Outputs (12)

Technology rhetoric and institutional ownership (2024)
Journal Article
Andreou, P. C., Drivas, K., Philip, D., & Wood, G. (2025). Technology rhetoric and institutional ownership. Cambridge Journal of Economics, 49(1), 67-93. https://doi.org/10.1093/cje/beae035

This article compares actual R&D spend with the managerial rhetoric around technology and innovation contained within corporate disclosures of US-listed firms. We find that, whilst actual R&D spend and patents do not entice institutional investors to... Read More about Technology rhetoric and institutional ownership.

Financial literacy for financial resilience: Evidence from Cyprus during the pandemic period (2023)
Journal Article
Andreou, P., Anyfantaki, S., & Atkinson, A. (2023). Financial literacy for financial resilience: Evidence from Cyprus during the pandemic period. Cyprus economic policy review, 17(1), 27-54

Extremal quantiles and stock price crashes (2023)
Journal Article
Andreou, P., Anyfantaki, S., Maasoumi, E., & Sala, C. (2023). Extremal quantiles and stock price crashes. Econometric Reviews, 42(9-10), 703-724 . https://doi.org/10.1080/07474938.2023.2241223

We employ extreme value theory to identify stock price crashes, featuring low-probability events that produce large, idiosyncratic negative outliers in the conditional distribution. Traditional methods employ approximations under Gaussian assumptions... Read More about Extremal quantiles and stock price crashes.

Dispersion in options investors' versus analysts' expectations: Predictive inference for stock returns (2021)
Journal Article
Andreou, P., Kagkadis, A., Maio, P., & Philip, D. (2021). Dispersion in options investors' versus analysts' expectations: Predictive inference for stock returns. Critical finance review, 10(1), 65-81. https://doi.org/10.1561/104.00000091

We create a market-wide measure of dispersion in options investors' expectations by aggregating across all stocks the dispersion in trading volume across moneynesses (DISP). DISP exhibits strong negative predictive power for future market returns and... Read More about Dispersion in options investors' versus analysts' expectations: Predictive inference for stock returns.

Institutional ownership and firms’ thrust to compete (2021)
Journal Article
Andreou, P. C., Fiordelisi, F., Harris, T., & Philip, D. (2022). Institutional ownership and firms’ thrust to compete. British Journal of Management, 33(3), 1346-1370. https://doi.org/10.1111/1467-8551.12496

This article provides evidence on the impact of transient (short-term) institutional investors on a firm’s thrust to compete. A firm’s thrust to compete, as an attribute of corporate culture, captures the relative importance of corporate values that... Read More about Institutional ownership and firms’ thrust to compete.

Measuring firms' market orientation using textual analysis of 10-K filings (2020)
Journal Article
Andreou, P., Harris, T., & Philip, D. (2020). Measuring firms' market orientation using textual analysis of 10-K filings. British Journal of Management, 31(4), 8725-895. https://doi.org/10.1111/1467-8551.12391

Market‐oriented firms are committed to understanding their customers’ evolving expectations and meeting their needs, while outwitting competitors, to achieve a sustainable competitive advantage and improve performance. This paper develops a measure f... Read More about Measuring firms' market orientation using textual analysis of 10-K filings.

The information content of forward moments (2019)
Journal Article
Andreou, P., Kagkadis, A., Philip, D., & Taamouti, A. (2019). The information content of forward moments. Journal of Banking and Finance, 106, 527-541. https://doi.org/10.1016/j.jbankfin.2019.07.021

We estimate the term structures of risk-neutral forward variance and skewness, and examine their predictive power for equity market excess returns and variance. We use Partial Least Squares to extract a single predictive factor from each term structu... Read More about The information content of forward moments.

Financial knowledge among university students and implications for personal debt and fraudulent investments (2018)
Journal Article
Andreou, P., & Philip, D. (2018). Financial knowledge among university students and implications for personal debt and fraudulent investments. Cyprus economic policy review, 12(2), 3-23

The study is the first attempt to examine financial literacy, financial aptitude and behaviour among university students in Cyprus. The student survey covers 881 Cypriot students, aged mostly 18-24, across the five biggest universities in Cyprus. The... Read More about Financial knowledge among university students and implications for personal debt and fraudulent investments.

Differences in options investors' expectations and the cross-section of stock returns (2018)
Journal Article
Andreou, P., Kagkadis, A., Philip, D., & Tuneshev, T. (2018). Differences in options investors' expectations and the cross-section of stock returns. Journal of Banking and Finance, 94, 315-336. https://doi.org/10.1016/j.jbankfin.2018.07.016

We provide strong evidence that the dispersion of individual stock options trading volume across moneynesses (IDISP) contains valuable information about future stock returns. Stocks with high IDISP consistently underperform those with low IDISP by mo... Read More about Differences in options investors' expectations and the cross-section of stock returns.

CEO duality, agency costs, and internal capital allocation efficiency (2018)
Journal Article
Aktas, N., Andreou, P., Karasamani, I., & Philip, D. (2019). CEO duality, agency costs, and internal capital allocation efficiency. British Journal of Management, 30(2), 473-493. https://doi.org/10.1111/1467-8551.12277

This study examines the impact of CEO duality on firms’ internal capital allocation efficiency. We observe that when the CEO is also chair of the board, diversified firms make inefficient investments, as they allocate more capital to business segment... Read More about CEO duality, agency costs, and internal capital allocation efficiency.

Bank loan loss accounting treatments, credit cycles and crash risk (2017)
Journal Article
Andreou, P., Cooper, I., Louca, C., & Philip, D. (2017). Bank loan loss accounting treatments, credit cycles and crash risk. The British Accounting Review, 49(5), 474-492. https://doi.org/10.1016/j.bar.2017.03.002

Banks that follow conditional conservatism in their loan loss accounting treatments benefit from a reduction in crash risk. The key discretionary loan loss accounting channels are provisions and allowances. We show that conditional conservatism reduc... Read More about Bank loan loss accounting treatments, credit cycles and crash risk.

Bank liquidity creation and risk-taking: Does managerial ability matter? (2016)
Journal Article
Andreou, P., Philip, D., & Robejsek, P. (2016). Bank liquidity creation and risk-taking: Does managerial ability matter?. Journal of Business Finance and Accounting, 43(1-2), 226-259. https://doi.org/10.1111/jbfa.12169

This study investigates the impact of managerial ability on banks' liquidity creation and risk-taking behavior. We find that higher ability managers create more liquidity and take more risk. During financial crisis times, however, higher ability bank... Read More about Bank liquidity creation and risk-taking: Does managerial ability matter?.