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Interim progress report template
(2023-11-01) Lessis, Ioannis
Scientific Report to the Hellenic Foundation for Research and Innovation (H.F.R.I.) for the 3rd Call for H.F.R.I. Scholarships to PhD Candidates. Interim Progress Report Template / Scholar’s Full Name: Ioannis Lessis / Application No.: 6460 / Thesis Title: Estimating the implied cost of capital from the RIV and the AEG models: A contemporary analysis / Host Institution: Athens University of Economics and Business / Referenced period: 13.4.2022 - 13.10.2023
Accounting reforms’ real effects on operational activities: evidence from IFRS 15
(2025) Karampinis, Nikolaos; Lessis, Ioannis
This study explores the real effects of accounting reforms on operational activities. Studying the implementation of the new revenue recognition standard, the International Financial Reporting Standard (IFRS) 15, we find real effects on the high-affected firms through the contracting and learning channels. Due to the high reporting costs, firms strategically choose to loosen their credit policy in IFRS 15 anticipation until tightening it again, lower than pre-IFRS 15 levels. These changes produce spillover effects on credit policy quality and the firms’ risk management. Meanwhile, firms improve resource and cost efficiency by increasing cash revenue while keeping operational costs steady. Our findings provide evidence of accounting reforms’ real effects on the operational activities, which are hardly influenced because they rely on the firm’s strategic commitments and form through decision-making processes with several involved parties. Moreover, our empirical evaluation of IFRS 15 real effects provides valuable feedback for standard setters.
Estimating the implied cost of capital from the RIV and the AEG models: a contemporary analysis: draft Version of PhD thesis
(2025) Lessis, Ioannis
Προσχέδιο διδακτορικής διατριβής.
Interim progress report template
(2025-05-13) Lessis, Ioannis
Scientific Report to the Hellenic Foundation for Research and Innovation (H.F.R.I.) for the 3rd Call for H.F.R.I. Scholarships to PhD Candidates. Interim Progress Report Template / Scholar’s Full Name: Ioannis Lessis / Application No.: 6460 / Thesis Title: Estimating the implied cost of capital from the RIV and the AEG models: A contemporary analysis / Host Institution: Athens University of Economics and Business / Referenced period: 13.4.2022 – 13.4.2025
Business strategy and cost of capital: a mediation analysis
(2025-10-31) Karampinis, Nikolaos; Lessis, Ioannis
We examine the impact of business strategy on the implied cost of capital premium (ICCpremium). We identify three paths of influence, namely, cost stickiness, conditional conservatism, and earnings persistence. We construct a Structural Equation Model (SEM) to evaluate these relationships. The findings suggest that a pure prospector has an ICCpremium of 7.44% relative to 8.01% for a defender. The paths of cost stickiness and conditional conservatism are those that primarily raise the difference. The SEM’s results support that prospectors exhibit stickier costs and less conditional conservatism, while earnings persistence is relatively similar for the two strategic positionings. Our findings remain robust under various tests while we also find that business strategy impacts both systematic and idiosyncratic risk.
The decision usefulness of revenue after IFRS 15 implementation
(2025-10-31) Karampinis, Nikolaos; Lessis, Ioannis
Η εφαρμογή του Διεθνούς Λογιστικού Προτύπου 15 (ΔΛΠ 15) άλλαξε τη διαδικασία αναγνώρισης εσόδων με στόχο να βελτιώσει την χρησιμότητα της πληροφορίας που σχετίζεται με τις πωλήσεις. Σε αυτή τη μελέτη εξετάζει η επίδραση του ΔΛΠ 15 στη χρησιμότητα των εσόδων σε επιχειρήσεις που εφαρμόζουν τα ΔΛΠ εντός των κρατών-μελών της Ευρωπαϊκής Ένωσης και του Ηνωμένου Βασιλείου. Τα αποτελέσματα μας δείχνουν ότι, ενώ το ΔΛΠ 15 βελτιώνει τον συντελεστή απόκρισης των πωλήσεων κατά την ανακοίνωση, μειώνει τη χρησιμότητα των πληροφοριών για τις πωλήσεις που χρησιμοποιεί η αγορά για τον σχηματισμό των αποδόσεων. Περαιτέρω ανάλυση δείχνει ότι αυτές οι αντίθετες επιδράσεις ενδέχεται να προκύπτουν από τους συμβιβασμούς μεταξύ συνάφειας και ακριβής απεικόνισης που προκύπτουν από τις λογιστικές αλλαγές που εισήγαγε το ΔΛΠ 15. Η μελέτη αυτή παρέχει σημαντικές προτάσεις για τη χάραξη πολιτικής στη συνεχιζόμενη συζήτηση σχετικά με την ισορροπία μεταξύ συνάφειας και ακριβής απεικόνισης στη λογιστική και ανταποκρίνεται στις εκκλήσεις για εμπειρική αξιολόγηση των επιπτώσεων του ΔΛΠ 15 στις κεφαλαιαγορές.
Implied cost of capital and accounting conservatism
(2025-10-31) Karampinis, Nikolaos; Lessis, Ioannis
In this paper, we illuminate the importance of accounting conservatism adjustments when estimating the implied cost of capital (ICC) with the Residual Income Valuation (RIV) and the Abnormal Earnings Growth (AEG) model. Specifically, we adjust for three main limitations in the research of ICC, that is, accounting conservatism, analyst over-optimism, and the degrees of freedom problem (i.e. different forecasting horizons), and compare their effects. We show that, after conservatism adjustments in either model, the correlation and the explanatory power of ICC for realized returns exhibit a substantial improvement. However, we find that the adjustment for analyst bias generates immaterial changes, while the adjustment for the degrees of freedom problem yields mixed results. Contrary to expectations, the adjustments do not align the estimated ICCs from the two models but make them to diverge more. Finally, the ICC from the AEG model outperforms its counterpart from the RIV model either with or without the adjustments.