Business and Management Research

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.

Antonakakis, N., Collins, A. (In Press) “A Suicidal Kuznets Curve?” Economics Letters.

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

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

Antonakakis, N. and Kizys, R. (2015) “Dynamic Spillovers between Commodity and Currency Markets,” International Review of Financial Analysis 41, 303-319.

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.

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.

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.

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.

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.

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

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

Eskerod, P., Huemann, M. and Savage, G. (2015) “Project Stakeholder Management — Past and Present,” Project Management Journal 46 (6), 6-14.

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

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.

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

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

Antonakakis, N. and Tondl, G. (2014) “Does Integration and Economic Policy Coordination Promote Business Cycle Synchronization in the EU?” Empirica 41(3), 541-575.

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.

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.

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

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.

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.

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.

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.

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

Mumdziev, N. and 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.

Antonakakis, N. (2012). “The Great Synchronization of International Trade Collapse,” Economics Letters 117 (3), 608-614.

Antonakakis, N. and Scharler, J. (2012). “Has Globalization Improved International Risk Sharing?” International Finance 15 (2), 255-266.

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

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.

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

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.

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.

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.

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.

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.

Eskerod, P. (2017) “Stakeholders,” in “Cambridge Handbook of Organizational Project Management.” Edited by S. Sankaran, R. Müller and N. Drouin. Cambridge University Press.

Madlberger, M. (2017): “Digitalisierung in der Supply Chain,” in: “ECR Digital Edition.” Edited by GS1 Austria. Forthcoming

Antonakakis, N., Badinger, H. and Wolf Reuter (2016) “Efficiency, Proportionality and Member States' Power in the EU Council of Ministers,” in the “Handbook of the Economics of European Integration." Edited by Harald Badinger and Volker Nitsch. Routledge.

Workie Tiruneh, M. (2016). Some Reflections on the Determinants of ICT Usage. In Ozgur Akan, Paolo Bellavista 2016, in Series Book Lecture Notes of the Institute for Computer Sciences, Social Informatics and Telecommunications Engineering (Berlin, Springer Berlin Heidelberg) pp. 551-558, ISBN: 978-3-301-33680-0.

Eskerod, P. (2015) “Projekt-Stakeholdermanagement im internationalen Kontext,“ in „Globale Projekte managen. Neue Wege für die Weltweite Projektarbeit“ (in German). Edited by A. Nachbagauer and G. Ortner. Symposion Publishing.

Madlberger, M. (2015): “Integrating the technology acceptance model and satisfaction to understand drivers of online travel booking behavior,” in “Lecture Notes in Business Information Processing.” Edited by V. Monfort and K.-H. Krempels. Springer.

Eskerod, P. (2014) “Stakeholder Understanding and Perception of Fairness: Enriching Project Management with Strategy Concepts,” in “Advancing Research on Projects and Temporary Organizations.” Edited by R. A. Lundin and M. Hällgren. Copenhagen Business School Press.

Eskerod, P. & Huemann, M. (2014) “Managing for Stakeholders,” in “Gower Handbook of Project Management, 5th ed.” Edited by J. R. Turner. Gower.

Eskerod, P. & Jepsen, A. L. (2014) “What Does the Project Stakeholder Value?” in “Advances in Project Management: Narrated Journeys in Unchartered Territory.” Edited by D. Dalcher. Gower.

Madlberger, M. (2014): “Inter-organizational information systems in the supply chain,” in “Encyclopedia of Information Science and Technology.” Edited by M. Khosrow-Pour. Information Resources Management Association.

Madlberger, M. (2012) “Theoretical Foundations of Inter-Organizational Information Systems: Towards a Framework Grounded on Seven Theories,” in “Inter-Organizational Information Systems and Business Management: Theories for Researchers.” Edited by K. Vaidya. IGI Global.

Foscht, T., Madlberger, M., Dorner, F. (2011) “Informationswissenschaft und Marketing — ein Gegensatz? Das Beispiel des elektronischen Datenaustausches (EDI),“ in “Informationswissenschaft — Begegnungen mit Wolf Rauch.” Edited by O. Petrovic, C. Schlögl, and G. Reichmann. Böhlau.

Mumdziev, N. (2011), “Allocation of Decision Rights in international Franchise Firms: The Case of Master and Direct Franchising,” In Tuunanen et al. (eds.). New Developments in the Theory of Networks: Franchising, Alliances and Cooperatives, Heidelberg: Springer Verlag

Madlberger, M. (2010) “What Drives Firms to Engage in Interorganizational Information Sharing in Supply Chain Management?,” in “E-Collaboration Technologies and Organizational Performance: Current and Future Trends.” Edited by N. Kock. IGI Global.

Workie Tiruneh, M. (2010). Cross-Country Versus Cross Regional Convergence in the European Union: An empirical Exploration. In Money, Banking and Financial Markets in Central and Eastern Europe: 20 Years of Transition (Chippenham, Palgrave Macmillan) pp. 139-160, ISBN: 978-1-4039-4872-4.

Workie Tiruneh, M. & Radvansky, M. (2010). Regional Disparities in Central and Eastern Europe: Theoretical Models and Empirical Analyses (Bratislava, The Slovak Academy of Sciences) pp. 400, ISBN: 978-80-7144-180-9.

WVPU: Congratulations on your recent publications. The first article I’d like you to tell us about is “The impact of Euro through time: Exchange rate dynamics under different regimes.” For those of us without a background in finance, what are the practical applications of studying currency in this way?

Dr. Antonakakis: The decision for a common European currency constitutes a landmark in the history of international financial markets. Despite the fact that the adoption of the Euro entails both advantages and challenges, its unequivocal importance in international finance has sparked — among academics, policy makers and other pundits — keen interest in its potential impact on decision making and macroeconomic policy formulation.

The relative strength of the Euro against other major currencies is, of course, of particular importance. In effect, studying Euro’s interaction with other currencies should help attain a better understanding of global economic developments. In this respect, our study is largely motivated by research related to currency interdependence and contagion issues, especially, in the light of the introduction of the Euro. We are mainly interested in the position of the Euro as an international currency. That is to say, in its relative strength and its co‐movements with other major currencies, across time.

WVPU: How would you describe contagion to a layperson?

Dr. Antonakakis: In economics and finance, a contagion effect explains the possibility of spread of economic crisis or boom across countries or regions. This phenomenon may occur both at a domestic level as well as at an international level. The failure of Lehman Brothers as well as the collapse of the housing market in the United States is an example of a domestic contagion that led to the global financial crisis in 2008.

WVPU: Another recently published article concerns the energy sector: “Oil and asset classes implied volatilities: Investment strategies and hedging effectiveness.” Tell us a little bit about this study and its target audience.

Dr. Antonakakis: Since the increased financialisation of the oil market over the last 15 years, a growing literature has emerged examining the time-varying relationship and spillover effects among oil and financial markets. Interestingly enough almost all studies examine solely the oil-stock market nexus, without taking other asset classes, such as commodities and metals, into account, that are widely used by investors in their portfolio diversification strategies. Thus, in this study we attempted to capture the intricate relationships among oil and fourteen asset volatilities, which belong to four different asset classes (stocks, commodities, exchange rates and macroeconomic conditions).

The main objective of this study was to determine the optimal hedging strategies and optimal portfolio weights for implied volatility portfolios among the above-mentioned assets. As such our study’s target audience is mainly investors that adopt diversification strategies when forming portfolios that combine oil and other asset classes.

WVPU: This study is largely about hedging — its effects, causes, unintended consequences, etc. What is hedging and why should a person who works outside of the finance sector have a basic understanding of what it is?

Dr. Antonakakis: Hedging is a type of investment intended to reduce the risk of adverse price movements in an asset. Most people have engaged in hedging, whether they know it or not. For instance, when you buy life insurance to support your family in the case of your death, this is a hedge. You pay money in monthly sums for the coverage provided by an insurance company.

WVPU: The final article is perhaps the most ‘inside baseball’ of the three, by which I mean it seems to be about research methods for fellow academics who conduct research in this field. The article is titled “Refined Measures of Dynamic Connectedness based on Time-Varying Parameter Vector Autoregressions.” The abstract suggests that it builds upon techniques previously conceived by other academics. Maybe you could tell us a little about this study and, perhaps more broadly about how researchers build upon previous studies.

Dr. Antonakakis: Among the three studies, indeed this is the most technical one and, as such, mostly relevant to researchers conducting research in this field. In particular, the main objective of this study is to improve and enhance an already existing methodology in an attempt to capture more accurately the intricate evolution of interrelationships among financial variables.

Building upon a very well-established empirical methodology of Diebold and Yılmaz (2009, 2012, 2014) who introduced a variety of connectedness measures, we provide a methodological extension and put our framework into practice by investigating dynamic connectedness measures of the four most traded foreign exchange rates.

Comparing the results between the existing approach and our proposed methodology there was suggestive evidence of improvement in the analysis by adopting our new enhanced approach. The process of building upon the existing findings in the literature and try to improve them is a typical process in academia among researchers who engage in lengthy conversations of sorts and rely on others’ findings in an attempt to increase the level of understanding in the field.