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The optimization of investment portfolios is a topic of major importance in financial decision making, with many relevant models available in the relevant literature. The purpose of this paper is to perform a thorough comparative assessment of different bi-objective models as well as multi-objective one, in terms of the performance and robustness of the whole set of Pareto optimal portfolios.

In this study, three bi-objective models are considered (mean-variance (MV), mean absolute deviation, conditional value-at-risk (CVaR)), as well as a multi-objective model. An extensive comparison is performed using data from the Standard and Poor’s 500 index, over the period 2005–2016, through a rolling-window testing scheme. The results are analyzed using novel performance indicators representing the deviations between historical (estimated) efficient frontiers, actual out-of-sample efficient frontiers and realized out-of-sample portfolio results.

The obtained results indicate that the well-known MV model provides quite robust results compared to other bi-objective optimization models. On the other hand, the CVaR model appears to be the least robust model. The multi-objective approach offers results which are well balanced and quite competitive against simpler bi-objective models, in terms of out-of-sample performance.

This is the first comparative study of portfolio optimization models that examines the performance of the whole set of efficient portfolios, proposing analytical ways to assess their stability and robustness over time. Moreover, an extensive out-of-sample testing of a multi-objective portfolio optimization model is performed, through a rolling-window scheme, in contrast static results in prior works. The insights derived from the obtained results could be used to design improved and more robust portfolio optimization models, focusing on a multi-objective setting.

The purpose of this paper is to provide to the Board of Directors and CEOs of a firm to be aware of and accountable for the information they provide to the public. As long as the quality of the companies’ public information is high, it will be able to retain its investors as well as to obtain new ones more easily.

This paper introduces a Multi-Criteria Decision Aid (MCDA) tool with the use of the PROMETHEE II method to formulate an alternative aggregate ESG quality approach. We conduct comparisons in a sectorial and regional based perspective during different exam periods before and after the implementation of International Financial Reporting Standards (IFRS), in an attempt to provide a robust framework for corporate disclosure reporting.

The findings are of particular interest to both scholars and decision-makers, including providers of corporate governance indices and rating agencies. The innovation of this paper lies among others in using the MCDA method with the ESG framework, which proposes a combination of qualitative and quantitative criteria, enabling experienced and/or not experienced analysts to avoid manipulating techniques in business information.

The sample of companies based on the US and Europe companies incorporating only large-sized ones.

Findings are of particular interest to both scholars and decision-makers including providers of corporate governance indices and rating agencies.

Better understanding features pay key importance for increasing the “quality” information in firms financial statements, especially after the use of IFRS in reporting standards.

The authors proceed to analysis using a multiple perspective use that is decomposed into the following options: (a) Time-period oriented option, (b) Regional-oriented option and (c) Sectoral-oriented option respectively.

This is the application of the Entropy and TOPSIS model to assess the eco-efficiency of European financial institutions using environmental, social, and governance (ESG) strategies. The aim is to categorize financial institutions based on key factors such as environmental training and management and to examine the alignment between ideal ESG performance and eco-efficiency.

The study uses environmental, social, and governance (ESG) strategies to identify and categorize eco-entrepreneurs in European financial institutions. The study utilizes data to examine the structure between environmental training, effective management practices, and the green performance of financial institutions.

The study shows that European financial institutions exhibit varying degrees of eco-efficiency as assessed using the Entropy and TOPSIS model applied to ESG strategies. Surprisingly, the study found that institutions with a high ESG performance do not always match those with the highest eco-efficiency.

They emphasize the need for financial institutions to align their operations with sustainable practices. This research provides insights to increase eco-efficiency and improve the ESG performance of financial institutions. It also informs policy and decision-making in these institutions in relation to environmental training and management practices, contributing to the wider dialogue on sustainable finance.

This indicates a discrepancy between ESG ratings and actual eco-efficiency, emphasizing the need to reassess the ESG framework. The study findings are crucial for aligning financial institutions with sustainable practices and improving the effectiveness of the ESG framework, especially for institutions at the lower end of the eco-efficiency spectrum.

This paper aims to present and assess the EU energy policies regarding their dependence on Information and Communication Technology (ICT) implications and the level of complexity of the applied ICT implications using the Technique for Order Preference by Similarity of Ideal Solution (TOPSIS) method. The used criteria have been retrieved from the official “ICT Implication Assessment method of EU Legislation”.

The methodology approach deals with the ranking representation of EU energy policies according to the ICT exploitation. The data for the study were collected from the official website of the European Union (EU) (www.europa.eu). According to these data, the subtopics of the EU energy policies regard the internal energy market, the European energy policy, the energy efficiency, the nuclear energy, the security of energy supply, the external dimension, the enlargement and the renewable energy sources. The EU energy policies were assessed using the TOPSIS multicriteria analysis. The TOPSIS is widely used to solve real-world decision-making problems due to its characteristic to deal with different information types.

According to the results of the research, the EU energy policies achieve a good level of dependence on ICT implications and of complexity of the applied ICT implications but not the optimum. However, EU policy-makers should take into account the ICT factors while updating an existing one or while designing a new energy policy. The results of this research can provide an overview of the current situation regarding the current legislation while moving toward a sustainable eEurope. There is a need for stronger incubation efforts for a wide range of innovations to be ready in due time.

This is the first time that EU energy policies are presented and assessed regarding their dependence on ICT implications and the level of complexity of the applied ICT implications using the TOPSIS method.

The present paper aims to examine the relationship between bank's characteristics and market characteristics and the probability of acquisition in the Greek banking industry.

Logistic regression is used to examine a sample of 24 banks, 9 of which were acquired between 1998 and 2002.

It is found that profit and cost efficiency, liquidity and capital strength do not seem to have an impact on the acquisition likelihood. Market share in terms of deposits, the number of branches, the annual growth of bank's total assets and the size of banks are negatively related to the acquisition likelihood. From the three market characteristics that were examined, the concentration of the five largest banks, the mean return on average assets of the industry and the average total assets growth, only the first one was found to have a negative and statistically significant impact on the acquisition likelihood.

Variables related to management incentives and corporate governance, which may have an impact on the acquisition likelihood, were not available and therefore have not been considered. It is hoped that future research will improve upon this.

The results could be of interest to bank managers of potential targets that would like to know whether their bank is developing a profile similar to the typical target. Furthermore, knowledge of bank's and market characteristics that increase the probability of acquisition can be of particular interest to policy makers.

The investigation of the characteristics that affect the likelihood that a bank will be acquired has been largely ignored with most studies in banks M&As using event study, operating performance or X‐efficiency methodology to examine the effect of M&As on the stock prices or the performance of banks. Furthermore, the limited studies that have examined the characteristics of acquired banks have focused on the US market. The present paper adds to the literature by examining the Greek banking sector, which is different from the US one in many aspects.

This paper aims to examine the determinants of performance of Greek banks during the period of EU financial integration (1990‐2002).

The approach is to use an unbalanced pooled time series dataset of 23 banks.

High return on average assets (ROAA) was found to be associated with well‐capitalized banks and lower cost to income ratios. Size was positive in all cases but statistically significant only when the macroeconomic and financial structure variables entered the models. Turning to macroeconomics and financial structure, the growth of gross domestic product (GDP) has a significant and positive impact on ROAA, while inflation has a significant negative impact.

The paper's value lies in showing that money supply growth has no significant impact on profits, whereas the ratios banks' assets to GDP, stock market capitalization to banks assets and concentration are all statistical significant and negatively related to ROAA.

The purpose of this study is to examine the operating efficiency of a set of 171 retail orientation bank branches of a large commercial bank in Greece, offering relatively homogenous products in a multimarket business environment.

For the measurement of the indices of efficiency the internationally known method of data envelopment analysis (DEA) was used. Two semi‐parametrical statistical tests and one additional Kolmogorov–Smirnov test (non‐parametric) were conducted to choose the appropriate DEA model for the analysis. Using regression analysis, the paper also seeks to examine the effects of selected branch characteristics (profitability, size, market power) and location to variations on operating efficiency.

The results indicate the scope for substantial efficiency improvements. It is also observed that, within the branch characteristics variable, more profitable and larger branches have higher operating efficiency. Finally, holding profitability and branch size constant the analysis showed that rural branches tend on average to be more efficient than urban branches.

The paper examines the operating efficiency of bank branches of a large commercial bank in Greece.

This study aims to examine the effects of the introduction of the International Financial Reporting Standards (IFRS) on the explanatory power of earnings for stock returns in Greece.

The study uses variants of the Easton and Harris model. Moreover, the study controls for asymmetries in the information content of earnings and losses.

The findings show that the IFRS had several effects on the value relevance of earnings. In particular, the available information content of both earnings and earning changes decreased after the introduction of the IFRS. The reduction in the information content of earnings for returns (or the information content of book values of equity for stock prices) could be attributed to the IFRS and, in particular, to the introduction of the fair value principle. Moreover, even after controlling for the existence of asymmetries, the findings of reduced information content of earnings and earning changes for stock returns persist.

The study makes a significant contribution to the research of the implementation of the IFRS. In particular, the study examines the adoption of a set of high quality standards in a country where accounting was dominated by tax laws and governmental intervention.

The purpose of this paper is to examine the efficiency and productivity of a Greek bank's branches.

The sample consists of 458 branches of a Greek commercial bank, operating in 13 regions of Greece over the period 2002‐2005, a total of 1,795 observations. Data envelopment analysis was used to explore the efficiency and productivity of the branches. Then, fixed and random effects models were used to determine the impact of internal and external factors on the efficiency and productivity scores.

The results indicate that the branches in the sample could have achieved improved overall performance during 2002‐2005. Also, that the inclusion of loan loss provisions as an input variable increases the efficiency score, but for the total factor productivity (TFP) change, the results are mixed. The second stage regressions indicate that both the logarithm of personnel and the logarithm of income per capita in the local market have a significant impact on efficiency, while the loans to total assets ratio has a significant impact on pure technical efficiency only. When the various productivity change measures were regressed over the explanatory variables, it was found that the logarithm of per capita gross fixed capital formation has a positive and statistically significant impact on all measures. Also, that the return on assets, the loans to deposit ratio, the logarithm of personnel, and the logarithm of income of per capita, all have a positive and statistically significant impact on overall efficiency change.

This paper is the first study on Greek branches which examines the impact of market conditions. It examines the impact of risk‐taking on the efficiency of the branches and examines the productivity growth of the branch network using the Malmquist TFP index.