Procedure’ (co-authored with
C. Christou), 1st World Finance Conference, Polytechnic Institute of Viana do Castelo, 2010.
32. ‘Convergence Patterns in Growth and Financial Development: Evidence from Club
Convergence’ (co-authored with C. Christou and S. Miller), Atlantic Economic Association,
Prague, Czech Republic, 2010.
33. ‘Incentives and Female Entrepreneurial Activity: Evidence from Panel Firm Level Data’ (coauthored with V. Pekka-Economou), Atlantic Economic Association, Prague, Czech Republic,
2010.
34. ‘The Dynamics of Greek Inflation’, European-Asian Economics, Finance & Accounting and
Econometric Association, Beijing, China, 2010.
35. ‘Profitability Performance and the Role of Manufacturing Cost: Evidence from a Panel of US
Manufacturing Firms’, Business and Social Science Research Conference, Dubai, UAE, 2011.
36. ‘Profitability Performance and the Role of Manufacturing Cost: Evidence from a Panel of US
Manufacturing Firms’, Academy of Economics and Finance Conference, Jacksonville, FL, 2011.
SERVICE
External:
Referee for the following journals: Applied Economics, Applied Energy, Applied Financial
Economics, Atlantic Economic Journal, Bulletin of Economic Research, Energy Economics,
Energy Policy, European Economic Review, Global Economic Journal, International Advances
of Economic Research, International Economic Review, International Economic Journal,
Journal of Economics and Finance, Journal of Economic Studies, Journal of International
Money and Finance, Journal of Macroeconomics, Journal of Policy Modeling, Manchester
School.
Editorial Boards: Journal of Economics and Finance, 2008-present; International Advances of
Economic Research, 1995-present; International Journal of Economic Research, 2003-present;
20
present; Journal of World Economic Review, 2005-present; The Open Economics Journal, 2006present; International Journal of Economic Sciences and Applied Research, 2007-present,
International Journal of Energy Optimization and Engineering, 2008-present.
Internal:
Department:
Recruiting Committee, University of Ioannina, 1999-2002
Recruiting Committee, University of Piraeus, 2007-present
Graduate Curriculum Committee, University of Piraeus, 2003-present
Doctorate Curriculum Committee, University of Piraeus, 2003-present
Undergraduate Curriculum Committee, University of Piraeus, 2006-present
Undergraduate Curriculum Committee, University of Ioannina, 1999-2002
Undergraduate Curriculum Committee, University of Macedonia, 2003-2005
Recruitment Committee, University of Piraeus, 2007-present
Departmental Undergraduate Scholarships Program, University of Piraeus, 2006-present
Departmental Graduate Scholarships Program, University of Piraeus, 2006-present
Departmental Doctorate Scholarships Program, University of Piraeus, 2006-present
REFERENCES
Dr. Parantap Basu, Professor of Economics, Department of Economics and Finance, Durham
University, United Kingdom. E-mail: [email protected], Phone: +44 191 334 6360
Dr. George Katsimbris, Professor Emeritus of Economics, Department of Banking & Financial
Management, University of Piraeus, Greece. E-mail: [email protected], Phone: +30 210
4142100
Dr. Stephen Miller, Professor of Economics, Department of Economics, University of Nevada,
Las Vegas. E-mail: [email protected], Phone: (702) 895-3969
Dr. James E. Payne, Professor of Finance and Economics, College of Innovation and Technology
and Regional Vice Chancellor for Academic Affairs, University of South Florida Polytechnic,
Lakeland, FL. E-mail: [email protected].
Dr. George Zestos, Professor of Economics, Department of Economics, Christopher Newport
University, Newport News, VA. E-mail: [email protected], Phone: (757) 594-7067