Get documents about "1st Prize for the ALBA Team at the European - PDF
Document Sample
The ALBA’s Quarterly Newsletter
nac
1st Prize for the ALBA Team at the Euro-
pean Business Plan of the Year Competi-
Summer 2005
tion 2005!
The ALBA the participating schools. Volume 2, Issue 7
'NANOCHEM S.A.' The ALBA 'NANOCHEM S.A.'
Team won the first Team consisting of students of the Inside this issue:
prize at the EURO- full-time MBA, Dr. Ioannis Arabatzis,
PEAN BUSINESS Despoina Chatzimichalaki, Anasta- Academic
2
PLAN OF THE YEAR COMPETITION sia Kopanaki, Dimitris Lykoudis, and Programs
2005, which took place on June 2-4 Ioannis Moraitidis, made an out- Executive
2005, at the Stockholm School of Entre- standing impression at the competi- 3
Development
preneurship (Sweden). It is noteworthy tion by presenting NANOCHEM's
that ALBA had also won the 1st Prize at solid and innovative business plan. Applied Research
the European Business Plan of the Year 6
NANOCHEM has developed an in- & Intl Projects
Competition 2003. visible, patent-protected, layer that
can be applied to a variety of sur- ALBA Events 7
The European Business Plan of the Year
Competition was jointly created by IN- faces and provides them with self- New knowledge
cleaning, self-sterilizing and anti- 8
SEAD and London Business School in at ALBA
1993 to encourage the teaching of en- fogging properties.
trepreneurship and the creation of new Experience from
Continued in page 6 10
ventures. Now it has become an inde- our Alumni
pendent Foundation jointly 'owned' by ALBA Entrepreneurship Guide
2005 Available Now, page 6 Voice of the
ALBA Alumni 12
International Academic Award for Dr. Association
Christos Cabolis, Assistant Professor of Alumni on the
Move
12
Economics & Finance
Christos Cabolis, Assistant Professor of Economics & Finance at
Special points of inter-
ALBA, achieved an important international distinction by being
awarded the 'First Jaime Fernández de Araoz Award in Corporate est:
Finance' for his paper “The Value of Investor Protection: Firm Evi- • European Business
dence from Cross-Border Mergers” co-authored with Arturo Bris, Plan of the Year Com-
the Robert B. & Candice Haas Associate Professor of Corporate petition 2005
Finance at Yale School of Management and Fellow at the Euro-
• New MBA in Shipping
pean Corporate Governance Institute.
The “Jaime Fernandez de Araoz” Award initiative is designed to contribute to • Leadership & Team Ef-
the development of corporate finance, rewarding the individuals or teams that fectiveness: Joint Pro-
have contributed significantly to this field through their research or experience. gram by ALBA & Yale
A Jury of distinguished academics and practitioners evaluate the quality, appli- School of Management
cability and innovative nature of the papers submitted.
• International Academic
The award was presented by Crown Prince Felipe and Princess Letizia of Spain Award for Dr. Christos
in a ceremony that took place in Madrid on June 13, 2005. Cabolis
ALBA congratulates Dr. Cabolis for receiving this international award that re-
• Interview with Ms.
flects the institution’s mission to promote innovation and excellence in research
and to advance knowledge in the field. Dimitra Mikou (S-HRM
2) Assistant Director of
For more information and a copy of the article, please contact the Communica-
Mining Business Unit’s
tions and Corporate Relations Department, ALBA, tel. 210-8964531 or e-mail:
HR Dept. DEI. S.A.
communications@alba.edu.gr
Academic Programs
APPLY NOW for the ALBA Programs, Year 2005-2006!
The applications period for the year 2005-2006 has begun! For further information you may visit
www.alba.edu.gr/academic
APPLICATION DEADLINES: Note: Applications received after the submission
• MBA: apply all year around deadline may not be reviewed for the current in-
take, but will certainly be reviewed for next year’s
• Professional MBA: September 30, 2005
in take.
• MBA in Shipping: September 30, 2005
• MSc in Business for Lawyers: October 14, 2005
Invited Speaker(s )- Academic Programs
• MSc in S-HRM : September 30, 2005
in the PMBA and MBA Financial Statement Analysis
• MSc in Finance: Apply all year around Course: Mr. Konstantinos Petropoulos, Chairman,
P. Petropoulos S.A. on June 9, 2005.
New Classes of MBA and MSc in Finance start in September 2005. The New MBA Class starts the first
weekend of September with the Team Building Workshop to be held in Sofiko, Corinth.
ALBA successfully launched new MBA in Shipping!
The ALBA MBA in Shipping program is designed for high-quality
and promising graduates who wish to pursue an international ca-
reer in the shipping industry. The aim of this program is to provide
the knowledge base necessary to ensure Greece's future as a major
international shipping nation, by delivering to students the knowl-
edge and ability to be able to manage all areas of a shipping opera-
tion, to make sound and timely decisions and to be able to cope
under the continuous and rapidly changing competitive shipping
From left to right: Dr. I. Visvikis, Ms. Kalkavoura, business environment.
Dean Travlos, Mr. Joannos, Mr. Gratsos, Mr. Pana-
The Program Presentation took place on May 18, 2005, at 18:30, at
gopoulos, Captain Tsakos, Mr. Vordonis, and
Prof. Kavussanos
the Metropolitan Hotel with the participation of about 200 execu-
tives of the Maritime Industry. The following distinguished executives (of both the private and public sec-
tor) and academics honoured the event with their presence and addressed the audience (alphabetial or-
der):
-Mr. George Gratsos, President, Hellenic Chamber of Shipping
-Prof. Ioannis Joannos, Secretary General, Ministry of Mercantile Marine,
-Prof. Manolis Kavussanos, Professor of Finance, Athens University of Economics & Business,
-Mr. Alexandros Panagopoulos, Vice President & Managing Director, ATTICA Group,
-Captain Panayiotis Tsakos, President of TSAKOS Group and Chairman, Lloyd's Register's Hellenic Advisory
Committee.
-Mr. Emmanuel Vordonis, Managing Director, Thenamaris Ships Management Inc.
For information you may contact Ms A. Kalkavoura, tel: 210-8964531, e-mail: shipping@alba.edu.gr
Volume 2, Issue 7 Page 2
Executive Development @ ALBA (exed@alba.edu.gr)
Upcoming Seminars
OCTOBER 6—7, 2005 NOVEMBER 3—4, 2005
Strategic Marketing Management Essentials of Marketing
by Dr. Prashant Malaviya, by Dr. Vasilis Theoharakis
Associate Professor of Marketing, INSEAD Associate Professor of Marketing
& Entrepreneurship, ALBA
OCTOBER 20—21, 2005
Managing People DECEMBER 1—2, 2005
by Dr. Olga Epitropaki Pricing Strategy & Implementation
Assistant Professor of Organizational Behavior by Dr. Kostas Axarloglou
& Human Resources Management, ALBA Assistant Professor of Business Economics, ALBA
“ALBA – Carrefour Marinopoulos Diploma in Management
Studies”- Customized Executive Development Program for Carrefour Mari-
nopoulos starts in September!
Carrefour – Marinopoulos has trusted ALBA for the design and implementation of a
fourteen- month Executive Development Program, titled “ALBA-CARREFOUR MARI-
NOPOULOS Diploma in Management Studies”, for a selected group of upper level ex-
ecutives. The Program is specifically designed to create a fully customized solution, in
order to meet the specific needs and challenges of Carrefour Marinopoulos and fit From left to right: Dean
Travlos, Ms. Makarigaki,
the company’s strategy. The official program presentation took place on June 29, Mr. Jerome Loubere,
2005, at ALBA premises and Mr. Ebeoglou
LEADERSHIP and TEAM EFFECTIVENESS
Concluded on June 1 – 4, 2005
This joint Executive Program, held at the Divani Apollon Palace & Spa in Athens, Greece, was once again
a great success! The opening day began with resident Professors H. Tsoukas and O. Epitropaki address-
ing key issues concerning leadership in Greece. The days that followed were led by Professor V. Vroom of
Yale School of Management, who immediately had the participants engaged in interactive exercises, thus
bringing them together to work as a team. On the final day of the program, Prof. Vroom gave each par-
ticipant a computer analysis on the specific individual leadership style.
SHELL Diploma in Management Studies
Graduation of 2nd Class
The students of the 2nd class of the ALBA-SHELL Diploma in Management Studies
have completed all the course requirements of the program and were awarded
their Diplomas on June 6, 2005. The 2nd graduation ceremony was held at ALBA
premises. On this specific occasion, participants gave a small presentation to
SHELL’s top management, highlighting how the program made an impact in their Picture from the
graduation ceremony
academic, professional and everyday lives.
ALBA wishes to congratulate the graduating class and we are proud that companies like SHELL HELLAS
S.A. with firm commitment to their employees, trust ALBA as a partner in their lifelong learning journey.
“EMOTIONAL INTELLIGENCE”: session organized exclusively for Janssen Cilag!
An afternoon session with Dr. Olga Epitropaki, Assistant Professor of Organizational
Behavior and Human Resources Management, was organized with Janssen Cilag, for
its employees. The session was conducted at the company’s premises on June 17,
2005. The session included highly interactive discussions between the employees and
the company’s top executives. The session was the first of a series of lectures that will
be given by ALBA Faculty. Ms. Fountoulaki, Mr. Sakel-
laridis, Dean Travlos, Ms.
From left to right:
Economou, Dr. Epitropaki
Volume 2, Issue 7 Page 3
Interview with Dr. Vasilis Theoharakis, Associate
Professor of Marketing & Entrepreneurship
We interviewed Dr. Theoharakis concerning the suc-
cess of the ALBA Team on the EBPYC 2005
1. Congratulations on this great achievement! “Greece once again crowned champions of
Although this is not the first time that an ALBA Europe - Athens’ students win European entrepre-
team wins the 1st Prize at the EBPYC, please tell neurship competition”. They continued by compar-
us a few words about the competition. ing our win to that of the EURO 2004 and the Euro-
Thank you very much. The European Business Plan vision Song Contest: “Hot on the heels of the Euro-
of the Year Competition is Europe’s oldest business pean Football Championships and the Eurovision
plan competition; it was jointly created by INSEAD and Song Contest, a Greek team won gold in the Euro-
London Business School in 1993 to encourage the pean Business Plan of the Year Competition”. You
teaching of entrepreneurship and the creation of new may appreciate that this distinction was viewed as a
ventures. Three years ago it became an independent national victory for Greece.
Foundation jointly 'owned' by the participating
schools. Business plans are presented to a panel of ex- ALBA has systematically proven that it does not
pert judges that typically are venture capitalists, sea- simply conform to international academic standards
soned investors or consultants. but it excels when compared against the best busi-
ness schools. Further, we hope that wins like this
Each year, the competition takes place at a different
one will motivate a new generation of young entre-
business school and ALBA was the host last year. Par-
preneurs.
ticipation is possible by invitation only; ALBA is still the
only Greek institution that participates at the competi- 4. How prepared is the ALBA “NANOCHEM S.A.”
tion. This year, the competition took place on June 2-4 team to represent Europe in the global Entrepre-
2005, at the Stockholm School of Entrepreneurship neurship Competition in Stanford, next January?
(Sweden). As I already mentioned, our team’s success, is
that it consists of five very capable individuals that
2. Which do you believe are the main reasons for the were very well-prepared and have an exceptional
success of “NANOCHEM S.A.” in the EBPYC? Is the idea. However, a global competition is even more
NANOCHEM project a feasible idea that can be- challenging, with the participation of schools like
come a profitable company? Harvard, Wharton, Stanford University, Columbia
When you are competing against the best busi- Business School, Columbia University, University of
ness schools in Europe, it is very important that you California Berkeley, and University of Chicago. I am
are very well prepared. Our team, NANOCHEM S.A., certain that the team will work very hard and I re-
consisting of students from the full-time MBA Dr. main optimistic about the outcome.
Ioannis Arabatzis, Despoina Chatzimichalaki, Anas-
tasia Kopanaki, Dimitris Lykoudis, and Ioannis Mo-
raitidis, made an outstanding impression at the
competition by convincingly presenting an innova-
tive business opportunity. NANOCHEM has devel-
oped an invisible, patent-protected, layer that can
be applied to a variety of surfaces that makes them
self-cleaning, self-sterilizing and anti-fogging. The
team’s success was due to a combination of a well
articulated opportunity with a detailed, well-
structured and feasible business plan. It is worth
mentioning that there is already significant interest
from foreign and Greek investors! The judges se-
lected our team because they felt that it made the
most promising business proposition out of all plans The ALBA NANOCHEM Team with Mr. Kyriacopoulos,
President of the Federation of Greek Industries, Mr. Fes-
presented.
sas, and Mr. Drapaniotis from the Federation of Greek
Industries
3. How important is this distinction for ALBA, but for
Greece also?
This distinction is quite important, for ALBA and Thank you very much for your time!
for Greece. It is noteworthy that the press release of
the Stockholm School of Entrepreneurship this
year’s organizers, was entitled as follows:
Volume 2, Issue 7 Page 4
Applied Research & International Projects (ARIP)
ALBA ENTREPRENEURSHIP GUIDE 2005
The ALBA ENTREPRENEURSHIP GUIDE updated with all the latest developments in the field of
establishing and funding new businesses in Greece, is now available.
The ALBA ENTREPRENEURSHIP GUIDE was first published in 1999 and it is updated annually
by the Applied Research & International Projects Department. It is part of ALBA’s effort to culti-
vate the entrepreneurial spirit among its students and alumni and enhance the entrepreneurial
activities in the Greek economy.
Now, the full ALBA 2005 ENTREPRENEURSHIP GUIDE is available (free of charge – in Greek language) for
download in: www.alba.edu.gr/r&d/other, or contact Mr. Aristotelis Alexopoulos at:
aalexopo@alba.edu.gr, 210 8964531.
MOBILE YOUTH PROJECT
MOBILE YOUTH project aims at identifying the mobile technologies’ usage patterns in the high school to
university age segment (12-24 years old) in Greece. It is funded by the Greek Ministry of Development and
is implemented by researchers coming from Lambrakis Research Foundation, Athens University of Eco-
nomics and Business, Leo Burnett and ALBA. The project includes a qualitative research among youths
coming from selected Greek high schools and universities, as well as a quantitative survey in a representa-
tive sample (over 1.200 telephone interviews) of the targeted age segment. The outcome will be, apart
from the survey results, a report with suggested alternative social scenarios referring to the future use of
the mobile technologies by the Greek youth in the societal, school and business context. The project final
outcomes will be presented in a high profile event in October 2005 which is planned to bring together
policy makers, opinion leaders, business executives, entrepreneurs and education specialists in an effort to
map the future direction of the mobile technologies usage in Greece.
INDICATOR SURVEY COMPLETED BEST WORKPLACES 2006
INDICATOR project has been successfully con- Be prepared for the 2006 Best Work
cluded in June 2005. The final report with the pro- places Competition. The Competition
ject results regarding the employability and career was launched in June 2005 and the
potential of ICT professionals has already been de- deadline for applications is the end of
livered to the European Commission and will be
September.
shortly available to the Greek public and especially
to the companies which participated to the survey.
1st Prize for the ALBA Team –Continued from page 1
The team was supervised by Dr. Vasi- School (U.K.), Rotterdam School of School, are the only Schools
lis Theoharakis, Associate Professor of Management (The Netherlands), that have made it to the final
Marketing & Entrepreneurship. The SSES- Stockholm School of Entre-
original concept was created by Dr. stage the last five consecu-
preneurship (Sweden), WHU- Otto
Arabatzis during his PhD at the Insti- tive years.
Beisheim Graduate School of Man-
tute of Physical Chemistry of NCSR agement (Germany). This great It is also worth mentioning
Demokritos, work which was super- success of our students has even that ALBA will represent
vised by the Director of Research, Dr. greater symbolic value not only for Europe at the global Entre-
P.Falaras. This project not only has a ALBA but also for Greece! ALBA is preneurship competition 3rd
high and worldwide potential but particularly proud because this sig- Global Startup @ Stanford,
also promises a high rate of return to nificant distinction of ALBA coin- which will be held in Stan-
potential investors. The following cides with the year 2005 being the ford University, USA, in Janu-
business schools participated in the 'Year of Competitiveness' for ary 2006.
2005 competition (alphabetical or- Greece. ALBA The ALBA faculty and staff
der): ALBA (Greece), SDA BOCCONI
• is the only School that has won wish to congratulate the
(Italy), Cranfield School of Manage-
the competition twice in the last 'NANOCHEM S.A.' team for
ment (U.K.), Helsinki University of
five years. their hard work, enthusiasm
Technology (Finland), IESE Business
• is the only Greek institution that and commitment.
School (Spain), The Management
School/Imperial College (U.K.), IN- participates at the competition
SEAD (France), London Business • along with the London Business
Volume 2, Issue 7 Page 6
Events
Upcoming Events
Past Events
• 13th ALBA Career Forum: September 12-16,
• Credit Risk Management - Event co-organized with
2005, Poseidon Hotel
the Professional Risk Managers’ International Asso-
ciation: on June 2, 2005 (Esperia Palace, Athens) • MSc in Strategic Human Resources Management
- Presentation for potential candidates: Septem-
• SHELL Diploma in Management Studies - 2nd Class
ber 15, 2005, at 19:00, NJV Athens Plaza Hotel
Graduation: on June 6, 2005, at ALBA
• MBA in Shipping — Presentation for potential
• MEET THE ARCHITECTS OF MANAGEMENT EX-
candidates: September 20, 2005, at 19:00,
CELLENCE IN GREECE Lecture Series: Mr. Vasilis
Piraeus Marine Club
Zikou, President of South East Europe, Ericsson
Hellas S.A. on June 13, 2005, at ALBA • MSc in Business for Lawyers - Presentation for
potential candidates: September 21, 2005, at
• OFFSHORE ECONOMY AND ITS CONSEQUENCES
19:00, NJV Athens Plaza Hotel
ON GREEK SHIPPING' - Special event successfully
co-organized by ALBA, LAWNET S.A. and the Pi- • Professional MBA - Presentation for potential
raeus Bar Association, on June 30, 2005 candidates: September 22, 2005, at 19:00, NJV
Athens Plaza Hotel
• P-MBA Program Presentation on June 15th at the
Federation of Greek Industries premises • Graduation –Fall 2005, October 6, 2005, at
19:00, Athens College Theatre
«Transparency & Competitiveness - The Role of Organizations»
Special Event by the Federation of Greek Industries, Transparency International Greece and
ALBA -Successfully organized on May 10, 2005
The Federation of Greek Industries, Transparency International Greece and ALBA organized a special
event titled: Transparency & Competitiveness - The Role of Organizations, on Tuesday, May 10, 2005, at
18:00, at the Theodoros Karatzas Amphitheater, National Bank of Greece.
Guest Speakers Dr. Richard Nielsen, The Aristides Daskalopoulos Endowed Professor in Business Ethics,
ALBA, Mr. Aris Ikkos, Member of the Board of Transparency International Greece, Mr. Dimitris Dask-
salopoulos, and Professor Lambros Laios, President of Industrial Administration and Technology Depart-
ment of University of Piraeus, expressed their points of view regarding the role of organizations in trans-
parency and competitiveness.
“Credit Risk Models”—PRMIA Greece Chapter
and ALBA
ALBA and PRMIA - Greece Chapter co-organized a special event titled 'Credit Risk
Models' which took place on June 2, 2005, at 17:30, at the Esperia Palace Hotel. The
From Left to right:
Dr. Alex. Benos, Dr. event was sponsored by the Hellenic Bank Association.
Linda Allen, Ms.
Serafeim, and Dean
Travlos
«Offshore Economy and its Consequences on Greek Shipping»
Special event successfully co-organized by ALBA, LAWNET S.A. and the
Piraeus Bar Association
ALBA, LAWNET S.A., and the Piraeus Bar Association co-organized a special event titled 'Offshore Econ-
omy and its consequences on Greek Shipping'. The event tookplace on June 30, 2005 at 19:00 at the
Piraeus Bar Association premises. Guest Speakers of the event were: Dr. Ilias Visvikis, Academic Director
of MBA in Shipping Program and Assistant Professor of Finance, ALBA, Mr. Nikolaos Kanellopoulos, Law-
yer, Consultant of the Athens Bar Association, Mr. Pavlos Avrameas, Lawyer, President of the Greek Un-
ion of Marine Lawyers
Volume 2, Issue 7 Page 7
New Knowledge Created at ALBA
“We aspire to be a leading centre of academic excellence in business management in Europe. We
are driven by the ambition to contribute to the generation of new knowledge by undertaking state-of-the-
art research that is internationally recognized for its quality and is published in the best international
academic journals and in books by international publishers“ (Excerpt from ALBA’s Mission)
ABSTRACTS OF ALBA’s FACULTY RECENT PAPERS
Ilias Visvikis (with Manolis Kavussanos), “Market Interactions in Returns and Volatilities between Spot and For-
ward Shipping Freight Markets” Journal of Banking and Finance, Volume 28, Issue 8, pp. 2015-2049, 2004
The lead-lag relationship in both returns and volatilities between spot and futures markets has been investi-
gated extensively in the financial economics literature. Only a limited number of such studies have ap-
peared on forward markets, primarily due to the lack of easy access to empirical data. This paper uses a
unique database in over-the-counter Forward Freight Agreements (FFA) to investigate the issue. The fea-
tures of this market are: (i) the non-storable nature of the underlying commodity, being that of a service;
with no explicit storage relationship linking spot and forward prices and (ii) the asymmetric transactions
costs between spot and FFA markets. These costs are higher in the spot freight market (in relation to the
FFA market), as it is the case for commodity spot versus futures markets, as they involve here the physical
asset (vessel). These features have interesting implications for the markets. At the practical level, better un-
derstanding of the mean and variance dynamics can improve risk management and budget planning deci-
sions. The research interest of this study can be justified as follows: Firstly, the issue is linked to market effi-
ciency and arbitrage. Secondly, it is believed that futures markets potentially provide an important function
of price discovery. If so, then futures prices should contain useful information about subsequent cash
prices, beyond that already embedded in the current cash price. A third issue pertains to potential volatility
spillover effects of futures trading. If volatility spillovers exist from one market to the other, then the volatil-
ity transmitting market may be used, by market agents, as a vehicle of price discovery. After using a VECM-
SURE model and GIR analysis, the results indicate that there is a bi-directional causal relationship in all
routes, implying that FFA prices can be equally important as sources of information as spot prices are in
commodity markets. However, FFA prices tend to reflect new information more rapidly than spot prices in
all routes. This pattern is thought to reflect the fundamentals of the underlying asset since, due to the limi-
tations of short-selling and higher transactions costs of the underlying spot rate, investors who have col-
lected and analysed new information would prefer to trade in the FFA rather than in the spot market. In
order to investigate for volatility spillovers between the spot and FFA markets, this study utilises an ex-
tended bivariate VECM-GARCH-X model. The results indicate that the FFA market volatility spills informa-
tion to the spot market volatility in most trading routes, and thus the FFA market plays a leading role in in-
corporating new information.
Keywords: Price Discovery, Futures and Forward Markets, Granger Causality, VECM-GARCH, Volatility Spill-
overs.
Ilias Visvikis (with Manolis Kavussanos and Roy Batchelor), “Over -The-Counter Forward Contracts and Spot
Price Volatility in Shipping”, Transportation Research – Part E, Logistics and Transportation Review, Volume
40, Issue 4, 273-296, 2004
Ilias Visvikis (with Manolis Kavussanos and David Menachof ), “The Unbiasedness Hypothesis in the Freight
Forward Market: Evidence from Cointegration Tests”, Review of Derivatives Research, Volume 7, Issue 3,
241-266, 2004
Ilias Visvikis (with Roy Batchelor and Amir Alizadeh), “The Relation Between Bid-Ask Spreads and Price
Volatility in Forward Markets”, Accepted for Publication, Journal of Derivatives Use, Trading & Regulation,
Forthcoming, 2005
Ilias Visvikis (with Manolis Kavussanos), “The Hedging Performance of over-the-counter Forward Shipping
Freight Markets”, Presented on the 14th International Association of Maritime Economists Conference Izmir,
Turkey, 30 June – 2 July 2004
Volume 2, Issue 7 Page 8
New Knowledge Created at ALBA
Ilias Visvikis (withRoy Batchelor and Amir Alizadeh ), “Forecasting Performance of Spot and Forward Prices
in the Freight Forward Market”, Presented on the 23rd International Symposium on Forecasting, Merida-
Yucatan, Mexico, 15-18 June 2003, and on the 13th International Association of Maritime Economists Con-
ference, Busan, Korea, 3-5 September 2003
Ilias Visvikis (with Manolis Kavussanos and Panayiotis Alexakis),“The Lead-Lag Relationship in Returns and
Volatility Between Cash and Stock Index Futures: The Case of Greece”, Presented on the 11th European Fi-
nancial Management Association Conference, London, England, 26-29 June 2002, and on the 2nd Interna-
tional Conference on Banking and Finance, The University of Crete and University Utara Malaysia, Chania,
Crete, Greece, 9-11 August 2002
Ilias Visvikis (with Manolis Kavussanos and Panayiotis Alexakis),“The Hedging Performance of Stock Index
Futures: The Case of the Athens Derivatives Exchange”, Presented on the 8th Annual European Conference
of the Financial Management Association International (FMA), Zurich, Switzerland, 2-5 June 2004, on the
1st International Conference on Advances in Applied Financial Economics (AFES), Samos Island, Greece, 28-
30 May 2004 and on the 11th Annual Conference of the Multinational Finance Society (MFS), Istanbul, Tur-
key, 3–8 July, 2004
Ilias Visvikis (with Manolis Kavussanos),“The Predictability of Non-Overlapping Forecasts: Evidence from the
Derivatives Market in Greece” Presented on the 14th European Financial Management Association (EFMA)
Conference, Milan, Italy, 29 June – 2 July 2005, on the 12th Annual Conference of the Multinational Finance
Society (MFS), Athens, Greece, 2-7 July, 2005, and on the 3rd Annual Conference of the Hellenic Financial
and Accounting Association (HFAA), Athens, Greece, 3-4 December, 2004
Ilias Visvikis (with Manolis Kavussanos),“An Investigation of the use of Risk Management and Shipping De-
rivatives: The Case of Greece” Presented on the 15th Annual Conference of the International Association of
Maritime Economists (IAME), Cyprus, 23-25 June 2005
Stefanos Zarkos (with Mike Bowe and Kostas Vonatsos), “Decision Rules for Allocating a Limiting Factor
across products in a Stochastic Production Environment: a real Options Approach” Forthcoming Account-
ing and Business Research Journal
This paper develops a real option framework to extend the current class of managerial decision rules appro-
priate for selecting a multi-product firm’s optimal product mix in the presence of a limiting factor of produc-
tion. The rules are appropriate for firms operating in an environment of earnings uncertainty arising from
stochastic prices and costs. The analysis makes several contributions. The central result derives a decision
rule for allocating a limiting factor across products based upon the ranking of the different products’ real
option values per unit of the limiting factor. We demonstrate that this rule gives a more efficient allocation
of the limiting factor than other potential methods for dealing with uncertainty, for example, an allocation
rule based upon a product’s expected profit contribution per unit of limiting factor. The analysis also intro-
duces the concept of the supporter, a product which effectively acts as insurance for the firm whenever a
previous decision to defer production of a given product turns out to be of limited value. Furthermore, the
paper extends the results to an environment of generalized production uncertainty, clarifying the relevance
of two important, but often neglected sources of production flexibility, namely intra-product and inter-
product flexibility. Intra-product flexibility denotes the ability of the firm to vary the time at which a given
amount of the limiting factor is dedicated to the production of a specific product, depending upon the reso-
lution of uncertainty over the deferral period. Inter-product flexibility enables the firm to re-allocate produc-
tive capacity across products, hence alter the composition of the final product mix, for similar reasons. The
analysis reveals that the value to the firm of these two types of production flexibility is depends critically
upon the both the revealed value of the option to defer, and the nature and extent of any correlation of
price and cost changes across products.
Volume 2, Issue 7 Page 9
Experience from our Alumni
We interviewed Ms Dimitra working for about twenty-one communicating, constructively
Mikou, Assistant Director of Min- years in a Public Utility in Greece, cooperating and coordinating,
ing Business Unit’s HR Depart- the Public Power Corporation (DEI and accomplish all issues/ pro-
ment, DEI S.A. S.A). The company has four large jects/plans that my Department
Business Units, each one of them undertakes in order to compile
reflecting its core business activi- the HR strategies and policies
1. Dear Ms. Mikou, since you ties: One of them is the Mining emanating from DEI to strategies
have recently graduated from Business Unit, to which I was and policies in the context of Min-
the ALBA MSc in Strategic Hu- hired in1984; I am Mechanical ing Business Unit being in line
man Resources Management Engineer and my current position with the maternal company’s
Program, we would like to wel- is Assistant Director in the Depart- scope. More explicitly the direc-
come you in the ALBA Alumni ment of Human Resources at the tions on which the Mining Busi-
Community. Can you please de- Central Headquarters. Before en- ness Unit Department is author-
scribe your role and responsibili- tering to my role and my duties, ized to move are resumed to the
ties at our current position? please permit me to trace a view following:
Primarily I would like to thank of my company’s working envi- • The Year Plan and the five year
you for your invitation and addi- ronment. rolling Business plan of the com-
tionally for giving me the chance More explicitly I am responsible as pany, related to the employees
to present you some interesting a member of the Central Head- (headcount needs, professions,
parts of the company in which I quarters HR team, to contribute skills and qualifications)
offer my services. I have been effectively and efficiently, through
“The entrance of the Company in the Stock Market and the decrease of the State’s ownership, generate the
hope that the company has the potential to reestablish an ethic system approved by all that will initiate its
transition to better working conditions.“
the public sector to apply some
• Participation in the process of ing programs or all of them?
selection and hiring
• Handling cases of employees’ Especially a Public Utility com-
• Elaboration of projects investi- prosecutions arose by them, ex- pany, as Mining Business Unit,
gating the improvement of allo- pressing the unfair reactions of which has recently entered into
cation and exploitation of hu- the company to them, by justify- a liberalized fuel market where
man resources ing the incongruity of their the fight will be given on per-
• Elaboration of projects investi- blames; also manipulating cases formance excellence and low
gating the training needs of related to political blames of depu- costs, building and retaining
employees, and evaluation of ties or representatives of political commitment among its employ-
their impact and effectiveness parties or local administration pro- ees is indispensable need. The
either to the employees’ testing either for malfunctions of long lasting very rich and sub-
the mining systems or perceived stantial history of the company
• Coordination and support un- infringes. has some dark points that have
der the General Division of crippled its cultural heritage:
Mines to implement the HR sys- • Supporting the General Manager
tems in the “tough domains of of Mining Business Unit in exter- • Primarily the regime of owner-
The ALBA Insider
mines”, as well as to adhere the nal communication and public ship had a serious impact on
industrial and labor legislation relations, mainly concerning the the company’s principles of
and all relevant regulations im- local communities surrounding equity and justice: The various
plemented either by State or by the mines territories, which are of changes in the Hellenic Minis-
European Union. great importance in order to keep try signaled transformations, in
the normal and uninterrupted op- the hierarchy levels under its
• Coordination and support of all eration of mines. coordination, sometimes arbi-
aspects related to regulations trarily; new individuals were
and standards on health and • Handling conventional issues of appointed while the previous
safety systems applied to our personnel management
were set apart. The successive
mines, very crucial for people 2. Which of the HR practices are repetition of such situations
working within the mines, as the ones that make the difference had a deep impact in the or-
well as the elaboration and im- in the employees’ commitment an- ganizational culture, as well as
plementation of relevant train- how flexible is the HR manager of the moral of people.
Continued in page 11
Volume 2, Issue 7 Page 10
Experience from our Alumni - Continued from page 10
The entrance of the Company in the Stock Market Promotions and develop-
and the decrease of the State’s ownership, generate ment of employees are not
the hope that the company has the potential to rees- related effectively to their
tablish an ethic system approved by all that will initi- evaluation grading. It could be
ate its transition to better working conditions. assumed deductively that the
• The above described climate formulated an au- existing appraisal system,
thoritative and centralized leadership style, which rather biased, not related to
is, delegating confined authorities to the lower hi- the financial rewards of the Ms. Dimitra Mikou,
erarchical levels. company, has failed until now Assistant Director of
• Studies suggest employees are more committed to to reflect company’s and em- Mining Business
ployees’ needs lacking on Unit’s HR Dept. DEI
employers who support and foster their long-term
career development; For promotions of employees credibility.
my company uses the process of announcement;
the requirements concerning skills and compe-
tences are ambiguous and in many cases emerge 3. Lately there has been a lot of discussion about
grievances due to the perception that the appoint- change in the public sector and its organization.
ment of executives are lacking fairness and equity. Did your studies at ALBA provide you with the
necessary skills and knowledge in order to be able
• The process of linking employees directly to the to face the challenges of the recent and future
organisation’s principles and ideology begins with reforms?
the value-based hiring; in my company hiring is
based on a publicly announced exam or selection DEI passed three successive phases of sharehold-
process. The criteria for this selection process are ing processes; currently State possesses 51% of its
stipulated in the law and vary depending on the shares, while the remaining 49% is spread to other
category of position to be filled. Candidates are interested parts. Additionally directive 96/92 in-
selected mainly on the basis of academic qualifica- duced DEI and by extension its core Business Units
tions, age and family situation, diverging from the to rivalry.
process of person best fit to the organization’s cul- Recently government announced a series of
ture and principles. new directions and expressed its intention to sus-
tain drastic steps related to the flexibility of em-
• Another substantial parameter that builds commit-
ployment, or to lift other privileges, controverting
ment is considered the individual satisfaction from
the main and strong employees’ benefit in the
work. Unfortunately the HRM’s flexibility on this
public sector, that of permanency.
field is almost totally constrained:
That’s what I gained following the program of
The appraisal system’s designation and overall core ALBA: to get knowledge and skills, the
philosophy, dating since seventies, is mainly founded “accoutrements” for my personal challenging in
on the notion of punishment and subjectivity biasing the era of change management; to participate
the whole process; The appraisal process is held once with consistency and commitment to the new
a year; it is accomplished confidentially by the su- strategic directions of my company, serving effec-
perordinate not being a mutual process of coordina- tively its goals, being simultaneously loyal to per-
tion and cooperation scooping the correction of low ennial principles of entrepreneurial ethics, equity,
performance; the individuals may have access to their clarity and justice.
grades on application request.
“That’s what I gained following the program of ALBA: to get knowledge and skills, the “accountrements”
for my personal challenging in the era of change management. “
Ms. Mikou, thank you very much for your time!
Volume 2, Issue 7 Page 11
ALBA Alumni on the Move
• Kotidi Ioanna from GERMANOS S.A. to FRIGOGLASS S.A.I.C. as Product Manager.
• Lillis Polychronis from PROCTER & GAMBLE HELLAS SA to COCA-COLA HBC S.A. as Commercial &
Supply Chain Finance
• Drakopoulou Eleni from DIAGEO HELLAS S.A. to COCA COLA HBC S.A. as Central Office HR Man-
ager.
• Papagiannopoulou Stella from EFG PRIVATE BANK (LUXEMBOURRG) S.A. to Piraeus Bank S.A as
Credit Officer
• Kallianiotis Nikolaos from KOSMOCAR A.E. to HYUNDAI HELLAS P. & R. DAVARI S.A. as Junior Prod-
uct Manager
• Kapsokefalos Christos from ELGEKA S.A. to COCA-COLA HELLAS S.A. as Marketing Trainee
The Voice of the ALBA Alumni Association
α
ALBA Alumni Association Welcomes Summer!
Aiming to bring the Alumni closer,
a
Motivated by the excursion’s suc-
ALBA Alumni Association organized a cess, on June 30, the ALBA Alumni
two-day excursion at the Grecotel Association organized a gathering
Olympia Riviera Resort in Killini during at Island club-restaurant.
the weekend of 28th and 29th of May.
More than 70 Alumni and friends left More than 200 people shared
office worries behind and enjoyed the our party mood. Drinks lifted spirits
sunny weather, the beach and the up and music helped us all enjoy
the night! A L B A A lu m n i
friendly atmosphere! We all had the A ssociation
opportunity to exploit our networking Having received encouraging
skills, interact with other Alumni and comments and valuable feedback,
share ALBA memories. we are planning more activities Contact the ALBA
Participants expressed their interest including seminars, get-togethers
Alumni Association:
in playing a more active role within and excursions. Your comments
the Alumni family. Moreover, we had and ideas are always welcome!
the opportunity to exchange innova- The Association’s true strength lies
tive ideas regarding future activities, in its members’ creativity and shar-
as well as ways to strengthen the ties ing attitude.
E-mail: aaa@alba.edu.gr
between us.
Online ALBA Alumni
We wish you the most pleasant and relaxing summer holidays, and we will Community:
be back again in September! http://alumni.alba.edu.gr
The ALBA Insider
ALBA’S working schedule during August
We would like to inform you that ALBA will remain closed from 8 to 26 of
August, 2005.
The ALBA Faculty and staff would like to wish every one:
H A P P Y H O L I D A Y S !!!
Volume 2, Issue 7 Page 12
The ALBAnac is designed and produced
ALBA Contact Information:
by the ALBA Communications &
Corporate Relations Department.
ATHINAS AVE. & 2A AREOS STR.
166 71 VOULIAGMENI
Please send us your news, comments and
ATHENS GREECE
suggestions !
Phone: (+30) 210 896 4531
E-mail: communications@alba.edu.gr
Fax: (+30) 210 896 4737
NOT-FOR- PROFIT EDUCATIONAL
ORGANIZATION OF GRADUATE STUDIES IN
www.alba.edu.gr BUSINESS ADMINISTRATION
ALBA e-mail addresses
MBA Program mba@alba.edu.gr
Professional MBA Program pmba@alba.edu.gr
MSc in Business for Lawyers buslaw@alba.edu.gr
MSc in Strategic Human Resources Management mshrm@alba.edu.gr
MSc in Finance msfinance@alba.edu.gr
MBA in Shipping shipping@alba.edu.gr
Executive Development Programs exed@alba.edu.gr
Applied Research & International Projects appliedresearch@alba.edu.gr
Marketing Department marketing@alba.edu.gr
Communications & Corporate Relations communications@alba.edu.gr
Career Services career@alba.edu.gr
Library library@alba.edu.gr
Faculty & Research facultyadmin@alba.edu.gr
Public Events events@alba.edu.gr
IT it@alba.edu.gr
Accounting accounting@alba.edu.gr
Alumni Office alumni@alba.edu.gr
Volume 2, Issue 7 Page 13
Related docs
