ACG 150

Working Paper Series

Working Paper 1: From Fragments to Composition: The Origins of Economic Thought in Modern Greece

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Author: Michalis Psalidopoulos


Abstract: The present contribution sheds light on the period before and after the revolution of ’21 from the viewpoint of the history of economic thought.  We begin our investigation in the middle of the 18th century aspiring to throw light on the economic element of the neo-Hellenic spiritual movement in the process of its establishment.


Copyright 2022 by Michalis Psalidopoulos. Short sections of text may be quoted provided that full credit is given to the source.


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Author: Spyridon V. Branis


Abstract: Russia’s invasion of Ukraine has raised the issues of energy security and availability in Europe. Around 30-45% of Europe’s natural gas demand has been historically imported from Russia. REPowerEU initiative (March 8th, 2022) has been designed to implement the reduction on gas from the region in parallel with the decarbonization process. In this paper, we present the initial EU plan rational, its short-term and long-term targets until 2030. The scenario of abrupt stop of Gazprom’s pipeline exports is discussed. Constraints on gas supply could result in an increase of coal power generation over the short term. Renewables and nuclear energy options are practically long-term solutions and their impact on Europe’s energy independence is discussed. The updated REPowerEU initiative (May 18th, 2022) is also presented. Its aims remain the rapid reduction of dependence on Russian fossil fuels, the acceleration of EU transition to a clean economy and the increase the resilience of the EU energy system. The key package of proposals and actions: save energy, diversify of energy imports, substitute fossil fuels through Europe’s clean energy transition process and smartly combine investments and reforms is presented. Finally the merits and critical points of REPowerEU ambitious plan are discussed.


Copyright 2022 by Spyridon V. Branis. Short sections of text may be quoted provided that full credit is given to the source.

Working Paper 3: Determinants and effects of trade credit financing: Evidence from the maritime shipping industry

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Authors: Elisavent Mantzari, Anna Merika, Christos Sigalas


Abstract: This paper investigates trade credit, as an alternative source of capital, in the setting of the maritime shipping industry. We employ net working capital, as a proxy variable of trade credit, in a Generalized Method of Moments instrumenting for endogeneity study based on a panel dataset of public maritime shipping companies, to empirically investigate the factors affecting trade credit as well as the effects of trade credit. Our study provides evidence that the magnitude of trade credit is affected by profitability, financial leverage, company size, cost of capital, financial distress, institutional ownership, corporate power, corporate liquidity, asset intensity, and corporate growth. In addition, our findings suggest that trade credit has an impact on financial performance, equity value and risk. These empirical findings yield important implications for principal financial officers and senior managers, heavily involved in the strategic and financial management of capital and asset-intensive industries like the maritime shipping industry.


Copyright 2022 by Elisavent Mantzari, Anna Merika, Christos Sigalas. Short sections of text may be quoted provided that full credit is given to the source.

Working Paper 4: Meta-Intelligence: Forming the Scaffolding that Forms You

Author: Dimitrios Makris


Abstract: This research investigates a crucial but under-explored pattern of innovators’ approach conducive to the generation of innovation, from idea to commercial development; innovators possess the capacity to critically reflect and to, simultaneously, actively manage their environments. “Meta-intelligence” captures the capacity to interrogate and curate one’s environment. Meta-intelligence entails critical reflection on a dynamic situation one is embedded in and, also, actively managing it. Placing oneself in the appropriate context is a signature characteristic of meta-intelligence in action, innovators place themselves in contexts that propel them forwards. Data from interviews were collected through qualitative research and indicate that practitioners of innovation display meta-intelligence in their innovation-generation efforts. Bricolage serves as a key theory as the repertoire of experiential schemata nurtures meta-intelligence. The findings align with dynamic capabilities theory in connection to the innovative capability and the managerial activity of transforming.


Copyright 2022 by Dimitrios Makris. Short sections of text may be quoted provided that full credit is given to the source.

Working Paper 5: ECB between Scylla & Charybdis: Stagflation vs Fragmentation

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Author: Spyridon V. Branis


Abstract: The euro area economy has been looking more like (the picture in) the U.S. and the U.K.: wage
growth accelerates and inflation is getting stickier. Those concerns have pushed the European
Central Bank (ECB) to act faster to tighten monetary policy. By leaving behind nearly a decade of
negative interest rates, EU government bond yields in the periphery have crept into the “danger
zone”. The ECB is thus faced with a dilemma. It needs to tighten monetary policy in order to rein
in unexpectedly high inflation and at the same time to prevent fragmentation of financial markets
across the eurozone. The euro area may be about to experience something new: fragmentation in
its financial markets in a situation characterized by stagflation. As Italian government bond yields
climb, officials in Frankfurt assembled a new backstop anti-fragmentation tool for sovereign debt to
make sure they can hike rates as needed to cool inflation. The developments and the public
debates that had led to ECB’s July 21 & September 8, October 27 and December 15 meetings
decisions on interest rate hikes and the new anti-fragmentation tool are presented and discussed.
The accumulated clouds of persistent inflation, the Russian-Ukrainian conflict, the energy crisis,
Italian debt sustainability and the upcoming eurozone recession are presented in sync with market
expectations and interest rate projections. A forward guidance, for the ECB policy in 2023 is
presented. ECB will stay hawkish to anchor inflation expectations until core inflation is safely on


Copyright 2023 by Spyridon V. Branis. Short sections of text may be quoted provided that full credit is given to the source.