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From the beginning of 2020, the whole world has been shaken by a contagious disease called Covid-19, its actual name being SARS-CoV-2. It first appeared in China, in Wuhan, Hubei Province, in December 2019, and the World Health Organization (WHO) was informed about it on the 31st of December 2019. On the 11th of March, 2020, WHO declared the Covid-19 outbreak a pandemic, and no country has been able to contain this coronavirus. This medical or health crisis evolved into a pandemic and led to a global economic crisis. This study investigates the wealth effect of the coronavirus pandemic announcement on the Information Technology Industry companies in Europe. We apply the classical event study methodology. Our sample contained 87 companies. The results show a strong negative reaction of information technology companies upon this announcement. The European investors perceived this announcement as a negative signal that will disturb the lives of everyone and will create economic instabilities and havoc in all sectors of an economy. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

Purpose Motivated by recent evidence that securitized real estate returns exhibit higher levels of predictability than stock market returns and that feedback trading (FT) can induce returns autocorrelation and market volatility, the purpose of this study is to examine the impact of FT strategies on long-term market volatility of eight international real estate markets (UK, Germany, France, Italy, Sweden, Australia, Japan and Hong Kong). Design/methodology/approach Assuming that the return autocorrelation may vary over time and the impact of positive feedback trading (PFT) or negative feedback trading (NFT) could be a function of return volatility, the authors use a combination of a FT model and a fractionally integrated Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) model. Findings The results are mixed, revealing that both PFT and NFT strategies persist. Specifically, the authors detect PFT in the real estate markets of France, Hong Kong and Italy as opposed to the real estate markets of Australia, Germany, Japan and Sweden where NFT was present. A noteworthy exception is the UK real estate market, with important and rational FT strategies to sustain. With respect to the long-term volatility persistence, this seems to capture the mean reversion of real estate returns in the UK and Hong Kong markets. In general, the results are not consistent with those reported in previous studies because NFT dominates PFT in the majority of real estate markets under consideration. Originality/value The main contribution of this study is the investigation of the link between short-term PFT or NFT and long-term volatility in eight international real estate markets, symmetrically. Particular attention has been given to the link between short-term FT and long-term volatility, by means of a fractionally integrated GARCH approach, a symmetric one. Moreover, investigating the relationship between returns’ volatility and investors’ strategies based on FT entails significant implications because real estate assets offer a good alternative investment for many investors and speculators.

The Greek Ministry of Food and Agriculture is proceeding in its commitment to apply reforms of the current Common Agricultural Policy (CAP) 2014-2020. Among other measures, in November 2017 two fundamental agricultural projects were introduced: the 4.1.1., which focuses on potential investments in fixed assets and machinery, and the 4.2.3., which relates to potential investments in renewable energy resources such as net-metering systems. Investments in agriculture are considered of critical importance given their potential contribution to the Greek economy. The CAP is undoubtedly an integral and crucial part of the general Common European Policy in terms of agriculture. Nevertheless, European policies have attracted intense negative criticism including from distinguished and Nobel Prize-awarded writers and researchers such as Krugman and Stiglitz. This paper focuses on the probability and sustainability of rural investments dealing simultaneously with a profile analysis of the prospective investors. It consists of two main parts. The theoretical first part presents the special characteristics of the two implemented measures. The second part presents the empirical research carried out with farmers of the area, which was conducted via questionnaires. Participants submitted Action Improvement Plans supporting the 4.1.1 or/and 4.1.3 measures. Data were collected through personal interviews and the opportunity sampling method was used. Data were analyzed through descriptive and inducted statistical methods. This research expands the discussions around the rural investments concept. Keywords: Common Agricultural Policy, rural development, investments

There is a growing interest recently towards research in the economics of happiness. Research in this area highlights the importance of subjective well-being as an indicator of welfare. The purpose of this study is to identify the main factors influencing subjective well-being in Albania and discuss the main issues regarding the self-reported data and subjective nature of this topic. Subjective well-being is a term used to identify the subjective evaluation of life satisfaction in general by individuals through survey questions. This term is considered very broad and includes many aspects of individual well-being, valuations that people make regarding their life which include their mental, physical and financial state. Traditionally well-being has been identified by objective measures such as GDP or life expectancy. However, these measures cannot capture all aspect of human well-being. Therefore, there has been a growing literature measuring it using subjective measures by asking people how satisfied are they with their lives in general. Literature in this aspect has identified several factors which affecting subjective well-being such as socio-demographic factors, health status, income, social capital, and environmental quality. Although there is a growing literature using subjective measures, they have several limitations and the question raised is if these indicators are reliable for policymakers. This paper delivers an overview of the growing literature in this filed and discuss the main factors that have an impact on the subjective well-being of individuals in Albania.

Energy in the world is being provided using fossil fuels as a source because they have the lowest costs and it is considered that we are living in an era of fossil-fueled economies. But due to global warming and climate change, it is necessary to find alternative sources in order to provide energy for future generations and to end the age of fossil fuels. The demand and consumption of the energy is increasing but the resources are limited. In this way, it is generating interest in renewable energy in order to reduce the negative effects on the environment and to create sustainable development. The question is how profitable, and which are the risks that renewable energy companies face? In this way, the aim of this paper is to examine the effect of firm-specific characteristics and macroeconomic determinants of renewable energy companies using the Fixed Effects Model spanning the period 2005–2018. The empirical result shows that internal factors that depend on firm management are significant and have a positive impact on profitability. The profitability is affected positively by capital, size, and capital productivity while leverage of the firm has a negative impact. Additionally, it is investigated the effect of macroeconomic factors that seems to be insignificant in profitability. This study suggests some policies that should follow by policymakers in order to promote renewable energy companies and to create suitable conditions for sustainable development. The development of renewable energy companies is associated with economic, social development, climate changes mitigate that reduce emissions in the environment and have a positive effect on health.

This paper is divided into two parts, one theoretical and one empirical. The research deals with entrepreneurs that received loans from National Fund for Entrepreneurship and Development (ETEAN in Greek language). ETEAN provided enterprises with non interest or low interest loans based on state guarantees. The main objective of this research is to examine the project\'s effectiveness and its contribution into local development on Regional Unity of Serres, Central Macedonia, Greece. The first part is divided into two sections. A comparative analysis of guarantees to small and medium enterprises (SME’s) is presented in the first part referring to the European Union and in the second part to Greece. Particularly, in the first section of our paper presented data concerning guarantees provided in the EU. At the second section presented data which indicate the role of ETEAN’s programs into the contribution of local development in Greece and the moral hazards due to state provided guarantees. Furthermore, obstacles that entrepreneurs face when they applied for guarantee loans are analyzed in this part. Our data were extracted during the last three years by the extensive use of web links on the internet. Most data were taken from the websites of above mentioned ETEAN, the Pan-European Gateway to Business and Innovation Financing, the Gateway to European Research and Development and B.I.S. At the second part presented the results of our research based on 200 entrepreneurs in Serres who receive loans from ETEAN. The results analyzed with the use of descriptive statistical methods and correlations. It is noticeable that businessmen’s answers are similar to those deduced from the results of the researches that have been referred to in bibliography. In the final part of this paper the main conclusion is pointed out and that is that those programs which provide enterprises low interest or non interest loans support local development.

This work attempts to examine the consequences of the crisis on enterprises and on banks, to study enterprises' problems related their access to fundsability, to examine the phenomenon of corruption in Greece especially in state banks, to highlight the problems and inefficacies of local enterprises and finally to focus on the economic lag and underdevelopment in all the local economic sectors in Regional Unity of Serres. As regard as the empirical research, it deals with the data extracted from a questionnaire addressed to local entrepreneurs. The results are analysed with the help of the methods of descriptive statistics and correlations. The research main conclusion is that the reduction of the funds provided by the banks to the market resulted in the deterioration of the recession. It is worth referring to the fact that the statistical data extracted from the empirical research are similar to those deduced from the results of the researches that have been referred to in bibliography.

In the theoretical part of our paper focused on a) The role of the Knowledge / Universities as a leader of Technological change ? Knowledge transfer dynamics and its influence on Regional Development, b) the Entrepreneurship education: The role of the Entrepreneurial University, c) Knowledge Spillovers and regional Innovation System (RIS): empirical evidence of some European Regions, d) the current situation in Greek Higher Education, focusing on the New Educational Law and especially on the plan "Athena" of the Ministry of Education, for the restructure / reallocation of the Greek Universities and Technological Institutions e) The new Law for Research Technology and Innovation in Greece (Horizon 2020 program) c) The Hungarian case study. In the empirical part of our paper, we are studying the restructure / reallocation of the Greek Universities and Technological Institutions. Our research methodology, based on the data extracted from targeted questionnaires addressed both to Greek entrepreneurs and Greek universities ? Scientific Institutions, attempts to show on one hand how the Universities assess the business environment and their new role in the relevant new institutional framework and on the other hand how the Greek industries evaluate their cooperation with the universities sector and their new role in terms of supporting the local entrepreneurship, as well. The used method for analyzing the results is the one of SPSS (descriptive statistics, correlation ? convexity indicators). The main findings coming by the processing of the statistical data of our scientific research, reveal that in crisis period the universities can find a new source of funding by "advertising" their main mission, which is the diffusion of Knowledge, and especially, the innovative one that enterprises need, in order to succeed and to overcome the crisis bad effects. Thus, we can observe that the results of our empirical analysis are strongly related to the relevant literature presented in the theoretical part of our paper. Finally, considerable general conclusions, policy proposals and questions/ challenges for further research will be presented at the end of our study. Finally, we would like to draw your attention on the fact that during this period is taking palace an ongoing relevant research in Hungary and we are expecting the results in order to be able to make a comparative analysis and consequently the appropriate SWOT ANALYSIS.

This work attempts to examine how the global financial crisis has affected the education sector and more specifically, universities. So our paper examines the universities public funding especially in Europe, the mobility of teaching staff, students etc. Also the impact of the financial crisis on universities private sources funding and to mention the need to straighten the collaboration of universities with industries. Universities they have a major role in the economy of a country. They are the main tool for innovation which leads in business development and growth and can reinforce the endogenous regional economic growth. In this view, we present briefly the Triple Helix Theory, which focuses on the importance of the cooperation between public sector, industries and universities. Furthermore, in the theoretical part of our paper, we are examining the case of Greece. More specifically, we are presenting the current situation in Greek Higher Education, focusing on the New Educational Law and especially on the under consultation plan 'Athena' of the Ministry of Education, for the restructure / reallocation of the Greek Universities and Technological Institutions. In the empirical part of our paper, we try to identify whether the Triple Helix Theory is applied in practice or not in Greek case. Our research methodology, based on the data extracted from targeted questionnaires addressed both to Greek entrepreneurs and Greek universities - Scientific Institutions, attempts to show on one hand how the Universities assess the business environment and their new role in the relevant new institutional framework and on the other hand how the Greek industries evaluate their cooperation with the universities sector and their new role in terms of supporting the local entrepreneurship, as well. The used method for analyzing the results is the one of SPSS (descriptive statistics, correlation - convexity indicators). The main findings coming by the processing of the statistical data of our scientific research, reveals that in crisis period the universities can find a new source of funding by 'advertising' their main mission, which is the diffusion of Knowledge, and especially, the innovative one that enterprises need, in order to succeed and to overcome the crisis bad effects. Thus, we can observe that the results of our empirical analysis are strongly related to the relevant literature presented in the theoretical our paper. Finally, considerable general conclusions, policy proposals and questions/ challenges for further research will be presented at the end of our study.

This paper is divided into two parts, a theoretical and an empirical one and attempts to present Quality Management and the importance that it has in facing the international economic/ entrepreneurial competition. More particularly, in the first part of our paper are presented: *the significance of quality and main highlights of Total Quality Management *the history of Quality Management and the relevant literature (the theories of "guru" in the field of Total Quality Management, i.e. Edwards Deming, Joshep Juran, Philip Crosby, Kaoru Ishikawa and Armand Feingenbaum. Moreover, a special report is included in the work of Edwards Deming, as he is considered the father of Total Quality Management *the relations between customers / suppliers and the enterprises, the factors that add value in a product, and the importance of customer service is analyzed. The second part focuses on: *The significance of quality in the banking sector, and more specifically on the Model EFQM and its adoption by Hellenic Bank Public Company Ltd. *The highlighting of the structure of the aforementioned model, the levels of business excellence, the fundamental concepts for Quality Management and the RADAR method. *The case study of a greek bank and the achievement of the bank to be the first in the banking network in Greece that was honored with the "Committed to excellence" award on, *The research that was performed: - in the above mentioned Bank with the use of questionnaires. This survey was supported by the nine criteria of EFQM Excellence Model. In the same chapter are presentated the conclusions on the changes in the philosophy of the bank by the adoption of model are indicated. - in three banks with the use of questionnaires as well, and referred to customer services.

It is common knowledge that Small and Medium enterprises make up the backbone of the Greek economy. Nowadays during the greatest post war financial crisis, the fund availability critically determines the survival and the development of almost every enterprise. In the first part of this presentation we will refer to the financial crisis in Greece. Apparently one of the major economic problems in our country is the widely extended corruption throughout all the economic activities including corruption 0n banks. In the second part we will present the impact of the recession on the banking sector in local and national level and the consequences of the great reduction of loan providing funds to Small and Medium Enterprises (SMEs). We will present the fact that nowadays, entrepreneurs can not obtain loans based on personal guarantee, and they have to offer their own house as collateral. In the third part we will refer to Serres, former prefecture of Greece, where the economic inability and underdevelopment to all the levels of local economy is obvious. We will also refer to the fact that while on turmoil governments schedule programs using the criterion of efficiency instead of the criterion of equity. Under these circumstances, the area of Serres will never be developed. In the forth part we will present the results of the questionnaire-based research from the local entrepreneurs in the Prefecture of Serres. We will focus on the consequences of a economical crisis. It is worth referring to the fact that their answers are similar to those deduced from the results of the researches that have been referred to in bibliography. Finally we will end this presentation with the main conclusions. KEYWORDS -Financial crisis -Loan providing funds -Local entrepreneurship -Former Prefecture of Serres

Our article consists of the following 4 parts: - In the first part: documented the importance of credit risk with the presentation - analysis of the growth of 6 Greek major financial institutions loan portfolio, for the period 2001 to 2008 and comparison of the loan amount with their own funds and total assets them (based on published accounts). - In the second part: we refer to the approval and monitoring procedures that should be followed by banks using the internal ratings (IRB) methods for corporate loans. Our interest is focused on linking credit ratings to the terms of financing (collateral costs) and on the importance of evaluation / assessment and collateral for the balance of exposures. For typesetting the above is estimated the Risk Weight Assets for PD rating scale (National Bank of Greece published data) and relevant Figure/diagram. - In the third part: we analyse the methodology of key criteria for evaluating the creditworthiness of companies. At the same time for a short description of Greek Business environment we used the -List Easy of Doing Business index 2010- of the World Bank and the results of the assessment of business sectors in Greece according to the model of Credit Risk Tracker Greece's Standard & Poor's, as published by the Hellastat. (The key criteria for evaluating creditworthiness of companies mainly come from research on the websites of the companies Fitch, S & P, Moody's KMV, Hellastat, Easy of Doing Business index). - In fourth part: presented, properly treated, the results of empirical research conducted through distribution of questionnaire to 25 experienced in Risk Management, executives, which was called to assess 20 companies on the basis of their specific quantitative and qualitative characteristics. Finally it is noted that in this final part are also presented all the findings and related conclusions, resulting from the scientific research throughout this paper.

Based on the case study of the entrepreneurship in the Peloponnese Region, this paper explores the main characteristics of young entrepreneurs operating in the Greek periphery, the factors involved in encouraging or discouraging young entrepreneurs to set up an enterprise and the factors that hinder the success of those enterprises and often lead them to their closing down. The methodological framework of the survey is based on a series of personal interviews by means of a structured questionnaire with closed and open questions given to 70 young entrepreneurs from various sectors of the regional economy operating in the five prefectures in Peloponnese. The participants of the aforementioned field survey on youth entrepreneurship were entrepreneurs aged between 19 and 40. The statistical processing of the survey data results in a series of findings concerning the characteristics and the factors affecting youth entrepreneurship, which lead to the relevant regional policy proposals.