Professors | Associate Professors | Assistant Professors

  Name:  Nikolaos Philippas
Title:  Professor
Office:  323 (Main Building)
Phone:  +30 210 414 2168
E-mail:  philipas(-at-)unipi(-dot-)gr

Short CV

Professor Philippas has numerous publications in almost all Greek Economic Journals and the relative Financial Press. His academic and professional research is published in global academic journals, such as International Review of Financial Analysis, Multinational Finance Journal, Journal of International Financial Markets, Institutions and Money, European Journal of Finance, Journal of Multinational Financial Management, Applied Mathematics & Computation, Applied Economics, Applied Financial Economics, Applied Financial Economics Letters, Applied Economics Letters, Managerial and Decision Economics, International Review of Economics and Business, Journal of Applied Business Research, Research in International Business and Finance, Economics Bulletin etc.

One of his publications titled: “Estimation of Price Parameters: Bank Stock Price and the Variance Components Model”, (Applied Economics, 1988) is included in the collection of the most appreciable articles in the field of Finance. This collection was edited by the Professor R. Brealey (Bibliography of Finance, 1991, MIT Press).

Additionally, two published papers (Applied Economics, 1988 και Managerial and Decision Economics, 1993) are included in the collection of the most important scientific contributions in the area of Economics and Finance, concerning the Greek Financial Market. This collection was edited by Dr. G. Tsetsekos (Economic and Finance Research related to Greece: 44 Years of Academic Contributions, Drexel University, July 1998 ).

Apart from this, his recent paper titled “Chasing trend and losing money: Open end mutual fund investor’s trading in Greece” was rewarded by the University Piraeus for his contribution in the progress and promotion of the institution.

His research interests are in the broad domain of Equity Investments, Financial Analysis, Financial Markets, Mutual Funds, Wealth Management, Pension Fund Management, Financial Planning and Behavioral Finance. He has published five books. Specifically, his books “Mutual Funds and Financial Markets” (1999) and “Investments” (2005) are out of print. His most recent book is “Mutual Funds” (2010).

Dr. Philippas has also presented his work at International Academic Conferences and has a long teaching, as well as, market experience in the Greek Capital and Money Market as executive of Mutual Fund Management Companies, Investment Services Firms etc. From June 2005 to September 2008 he was member of the European Investment Bank Audit Committee (EIB) and from September 2004 to July 2009 he was member of the Board of Directors of Piraeus Port Authority. From April 1st 2013, Mr. Philippas has been appointed as the new Chairman of the Board and Scientific Director of the Centre of Planning and Economic Research (KEPE).

He has worked with companies such as E.T.B.A, Allianz, Helvetia, Intertrust, Eurobank, Alpha Bank and the Hellenic Banking Association, giving lectures about Financial Planning, Stock Market Investments Analysis and Mutual Funds.


  1. Quantitative Methods in Finance (6th semester)
  2. Mutual Funds and Institutional Investors (Elective)
  3. Securities and Stock Exchange Investments (Elective)


  1. Did Behavioral Mutual Funds Exploit Market Inefficiencies During or After the Financial Crisis?, Multinational Finance Journal, forthcoming 2013.
  2. Does herd behaviour exist in the commodities market?, International Journal of Portfolio Analysis and Management, forthcoming 2013.
  3. Mutual fund performance evaluation during periods of market turbulence: Evidence from the Greek Market, Investment Management and Financial Innovations, 2013, Volume 10, Issue 1, pp. 174-183.
  4. Herding behavior in REITs: Novel tests and the role of financial crisis, (with Economou F., Babalos V. and Kostakis A.), International Review of Financial Analysis,  Volume 29, September 2013, pp. 166-174. (Elsevier)
  5. Estimating performance aspects of Greek equity funds with a liquidity-augmented factor model, (with Babalos V. & Mamatzakis E.), Applied Financial Economics, 2013, Volume 23, pp. 629-647. (Routledge)
  6. Efficiency evaluation of Greek equity funds, (with Caporale, G.M. and Babalos, V.), Research in International Business and Finance, 2012, Volume 26, Issue 2, Pages 317–333. (Elsevier)
  7. Mutual funds performance appraisal using stochastic multicriteria acceptability analysis, (with Babalos, V., Doumpos M. and Zompounidis K.), Applied Mathematics & Computation (Impact Factor: 1,534), 2012, 218, pp. 5693–5703. (Elsevier)
  8. Cross-country effects in herding behaviour: Evidence from four south European markets, (with Economou, F. and Kostakis, A.), Journal of International Financial Markets, Institutions & Money, 2011, Volume 21, Issue 3, pp. 443-460. (Elsevier)
  9. Αξιολόγηση της Επίδοσης των Ελληνικών Μετοχικών Αμοιβαίων Κεφαλαίων με τη Χρήση της Μεθόδου Περιβάλλουσας Ανάλυσης Δεδομένων, Μελέτες για το Ελληνικό Χρηματοπιστωτικό Σύστημα, (με τον Β. Μπαμπαλό), Οικονομικό Πανεπιστήμιο Αθηνών, Επιμέλεια Τζαβαλής Ηλίας, 2010, σελ. 359-385.
  10. Managing mutual funds or managing expense ratios? Evidence from the Greek fund industry, (with Babalos, V. and Kostakis A.) Journal of Multinational Financial Management, 2009, vol. 19(4),  pp. 256-272. (Elsevier)
  11. Herding behaviour in extreme market conditions: the case of the Athens Stock Exchange., (with Caporale G.M. and Economou F.), Economics Bulletin, Vol. 7, No. 17, 2008, pp.1-13.
  12. Testing for Persistence in Mutual Fund Performance and the ex-post Verification Problem: Evidence from the Greek Market, (with Babalos V., Caporale G.M., & Kostakis A.), European Journal of Finance, 2008, Vol. 14 (8), pp. 735-753. (Taylor & Francis)
  13. Spurious results in testing mutual fund performance persistence: Evidence from the Greek market, (with Babalos V. & Kostakis A.), Applied Financial Economics Letters, 2007, Volume 3(2), pp 103-108. (Taylor & Francis)
  14. Trying But Failing to Ride the Bull Market: A Random Coefficient Model to Examine Greek Mutual Funds Performance, Journal of Financial Decision Making, Volume 2, No 1, June 2006, pp. 1-12.
  15. Αξιολόγηση της Επίδοσης των Αμοιβαίων Κεφαλαίων: Μια Εμπειρική Εφαρμογή της Αξιολόγησης της Επίδοσης των Ελληνικών Μετοχικών Α/Κ σύμφωνα με την Προσέγγιση της Morningstar, (Με την E. Νικολαΐδου), Σπουδαί, Ιούλιος-Σεπτέμβριος 2005, τόμος. 55, σελ. 76-103.
  16. Feedbacks Between Fund Flows and Security Returns: Evidence from the Greek Capital Market, (with G.M. Caporale and N. Pittis), Applied Financial Economics, 2004, vol. 14, pp 981-989. (Taylor & Francis)
  17. Chasing Trend And Losing Money: Open End Mutual Fund Investor’s Trading In Greece (with Fiotakis Themistoklis), Applied Economics Letters, February 2004, Volume 11, No2, pp117-121. (Taylor & Francis)
  18. Market Timing and Selectivity: An Empirical Investigation into the Features of Greek Mutual Fund Managers, Journal of Applied Business Research, Volume 18,Number 3,Summer 2002, pp 97-108. (Western Academic Publishers)
  19. Performance Evaluation: A Review Article and an Empirical Investigation of Greek Mutual Fund Managers, (with Tsionas E.). The International Business and Economics Journal, Volume 1, Number 6, June 2002, pp 31-44.
  20. Τιμές Μετοχών και Ιδιοκτησιακό Καθεστώς: Μία Διαστρωματική και Διαχρονική Ανάλυση, (Mε τους καθηγητές Γ. Καραθανάση και Δ. Χέβα), Σπουδαί, Ιανουάριος – Ιούνιος 2000, σελ 133-153.
  21. Are Greek Mutual Fund Managers Market Timers?, European Research Studies Journal, European Research Studies Journal, 1999, vol. 0(1-4), pages 33-42.
  22. An Analysis of the Market Model Using Data from a Fledging Market, International Review of Economics and Business, December 1998, p.p. 745 – 768.
  23. Μερισματική πολιτική Εταιρειών Εισηγμένων στο Χρηματιστήριο των Αθηνών: Μια Εμπειρική Ανάλυση (Με τον Καθηγητή Ι. Τζωάννο) Σπουδαί, Ιούλιος-Δεκέμβριος 1997,τόμος 47, σελ.249-285.
  24. Έλεγχοι Παραβίασης των Κλασικών Υποθέσεων του Υποδείγματος της Αγοράς, (με τον Καθηγητή Γ. Καραθανάση), Σπουδαί, Ιανουάριος 1994.
  25. Heteroscedasticity in the Market Model: Some Evidence from the Athens Stock Exchange, Managerial and Decision Economics, November-December 1993, pp 563-567, (with G. Karathanassis). (Wiley Series)
  26. The Use of Error Components Model in Business Finance A Review Article and an Application, Spoudai, 1993, σελ. 95 – 110, Β΄ Τριμηνιαία (με τον καθηγητή Γ. Καραθανάση).
  27. Estimation of Bank Stock Price Parameters and the Variance Components Model, Applied Economics, Volume 20, April 1988, p.p. 497 – 507, (with G. Karathanassis). (Taylor & Francis)
  28. Estimation of Share Valuation Parameters from Time Series and Cross Section Data. Some Results Using Data from the Athens Stock Exchange, στο περιοδικό International Review of Economics and Business, Volume 34, November – December 1987,  p.p. 1167 – 1177 (with G. Karathanassis).


  1. «Αμοιβαία Κεφάλαια, Η ελληνική πραγματικότητα και οι σύγχρονες διεθνείς εξελίξεις», 2010.
  2. «Ασκήσεις για το βιβλίο Επενδύσεις, 505 Ερωτήσεις Πολλαπλών Επιλογών», 2007, Εκδόσεις Πανεπιστημιακό.
  3. «Επενδύσεις», 2005, Εκδόσεις Πανεπιστημιακό.
  4. «Αμοιβαία Κεφάλαια και Χρηματιστηριακό Περιβάλλον», 1999, Εκδόσεις Globus Invest, 2η Έκδοση (εξαντλήθηκε).
  5. «Παράγοντες που επηρεάζουν τις τιμές των μετοχών», 1990, (Με τον Καθηγητή Γ. Καραθανάση), Εκδόσεις Σάκκουλα, υπό την αιγίδα και τη χρηματοδότηση της Ένωσης Ελληνικών Τραπεζών.
  6. Σημειώσεις για το μάθημα «Ποσοτικές Μέθοδοι στη Χρηματοοικονομική», 2011.

Office Hours

The office hours for the spring semester 2018-2019 are:


Full CV

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