Panayiotis C. Andreou

Cyprus University of Technology

Associate Professor of Finance

School Of Management and Economics

P.O. Box 50329

Lemesos, 3036

Cyprus

http://www.pandreou.com

  • Cyprus University of Technology

SCHOLARLY PAPERS

40

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13,374

TOTAL CITATIONS
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Top 9,188

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122

Scholarly Papers (40)

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1.

Financial Knowledge Among University Students and Implications for Personal Debt and Fraudulent Investments

Cyprus Economic Policy Review, Vol. 12, No. 2, pp 3-23 (2018)
Number of pages: 29 Posted: 09 Oct 2018 Last Revised: 10 Dec 2021
Panayiotis C. Andreou and Dennis Philip
Cyprus University of Technology and Durham University Business School
Downloads 1,435 (28,624)
Citation 2

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Financial Knowledge, Financial Literacy, University Students, Credit Card Debt, Ponzi Schemes

2.

Dispersion in Options Investors’ Versus Analysts’ Expectations: Predictive Inference for Stock Returns

Number of pages: 35 Posted: 17 Jan 2014 Last Revised: 19 Nov 2022
Panayiotis C. Andreou, Anastasios Kagkadis, Paulo F. Maio and Dennis Philip
Cyprus University of Technology, University of Liverpool Management School, Hanken School of Economics - Department of Finance and Statistics and Durham University Business School
Downloads 1,316 (32,517)
Citation 11

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Dispersion in beliefs; Predictability of stock returns; Equity premium; Trading volume dispersion; Out-of-sample predictability; Economic signi ficance

3.

Corporate Governance and Firm-Specific Stock Price Crashes

Forthcoming to European Financial Management, 2016, WBS Finance Group Research Paper No. 178
Number of pages: 62 Posted: 28 Mar 2012 Last Revised: 26 Dec 2019
Panayiotis C. Andreou, Constantinos Antoniou, Joanne Horton and Christodoulos Louca
Cyprus University of Technology, University of Warwick - Warwick Business School, University of Warwick - Warwick Business School and Cyprus University of Technology
Downloads 1,224 (36,080)
Citation 54

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Crash Risk, Corporate Governance

4.

Financial literacy and its influence on internet banking behaviour

Number of pages: 41 Posted: 26 Dec 2019 Last Revised: 19 Nov 2022
Panayiotis C. Andreou and Sofia Anyfantaki
Cyprus University of Technology and Bank of Greece
Downloads 817 (63,703)
Citation 1

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financial literacy, internet banking, digital literacy, financial education, national strategy

5.

The Impact of Managerial Ability on Crisis-Period Corporate Investment

Journal of Business Research, Forthcoming
Number of pages: 50 Posted: 21 Jul 2015 Last Revised: 31 May 2017
Panayiotis C. Andreou, Isabella Karasamani, Christodoulos Louca and Daphna Ehrlich
Cyprus University of Technology, University of Central Lancashire, Cyprus University of Technology and Tel Aviv University
Downloads 620 (91,096)
Citation 8

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Managerial Ability, Firm Performance, Corporate Investment, Financing, Underinvestment Problems, Financial Crisis

6.

Firm Growth Potential and Option Returns

Georgetown McDonough School of Business Research Paper No. 3874674
Number of pages: 85 Posted: 25 Apr 2023 Last Revised: 26 Sep 2024
Panayiotis C. Andreou, Turan G. Bali, Anastasios Kagkadis and Neophytos Lambertides
Cyprus University of Technology, Georgetown University - McDonough School of Business, University of Liverpool Management School and Cyprus University of Technology
Downloads 594 (96,358)
Citation 1

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Option returns, firm growth potential, growth options, jumps, extrapolation

7.

CEO Duality, Agency Costs, and Internal Capital Allocation Efficiency

Forthcoming, British Journal of Management
Number of pages: 38 Posted: 07 Nov 2016 Last Revised: 28 Nov 2017
Nihat Aktas, Panayiotis C. Andreou, Isabella Karasamani and Dennis Philip
WHU - Otto Beisheim School of Management, Cyprus University of Technology, University of Central Lancashire and Durham University Business School
Downloads 571 (101,155)
Citation 5

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CEO duality; Internal capital allocation; Investment efficiency; Agency costs; Board structure; Equity-based compensation

8.

The OCAI Textual Measure of Organizational Culture

Number of pages: 24 Posted: 06 Aug 2020 Last Revised: 01 Sep 2020
Panayiotis C. Andreou, Terry Harris, Dennis Philip and Wenrui Zhang
Cyprus University of Technology, Durham University Business School, Durham University Business School and Durham University Business School
Downloads 545 (107,158)
Citation 3

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Organizational Culture, Organizational Culture Assessment Instrument, Competing Values Framework, OCAI, Construct Validation, Textual Analysis

9.

Financial Distress Risk and Stock Price Crashes

Journal of Corporate Finance, Forthcoming
Number of pages: 56 Posted: 17 Sep 2019 Last Revised: 02 Feb 2021
Christoforos Andreou, Panayiotis C. Andreou and Neophytos Lambertides
Cyprus University of Technology, Cyprus University of Technology and Cyprus University of Technology
Downloads 527 (111,730)
Citation 1

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firm-specific stock price crashes; distress risk; bad news hoarding; agency problems; managerial opportunism; financial analysts

10.

Differences in Options Investors' Expectations and the Cross-Section of Stock Returns

Journal of Banking and Finance, Forthcoming
Number of pages: 82 Posted: 17 Apr 2015 Last Revised: 02 Sep 2018
Panayiotis C. Andreou, Anastasios Kagkadis, Dennis Philip and Ruslan Tuneshev
Cyprus University of Technology, University of Liverpool Management School, Durham University Business School and Durham University Business School
Downloads 509 (116,562)
Citation 3

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Dispersion of Beliefs; Disagreement in Options Market; Cross-Section of Stock Returns; Equity Options; Option Trading Volume

11.

Bank Loan Loss Accounting Treatments, Credit Cycles and Crash Risk

London Business School Accounting Research Paper Series
Number of pages: 54 Posted: 03 Aug 2015 Last Revised: 22 Feb 2017
Panayiotis C. Andreou, Ian A. Cooper, Christodoulos Louca and Dennis Philip
Cyprus University of Technology, London Business School, Cyprus University of Technology and Durham University Business School
Downloads 485 (123,577)
Citation 1

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Accounting conservatism, loan loss accounting, bank lending, crash risk

12.

Options Pricing Via Statistical Learning Techniques: The Support Vector Regression Approach

Number of pages: 25 Posted: 16 Jun 2008
Panayiotis C. Andreou, Christakis Charalambous and Spiros Martzoukos
Cyprus University of Technology, University of Cyprus - Department of Public and Business Administration and University of Cyprus - Department of Public and Business Administration
Downloads 428 (143,402)

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Option pricing, implied volatilities, implied parameters, deterministic volatility functions, support vector machines, neural networks

13.

A critique of the agency theory viewpoint of stock price crash risk: The opacity and overinvestment channels

British Journal of Management
Number of pages: 59 Posted: 01 Mar 2021 Last Revised: 21 Jan 2023
Panayiotis C. Andreou, Neophytos Lambertides and Marina Magidou
Cyprus University of Technology, Cyprus University of Technology and University of Central Lancashire - Cyprus
Downloads 387 (160,784)
Citation 4

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stock price crashes, crash risk, bad news hoarding, agency theory, opacity, overinvestment, corporate governance

14.

Financial Literacy for Financial Resilience: Evidence From Cyprus During the Pandemic Period

Downloads 352 (179,120)

Financial Literacy for Financial Resilience: Evidence From Cyprus During the Pandemic Period

Number of pages: 45 Posted: 03 Jan 2023
Panayiotis C. Andreou, Sofia Anyfantaki and Adele Atkinson
Cyprus University of Technology, Bank of Greece and University of Birmingham
Downloads 196 (322,860)

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financial literacy, financial resilience, financial fragility, rainy-day funds, COVID-19, personal finance, financial education

Financial literacy for financial resilience: evidence from Cyprus during the pandemic period

Cyprus Economic Policy Review, Vol. 17, No. 1, pp 27-54 (2023)
Number of pages: 28 Posted: 22 Mar 2023 Last Revised: 12 Dec 2023
Panayiotis C. Andreou, Sofia Anyfantaki and Adele Atkinson
Cyprus University of Technology, Bank of Greece and University of Birmingham
Downloads 156 (394,617)

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financial literacy,financial resilience,financial fragility,rainy-day funds,COVID-19,personal finance,financial education

15.

Valuation Effects of Overconfident CEOs on Corporate Diversification and Refocusing Decisions

Downloads 346 (181,977)
Citation 3

Valuation Effects of Overconfident CEOs on Corporate Diversification and Refocusing Decisions

Journal of Banking and Finance, Forthcoming
Number of pages: 62 Posted: 14 Jan 2017 Last Revised: 16 Jan 2019
Panayiotis C. Andreou, John A. Doukas, Demetris Koursaros and Christodoulos Louca
Cyprus University of Technology, Old Dominion University - Strome College of Business, Cyprus University of Technology - Department of Commerce and Cyprus University of Technology
Downloads 254 (250,002)

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CEO Overconfidence, Diversification, Refocusing, Diversification Discount, Firm Performance

Valuation Effects of Overconfident CEOs on Corporate Diversification and Refocusing Decisions

Journal of Banking and Finance, 2019
Number of pages: 71 Posted: 07 Mar 2019
Panayiotis C. Andreou, John A. Doukas, Demetris Koursaros and Christodoulos Louca
Cyprus University of Technology, Old Dominion University - Strome College of Business, Cyprus University of Technology - Department of Commerce and Cyprus University of Technology
Downloads 92 (592,856)
Citation 3

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CEO Overconfidence, Diversification, Refocusing, Diversification Discount, Firm Performance

16.

Stock Price Crash Risk and the ManagerialRhetoric Mechanism: Evidence from R&D Narrative Disclosure in 10-K filings

Number of pages: 74 Posted: 24 Jul 2021 Last Revised: 14 Sep 2024
Panayiotis C. Andreou, Neophytos Lambertides and Marina Magidou
Cyprus University of Technology, Cyprus University of Technology and University of Central Lancashire - Cyprus
Downloads 325 (194,681)
Citation 4

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Stock price crash risk, Managerial rhetoric channel, Narrative disclosure, Textual analysis, 10-K filings, Research and development, Agency theory, Corporate governance

17.

Financial Literacy and its Influence on Consumers’ Internet Banking Behaviour

Bank of Greece Working Paper No. 275
Number of pages: 44 Posted: 30 Aug 2022
Sofia Anyfantaki and Panayiotis C. Andreou
Bank of Greece and Cyprus University of Technology
Downloads 296 (215,096)

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financial literacy; internet banking; digital literacy; financial education; national strategy

18.

Effects of Market Default Risk on Index Options Risk-Neutral Moments

Number of pages: 45 Posted: 24 Jun 2009 Last Revised: 11 Aug 2013
Panayiotis C. Andreou
Cyprus University of Technology
Downloads 287 (222,148)
Citation 1

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default risk, implied volatility smirk, deterministic volatility functions, determinants, trading volume

19.

Overinvestment and Stock Price Crashes: Evidence from Mergers and Acquisitions

Number of pages: 51 Posted: 23 Mar 2021 Last Revised: 11 Aug 2022
Panayiotis C. Andreou, Konstantinos Bozos and Evridiki Panayi
Cyprus University of Technology, Leeds University Business School and University of Leeds - Faculty of Business
Downloads 262 (243,768)

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stock price crash risk, overinvestment, bad news hoarding, mergers and acquisitions, crash risk channels, agency theory

20.

Investor Sentiments, Rational Beliefs and Option Prices

Number of pages: 48 Posted: 23 Jul 2014
Panayiotis C. Andreou, Anastasios Kagkadis and Dennis Philip
Cyprus University of Technology, University of Liverpool Management School and Durham University Business School
Downloads 229 (278,417)
Citation 2

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Risk-neutral skewness; Implied volatility smirk; Investor sentiment; Macroeconomy; Index options

21.

Customer Orientation and Stock Resilience During Adversity Periods

Downloads 196 (322,404)

Customer Orientation and Stock Resilience During Adversity Periods

Number of pages: 60 Posted: 30 Mar 2022 Last Revised: 22 Aug 2023
Panayiotis C. Andreou, Neophytos Lambertides, Lenos Trigeorgis and Ruslan Tuneshev
Cyprus University of Technology, Cyprus University of Technology, University of Cyprus - Department of Public and Business Administration and University of St Andrews
Downloads 161 (383,810)

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Customer Orientation, Stock Returns, Corporate Resilience, Trust, Financial Crisis, COVID-19, Textual Analysis, 10-K filings

Customer Orientation and Stock Resilience During Adversity Periods

Number of pages: 61 Posted: 21 Mar 2024
Panayiotis C. Andreou, Neophytos Lambertides, Lenos Trigeorgis and Ruslan Tuneshev
Cyprus University of Technology, Cyprus University of Technology, Durham University and University of St Andrews
Downloads 35 (957,780)

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Customer Orientation, Stock Returns, Corporate Resilience, Trust, Financial Crisis, COVID-19, Textual Analysis, 10-K filings

22.

The Information Content of Forward Moments

Journal of Banking and Finance, Forthcoming
Number of pages: 56 Posted: 06 Mar 2017 Last Revised: 04 Aug 2019
Panayiotis C. Andreou, Anastasios Kagkadis, Dennis Philip and Abderrahim Taamouti
Cyprus University of Technology, University of Liverpool Management School, Durham University Business School and University of Liverpool Management School
Downloads 195 (323,917)
Citation 2

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Forward Moments; Implied Volatility Surface; Partial Least Squares; Predictability of Stock Returns; Equity Premium; Variance Premium

23.

Machine learning for enhancing stock option pricing with firm characteristics

Number of pages: 47 Posted: 13 Apr 2023 Last Revised: 30 Jul 2024
Panayiotis C. Andreou, Chulwoo Han and Nan Li
Cyprus University of Technology, Sungkyunkwan University and Durham University
Downloads 173 (360,859)

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Machine learning, Option pricing, Semi-parametric model, Firm characteristics, Generalized Parametric Functions JEL Classification: C14

24.

Institutional Ownership and Firms’ Thrust to Compete

Forthcoming British Journal of Management
Number of pages: 54 Posted: 12 Feb 2018 Last Revised: 03 Feb 2021
Panayiotis C. Andreou, Franco Fiordelisi, Terry Harris and Dennis Philip
Cyprus University of Technology, University of Essex - Essex Business School, Durham University Business School and Durham University Business School
Downloads 147 (414,371)
Citation 6

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Thrust to compete; Corporate culture; Competing values framework; Institutional ownership; Transient investors; short-horizon investors

25.

Bank Opaqueness and Intermediation

Number of pages: 48 Posted: 20 Jan 2017 Last Revised: 02 Feb 2017
Panayiotis C. Andreou, Demetris Koursaros, Dennis Philip and Peter Paul Robejsek
Cyprus University of Technology, Cyprus University of Technology - Department of Commerce, Durham University Business School and PwC Strategy&
Downloads 144 (421,174)

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Financial Institutions, Liquidity Creation, Regulation, Opacity

26.

The Stock Price Crash Risk Puzzle and the Limited Role of Agency-Based Channels

Downloads 134 (445,902)

The Stock Price Crash Risk Puzzle and the Limited Role of Agency-Based Channels

Number of pages: 21 Posted: 06 Jun 2024
Panayiotis C. Andreou, Neophytos Lambertides and Marina Magidou
Cyprus University of Technology, Cyprus University of Technology and University of Central Lancashire - Cyprus
Downloads 80 (646,334)

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stock price crashes, crash risk, bad news hoarding, agency theory, opacity, overinvestment

The Stock Price Crash Risk Puzzle and the Limited Role of Agency-Based Channels

Number of pages: 22 Posted: 16 Jul 2024
Panayiotis C. Andreou, Neophytos Lambertides and Marina Magidou
Cyprus University of Technology, Open University of Cyprus and Open University of Cyprus
Downloads 54 (796,148)

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stock price crashes, crash risk, bad news hoarding, agency theory, opacity, overinvestment, Corporate governance

27.

Organizational Learning and Corporate Diversification Performance

Journal of Business Research, 2016
Number of pages: 59 Posted: 04 Oct 2010 Last Revised: 02 Apr 2016
Panayiotis C. Andreou, Christodoulos Louca and Andreas Petrou
Cyprus University of Technology, Cyprus University of Technology and Cyprus University of Technology
Downloads 127 (465,217)

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organizational learning, absorptive capacity, diversification, repetitive experience, accumulative experience, diversification discount, firm performance

28.

Extremal Quantiles and Stock Price Crashes

Forthcoming in Econometric Reviews
Number of pages: 45 Posted: 31 May 2023 Last Revised: 28 Jul 2023
Panayiotis C. Andreou, Sofia Anyfantaki, Esfandiar Maasoumi and Carlo Sala
Cyprus University of Technology, Bank of Greece, Emory University and ESADE Business School
Downloads 125 (470,987)
Citation 1

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Stock price crashes, Extremal quantiles, Extreme value theory, Quantile regression

29.

Technology Rhetoric and Institutional Ownership

Number of pages: 47 Posted: 11 Mar 2021
Panayiotis C. Andreou, Kyriakos Drivas, Dennis Philip and Geoffrey Wood
Cyprus University of Technology, University of Piraeus, Durham University Business School and Western University
Downloads 107 (536,791)

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Managerial narratives, technology, innovation, institutional ownership, short-termism, R&D, patents, speculative bubbles

30.

Measuring R&D Activity Through 10-K Narrative Disclosures

Number of pages: 65 Posted: 15 Oct 2024
Panayiotis C. Andreou, Neophytos Lambertides and Anna Maruska
Cyprus University of Technology, Cyprus University of Technology and Cyprus University of Technology
Downloads 106 (533,120)

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R&D measurement, narrative disclosure, corporate innovation, textual analysis, 10-K filings analysis, content validations, reliability tests, predictive validity.

31.

Exploring Country Characteristics that Encourage Emissions Reduction

Downloads 81 (632,922)

Exploring Country Characteristics that Encourage Emissions Reduction

Number of pages: 63 Posted: 14 Nov 2023
Panayiotis C. Andreou, Sofia Anyfantaki, Christos Cabolis and Konstantinos Dellis
Cyprus University of Technology, Bank of Greece, IMD and University of Piraeus
Downloads 55 (789,096)

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Emissions, Institutions, Technological infrastructure, Skills, Innovation, EU ETS, Carbon emissions trading system

Exploring country characteristics that encourage emissions reduction

Bank of Greece Working Paper No. 323
Number of pages: 63 Posted: 21 Mar 2024
Panayiotis C. Andreou, Sofia Anyfantaki, Christos Cabolis and Konstantinos Dellis
Cyprus University of Technology, Bank of Greece, IMD and University of Piraeus
Downloads 26 (1,056,743)

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32.

Short-Horizon Event Study Estimation with a STAR Model and Real Contaminated Events

Number of pages: 44 Posted: 30 Oct 2014 Last Revised: 24 Apr 2015
Panayiotis C. Andreou, Christodoulos Louca and Christos S. Savva
Cyprus University of Technology, Cyprus University of Technology and Cyprus University of Technology - Department of Commerce, Finance and Shipping
Downloads 74 (665,415)

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Event studies, parametric test statistics, unrelated events, Markov switching regression model, Smooth Transition Auto Regressive (STAR) model

33.

Machine Learning for Enhancing Stock Option Pricing with Firm Characteristics

Number of pages: 62 Posted: 14 Sep 2024
Panayiotis C. Andreou, Chulwoo Han and Nan Li
Cyprus University of Technology, Sungkyunkwan University and Durham University
Downloads 66 (706,854)

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Machine learning, Option Pricing, Semi-parametric model, Firm characteristics, Generalized Parametric Functions

34.

Measuring R&D Activity Through 10-K Narrative Disclosures

Number of pages: 66 Posted: 11 Sep 2024
Panayiotis C. Andreou, Neophytos Lambertides and Anna Maruska
Cyprus University of Technology, Cyprus University of Technology and Cyprus University of Technology
Downloads 50 (807,123)

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R&D measurement, narrative disclosure, Textual analysis, 10-K filings analysis, content validations, reliability tests

35.

Competitive Culture and Stock Price Crash Risk

Number of pages: 84 Posted: 08 Jul 2020 Last Revised: 18 Feb 2024
Panayiotis C. Andreou, Terry Harris, Dennis Philip and Wenrui Zhang
Cyprus University of Technology, Durham University Business School, Durham University Business School and Durham University Business School
Downloads 47 (829,429)

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Competitive culture; Crash risk; Textual analysis; 10-K filings

36.

Generalized parameter functions for option pricing

Journal of Banking & Finance, Volume 34, Issue 3, March 2010, Pages 633-646
Number of pages: 41 Posted: 17 Mar 2008 Last Revised: 30 Sep 2022
Panayiotis C. Andreou, Christakis Charalambous and Spiros Martzoukos
Cyprus University of Technology, University of Cyprus - Department of Public and Business Administration and University of Cyprus - Department of Public and Business Administration
Downloads 30 (982,746)
Citation 9

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implied parameters, deterministic volatility functions, hedging, semi-parametric approach

37.

Unveiling the enablers: Exploring country characteristics that encourage emissions reduction

Number of pages: 69 Posted: 09 Dec 2024
Panayiotis C. Andreou, Sofia Anyfantaki, Christos Cabolis and Konstantinos Dellis
Cyprus University of Technology, Bank of Greece, IMD and University of Piraeus
Downloads 17 (1,137,264)

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Emissions, Climate change, Technological innovation, Skills, Institutions, Technological infrastructure, EU ETS

38.

Corporate Environmental Proactivity: Evidence from the European Union’s Emissions Trading System

Forthcoming in British Journal of Management
Posted: 28 May 2019
Panayiotis C. Andreou and Neil Kellard
Cyprus University of Technology and University of Essex - Essex Business School

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Environmental policy, Proactiveness, EU ETS, Greenhouse gas emissions, Firm performance

39.

CEO Age and Stock Price Crash Risk

Forthcoming in Review of Finance
Posted: 12 Sep 2016 Last Revised: 07 Nov 2016
Panayiotis C. Andreou, Christodoulos Louca and Andreas Petrou
Cyprus University of Technology, Cyprus University of Technology and Cyprus University of Technology

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CEO Age, Crash Risk, Agency Theory, Managerial Discretion

40.

Assessing the Performance of Symmetric and Asymmetric Implied Volatility Functions

Posted: 09 Jul 2008 Last Revised: 16 Jan 2011
Panayiotis C. Andreou, Christakis Charalambous and Spiros Martzoukos
Cyprus University of Technology, University of Cyprus - Department of Public and Business Administration and University of Cyprus - Department of Public and Business Administration

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Option pricing, implied volatilities, deterministic volatility functions, implied volatility functions