Andreas Charitou

Learn More
This study builds on option-pricing theory to explain business bankruptcy based on a sample of 139 matched pairs of bankrupt and control U.S. firms for the period 1983-94. Our results indicate that the primary option-motivated variables, such as firm volatility, play an important role in predicting default, one, two and three years prior to bankruptcy. When(More)
In the past three decades, earnings have been one of the most researched variables in accounting. Empirical research provided substantial evidence on its usefulness in the capital markets but evidence in predicting earnings has been limited, yielding inconclusive results. The purpose of this study is to validate and extend prior research in predicting(More)
The main purpose of this paper is the development and validation of a failure classification model for UK public industrial companies using current techniques: logit analysis and Neural Networks. Our dataset consists of 51 matched-pairs of failed and nonfailed UK public industrial firms over the period 1988-1997. Prediction models are developed for up to(More)
Purpose – The purpose of this paper is to critically evaluate the different market-making systems found in most developed capital markets and to provide guidance to emerging market regulators for a possible implementation of such a system. Design/methodology/approach – The paper looks closely at the market design of seven developed countries focusing on the(More)
In the backdrop of the creation and collapse of the Cyprus stock market bubble, we document substantial positive abnormal returns around the announcement and execution of stock splits in Cyprus. Split-induced returns cannot be explained by variables proxying for conventional liquidity and signalling hypotheses for stock split activity, and are largely(More)
  • 1