The list below gives the references of articles authored or co-authored by Webster Vienna Private University professors and published in peer-reviewed journals. Our faculty names are in bold.


Antonakakis, N., Cunado, J., Gupta, R. and Segnon, M. K. (Forthcoming) “Revisiting the Twin Deficits Hypothesis: A Quantile Cointegration Analysis over the Period 1791-2013”, Journal of Applied Economics.

Antonakakis, N., Gupta, R. and Tiwari, A. K. (In Press) “Time-Varying Correlations between Trade Balance and Stock Prices in the United States over the Period 1792 to 2013” Journal of Economics and Finance. DOI: 10.1007/s12197-018-9428-z.

Antonakakis, N., Collins, A. (In Press) “A Suicidal Kuznets Curve?” Economics Letters. DOI: 10.1016/j.econlet.2018.02.013.

Antonakakis, N., Chatziantoniou, I., Gabauer D. and Floros, C. (In press) “Dynamic Connectedness of UK Regional Property Returns”, Urban Studies. DOI: 10.1177/0042098017739569

Antonakakis, N.,Dragouni, M., Eeckels, B. and Filis, G. (In Press) “The Tourism and Economic Growth Enigma: Examining an Ambiguous Relationship through Multiple Prisms”, Journal of Travel Research. DOI: 10.1177/0047287517744671

Antonakakis, N., Cunado, J., Filis, G., Gabauer, D. and de Gracia, F. P. (2018) “Oil Volatility, Oil and Gas Firms and Portfolio Diversication”, Energy Economics 70, 499-515. DOI: 10.1016/j.eneco.2018.01.023

Antonakakis, N., Chang, T., Cunado, C. and Gupta, R. (2018) “The Relationship between Commodity Markets and Commodity Mutual Funds: A Wavelet-Based Analysis”, Finance Research Letters 24, 1-9. DOI: 10.1016/ 03.005

Eskerod, P. & Djuric, J. (2018). Motivations for and Comparisons of Green Certificates within the Hotel Industry, Universal Journal of Management, 6(6): 179-189. DOI: 10.13189/ujm.2018.060601

Eskerod, P., Ang, K. & Andersen, E.S. (2018). Increasing Project Benefits by Project Opportunity Exploitation, International Journal of Managing Projects in Business, 11(1), 35-52. DOI: 10.1108/IJMPB-07-2017-0089

Eskerod, P. & Larsen, T. (2018). Advancing Project Stakeholder Analysis by the Concept ‘Shadows of the Context’, International Journal of Project Management, 36(1): 161-169



Antonakakis, N., Andre, C., Gupta, R. and Zerihum, M. F. (2017) “Asymmetric Behaviour in Nominal and Real Housing Prices: Evidence from Emerging and Advanced Economies”, Journal of Real Estate Literature 25(2), 409-425. DOI: 10.5555/0927-7544.25.2.409.

Antonakakis, N., Gupta, R., Kollias, C. and Papadamou, S. (2017) “Geopolitical Risks and the Oil-Stock Nexus Over 1899-2016”, Finance Research Letters 23, 165-173. DOI: 10.1016/

Antonakakis, N., Christou, C., Cunado, J. and Gupta, R. (2017) “Convergence Patterns in Sovereign Bond Yield Spreads: Evidence from the Euro Area”, Journal of International Financial Markets Institutions and Money 49, 129-139. DOI: 10.1016/j.intfin.2017.03.002.

Antonakakis, N., Balcilar, M., Gupta, R. and Kyei, C. (2017) “Components of Economic Policy Uncertainty and Predictability of US Stock Returns and Volatility: Evidence from a Nonparametric Causality-in-Quantile Approach", Frontiers in Finance and Economics 14(2), 20-49.

Antonakakis, N. and Gupta, R. (2017) “Is Economic Policy Uncertainty Related to Suicide Rates? Evidence from the United States”, Social Indicators Research 133 (2), 543-560. DOI: 10.1007/s11205-016-1384-4.

Antonakakis, N., Christou, C., Filis, G. and de Gracia, F. P. (2017) “Oil Dependence, quality of political institutions and economic growth: A panel VAR approach”, Resources Policy 53, 147-163. DOI: 10.1016/j.resourpol.2017.06.005.

Antonakakis, N., Gupta, R. and Tiwari A. K. (2017) “Has the Correlation of Inflation and Stock Prices Changed in the United States over the Last Two Centuries?”, Research in International Business and Finance 42 (C), 1-8. DOI: 10.1016/j.ribaf.2017.04.005.

Antonakakis, N., Hassani, H., Silva, E. S., Filis, G. and Gupta, R. (2017) “Forecasting Accuracy Evaluation of Tourist Arrivals: Evidence from Parametric and Non-Parametric Techniques”, Annals of Tourism Research 63, 112-127. DOI: 10.1016/j.annals.2017.01.008.

Antonakakis, N., Chatziantoniou, I. and Filis, G. (2017) “Oil Shocks and Stock Markets: Dynamic Connectedness under the Prism of Recent Geopolitical and Economic Unrest”, International Review of Financial Analysis 50, 1-26. DOI: 10.1016/j.irfa.2017.01.004.

Antonakakis, N., Gupta, R. and Tiwari, A. K. (2017) “The Time-Varying Correlation between Output and Prices in the United States over 1800 to 2014”, Economic Systems 41 (1), 90-108. DOI: 10.1016/j.ecosys.2016.05.005.

Antonakakis, N., Chatziantoniou, I. and Filis, G. (2017) “Energy Consumption, CO2 Emissions, and Economic Growth: A Moral Dilemma”, Renewable & Sustainable Energy Reviews 68 (Part 1), 808-824. DOI: 10.1016/j.rser. 2016.09.105.

Chatziantoniou, I., Floros, C., & Filis, G. (2017). Asset prices regime-switching & the role of inflation targeting monetary policy. Global Finance Journal, 32, 97-112.

Eskerod, P. & Ang, K. (2017). Stakeholder Value Constructs in Megaprojects: A Long-Term Assessment Case Study. Project Management Journal, 48(6): 60-75.

Eskerod, P., Justesen, J. B. and Sjøgaard, G. (2017) “Enriching Project Organizations with Formal Change Agents. Health Promotion Projects at the Workplace”, International Journal of Managing Projects in Business 10 (3) 578-599. DOI: 10.1108/IJMPB-03-2016-0028.

Justesen, J. B., Eskerod, P., Christensen, J. R. and Sjøgaard, G. (2017) “Implementing Workplace Health Promotion - Role of Middle Managers”, International Journal of Workplace Health Management 10 (2), 164-178. DOI: 10.1108/IJWHM-04-2016.

Madlberger, M., Matook, S. (2017) “Theorizing e-Commerce Business Models: On the Impact of Partially and Fully Supported Transaction Phases on Customer Satisfaction and Loyalty”, Australasian Journal of Information Systems 21, 1-25, DOI:



Antonakakis, N., Dragouni, M., Eeckels, B. and Filis, G. (2016) “Tourism and Economic Growth: Does Gemocracy Matter?” Annals of Tourism Research 61, 258-264. DOI: 10.1016/j.annals.2016.09.018.

Antonakakis, N., Andre, C. and Gupta, R. (2016) “Dynamic Spillovers in the United States: Stock Market, Housing, Uncertainty and the Macroeconomy”, Southern Economic Journal 83 (2), 609-624. DOI: 10.1002/soej.12149.

Antonakakis, N., Cunado, J., Gil-Alana, L.A. and Gupta, R. (2016) “Is Inflation Persistence Different in Reality?”, Economics Letters 148, 55-58. DOI: 10.1016/ j.econlet.2016.09.003.

Antonakakis, N., Gupta, R. and Mwamba, J. W. M. (2016) “Dynamic Co-movements between Housing and Oil Markets in the US over 1859 to 2013: A Note”, Atlantic Economic Journal 44 (3), 377-386. DOI: 10.1007/s11293-016-9508- 4.

Antonakakis, N., Babalos, V. and Kyei, C. (2016) “Predictability of Sustainable Investments and the Role of Uncertainty: Evidence from a Non-Parametric Causality-in-Quantiles Test”, Applied Economics 48 (48), 4655-4665. DOI: 10.1080/ 00036846. 2016.1161724.

Antonakakis, N. and Floros, C. (2016) “Dynamic Interdependencies among the Housing Market, Stock Market, Policy Uncertainty and the Macroeconomy in the United Kingdom", International Review of Financial Analysis 44, 111-122. DOI: 10.1016/j.irfa.2016.01.006.

Antonakakis, N., Gogas P., Papadimitriou, T. and Sarantitis, G. (2016) “International Business Cycle Synchronization since the 1870s: Evidence from a Novel Network Approach”, Physica A: Statistical Mechanics and its Applications 447, 286-296. DOI: 10.1016/j.physa.2015.12.029.

Antonakakis, N. and Badinger, H. (2016) “Economic Growth, Volatility, and Cross-Country Spillovers: New Evidence for the G7 Countries”, Economic Modelling 52 (B), 352-365. DOI: 10.1016/j.econmod.2015.08.035.

Antonakakis, N., Chatziantoniou, I. and Filis, G. (2016) “Business Cycle Spillovers in the European Union: What is the Message Transmitted to the Core?”, The Manchester School 84 (4), 437-481. DOI: 10.1111/manc.12101.

Antonakakis, N., Floros, C. and Renatas, K. (2016) “Dynamic Spillover Effects in Futures Markets: UK and US Evidence”, International Review of Financial Analysis 48, 406-418. DOI: 10.1016/j.irfa.2015.03.008.

Chatziantoniou, I., Degiannakis, S., Eeckels, B., & Filis, G. (2016). Forecasting tourist arrivals using origin country macroeconomics. Applied Economics, 48 (27), 2571-2585.

Dupont, D. H. and Eskerod, P. (2016) “Enhancing Project Benefit Realization Through Integration of Line Managers as Project Benefits Managers”, International Journal of Project Management 34 (4), 779-788. DOI: 10.1016/j.ijproman.2015.10.009

Dupont, D. H. and Eskerod, P. (2016) “Line Managers as Peer Change Agents”, Journal of Management and Change 1/2 (34/35), 60-75.

Larsen, T. and Eskerod, P. (2016) “Using Change Management Principles in Projects - An Exploratory Case Study”, Journal of Management and Change 1/2 (34/35), 44-59.

Dant, R.P, Jeon, H.J., Mumdziev, N., Windsperger, J. (2016). A Cross-National Comparison of Brand Perceptions of Global Franchise Chains in the BRICS Journal of Marketing Channels. 23(4), 196-216.



Aagaard, A., Eskerod, P. and Madsen, E. S. (2015) ”Key drivers for informal project coordination among sub-contractors: a case study of the offshore wind energy sector”, International Journal of Managing Projects in Business 8 (2), 222-240. DOI: 10.1108/IJMPB-05-2014-0041.

Antonakakis, N. and Kizys, R. (2015) “Dynamic Spillovers between Commodity and Currency Markets”, International Review of Financial Analysis 41, 303-319. DOI: 10.1016/j.irfa.2015.01.016

Antonakakis, N. and Collins, A. (2015) “The Impact of Fiscal Austerity on Suicide Mortality: Evidence across the ‘Eurozone Periphery’”, Social Science & Medicine 145, 63-78. DOI: 10.1016/j.socscimed.2015.09.033.

Antonakakis, N., Christophe, A. and Gupta, R. (2015) “Dynamic Co-movements between Economic Policy Uncertainty and Housing Market Returns”, Journal of Real Estate Portfolio Management 21 (1), 53-60. DOI: 10.5555/1083-5547-21.1.53.

Antonakakis, N. and Scharler, J. (2015) “Business Cycle and Financial Cycle Spillovers in the G7 Countries”, The Quarterly Review of Economics and Finance 58, 154-162. DOI: 10.1016/j.qref.2015.03.002.

Antonakakis, N. and Tondl, G. (2015) “Robust Determinants of OECD FDI in Developing Countries: Insights from Bayesian Model Averaging”, Cogent Economics & Finance 3 (1), 1-25. DOI:10.1080/23322039.2015.1095851.

Antonakakis, N., Dragouni, M. and Filis, G. (2015) “How Strong is the Linkage between Tourism and Economic Growth in Europe?”, Economic Modelling 44C, 142-155. DOI: 10.1016/j.econmod.2014.10.018.

Antonakakis, N., Dragouni, M. and Filis, G. (2015) “Tourism and Growth: The Times they are A-changing”, Annals of Tourism Research 50, 165-169. DOI: 10.1016/j.annals.2014.11.008.

Eskerod, P., Huemann, M. and Ringhofer, C. (2015) “Stakeholder Inclusiveness - Enriching Project Management with General Stakeholder Theory”, Project Management Journal 46 (6), 42-53. DOI: 10.1002/pmj.21546.

Eskerod, P., Huemann, M. and Savage, G. (2015) “Project Stakeholder Management - Past and Present”, Project Management Journal 46 (6), 6-14. DOI: 10.1002/pmj.21555.

Jurca, A., Madlberger, M. (2015): “Ambient advertising characteristics and schema incongruity as drivers of advertising effectiveness”, Journal of Marketing Communications 21(1), 48-54. DOI: 10.1080/13527266.2014.970824



Antonakakis, N. and Collins, A. (2014) “The Impact of Fiscal Austerity on Suicide: On the Empirics of a Modern Greek Tragedy”. Social Science & Medicine 112, 39{50. DOI: 10.1016/j.socscimed.2014.04.019.

Antonakakis, N. and Badinger, H. (2014) “International Business Cycle Spillovers since the 1870s”, Applied Economics 46 (30), 3682-3694. DOI: 10.1080/00036846.2014.937040.

Antonakakis, N., Chatziantoniou, I. and Filis, G. (2014) “Dynamic Spillovers of Oil Price Shocks and Economic Policy Uncertainty”, Energy Economics 44, 433-447. DOI: 10.1016/j.eneco.2014.05.007.

Antonakakis, N. and Tondl, G. (2014) “Does Integration and Economic Policy Coordination Promote Business Cycle Synchronization in the EU?”, Empirica 41(3), 541-575. DOI: 10.1007/s10663-014-9254-2.

Chatziantoniou, I., and Filis, G. (2014). Financial & monetary policy responses to oil price shocks: Evidence from oil-importing & oil-exporting countries. Review of Quantitative Finance & Accounting, 42, 709-729.

Eskerod, P. and Vaagaasar, A. L. (2014) “Stakeholder Management Strategies and Practices during a Project Course”, Project Management Journal 45 (5), 71-85. DOI: 10.1002/pmj.21447.

Madlberger, M. (2014): “Through the Eyes of the Traveler: Consumer Evaluation of Hotels in Eastern European Capitals Compared with Western, Southern, and Northern Europe”, Journal of Eastern European and Central Asian Research (JEECAR) 1(2), 32-40. DOI:


Antonakakis, N., and Darby, J. (2013) “Forecasting Volatility in Developing Countries' Nominal Exchange Returns”, Applied Financial Economics 23 (21), 1675-1691. DOI: 10.1080/09603107.2013.844323.

Antonakakis, N., and Vergos, K. (2013) “Sovereign Bond Yield Spillovers in the Euro Zone during the Financial and Debt Crisis”, Journal of International Financial Markets, Institutions & Money 26. 258-272. DOI: 10.1016/j.intn.2013.06.004.

Antonakakis, N., Chatziantoniou, I. and Filis, G. (2013) “Dynamic Co-movements of Stock Market Returns, Implied Volatility and Policy Uncertainty”, Economics Letters 120 (1), 87-92. DOI: 10.1016/j.econlet.2013.04.004.

Antonakakis, N. and Filis, G. (2013). “Oil Prices and Stock Market Correlation: A Time-varying Approach”, International Journal of Energy and Statistics 1 (1), 17-29. DOI: 10.1142/S2335680413500026.

Chatziantoniou, I., Duffy, D., & Filis, G. (2013). Stock market response to monetary & fiscal policy shocks: Multi-country evidence. Economic Modelling, 30, 754-769.

Chatziantoniou, I., Filis, G., Eeckels, B., & Apostolakis, A. (2013). Oil prices, tourism income & economic growth: A structural VAR approach for European Mediterranean countries. Tourism Management, 36, 331-341.

Eskerod, P. and Huemann, M. (2013) “Sustainable Development and Project Stakeholder Management: What Standards Say”, International Journal of Managing Projects in Business 6 (1), 36-50. DOI: 10.1108/17538371311291017

Floh, A., Madlberger, M. (2013): “The role of atmospheric cues in online impulse-buying behavior”, Electronic Commerce Research and Applications 12 (6), 425-439. DOI: 10.1016/j.elerap.2013.06.001

Mumdziev, N.; Windsperger, J (2013). An Extended Transaction Cost Model of Allocation of Decision Rights, Managerial and Decision Economics, 34(3), 170-187.

Workie Tiruneh, M. (2013). “Does Labor Force Education Accelerate the Speed of Convergence?" : Empirical Evidence from Selected EU Countries”, Journal of Economics/Ekonomický časopis, Volume 61, Number 4, April-May 2013, pp. 344-357.



Antonakakis, N. and Badinger, H. (2012). “International Spillovers of Output Growth and Output Growth Volatility: Evidence from the G7 countries”, International Economic Journal 26 (4), 635-653. DOI: 10.1080/10168737.2011. 631025.

Antonakakis, N. (2012). “The Great Synchronization of International Trade Collapse”, Economics Letters 117 (3), 608-614. DOI: 10.1016/j.econlet.2012.07.041.

Antonakakis, N. and Scharler, J. (2012). “Has Globalization Improved International Risk Sharing?”, International Finance 15 (2), 255-266. DOI: 10.1111/j.1468-2362.2012.01304.x.

Antonakakis, N. (2012). “Business Cycle Synchronization during US Recessions since the Beginning of the 1870s”, Economics Letters 117 (2), 467-472. DOI: 10.1016/j.econlet.2012.06.034.

Antonakakis, N. (2012). “Exchange Return Co-movements and Volatility Spillovers Before and After the Introduction of Euro”, Journal of International Financial Markets, Institutions & Money 22 (5), 1091-1109. DOI: 10.1016/ j.intn.2012.05.009.

Antonakakis, N. and Scharler, J. (2012). “The Synchronization of GDP Growth in the G7 during US Recessions”, Applied Economics Letters 19 (1), 7-11. DOI: 10.1080/13504851.2011.564126.

Antonakakis, N. (2012). “Official Central Bank Interventions in the Foreign Exchange Markets: A DCC Approach with Exogenous Variables”, Banks and Bank Systems 7 (2), 35-50.

Antonakakis, N. and Scharler, J. (2012). “Volatility, Information and Stock Market Crashes”, Journal of Advanced Studies in Finance 3 (5), 49-57. DOI: 10.2478/v10259-012-0004-0.



Mumdziev, N.; Windsperger, J. (2011), Structure of Decision Rights in Franchising Networks: A Property Rights Perspective Entrepreneurship in Theory and Practice, 35(3), 449-465.



Dietrich, P., Eskerod, P., Dalcher, D. and Sandhawalia, B. (2010) “The Dynamics of Collaboration in Multi-partner Projects”, Project Management Journal 41 (4), 59-78. DOI: 10.1002/pmj.20194.

Eskerod, P. (2010) “Action Learning for Further Developing Project Management Competencies: A Case Study from an Engineering Consultancy Company”, International Journal of Project Management 28 (4), 352-360. DOI: 10.1016/j.ijproman.2010.01.010.

Workie Tiruneh, M. & Kovac, U. (2010). “The contribution of Edmund Phelps to the Development of Macroeconomics”, Journal of Economics/Ekonomický časopis, Volume 58, Number 9, August-September 2010, pp. 967-971.