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The purpose of this study is to examine the sophistication (accuracy, bias, informativeness for changes in accruals) and market pricing of analysts’ cash flow forecasts for Eurozone listed firms and the effects of financial distress and auditor quality.

Accuracy/bias is investigated using analysts’ cash flow forecast errors. The naïve extrapolation model is used to examine the forecasts’ informativeness for working capital changes. A total return model is used to examine value-relevance. This study controls for the forecast horizon, using the Altman z-score and a BigN/industry specialization auditor indicator to proxy for distress and auditor quality, respectively.

Analysts efficiently adjust earnings forecasts for depreciation during cash flow forecast formation but fail to efficiently incorporate working capital changes. Findings indicate cash flow forecasts’ accuracy improves for distressed firms and firms of high auditor quality, attributed to analyst conservatism and accounting choices and more accurate earnings forecasts, respectively. Cash flow forecasts’ value-relevance increases for distressed firms, particularly those of high auditor quality and timely forecasts.

To the best of the authors’ knowledge, this study is the first to examine analysts’ cash flow forecasts taking into consideration financial distress and auditor quality, controlling for the analyst forecast horizon.

This paper seeks to deal with the problem of the anomalous negative price‐earnings relation for firms listed in the Athens Stock Exchange (ASE).

The simple earnings capitalization model is employed to investigate the association between price and earnings across profit and loss firms listed in the ASE.

This study verifies a negative price‐earnings relation for those firms that report losses (loss firms) and a positive price‐earnings relation for those firms that report profits (profit firms).

Regarding the usefulness of financial information to investors, the security price‐earnings relation is proved not to be homogeneous across firms that report losses and firms that report profits.

The paper provides evidence on the value relevance of publicly available information in a developing stock exchange which finally achieved its entrance to the world's developed markets.

Attempts to identify consumer perceptions about wine and wine attributes in Greece. In addition, a brief presentation of the development of wine routes in Greece is considered. According to the results, wine emerges as a staple kind of drink in everyday meals, and seems to be more preferable compared to other alcoholic drinks. Furthermore, taste, clarity, appelation of origin, aroma and label are the most important wine attributes expressed by Greek consumers. Taking into account that Greece is one of the most important wine producing countries in the EU, an effective wine promotion policy needs to be organised. In the light of the interdependence between the new activities introduced by regional wine enterprises and the consumer level of information about “typical wines”, further market research could improve wine promotion both in Greek and the European markets.

The purpose of this paper is to present evidence on the effects that different ownership's structures of Greek listed firms exercise on the relation between investment and liquidity constraints.

Corporate governance in Greece is primarily based on the form of family‐owned firms, as in many European countries. In countries with similar corporate governance systems, a possible source of separation (in the absence of bank‐controlled firms and large business groups) between management and ownership is the nationality of the companies, as foreign nationality implies the physical separation of managers and owners. A second possible separation is based on the shareholdings of the CEO when he/she bears no relation with the controlling shareholders. A sample of Athens Stock Exchange listed firms is collected and a generalized (vs a simple) model of investment is applied to test the role of corporate governance using these two basic separations of management and ownership.

The paper's empirical findings support the hypothesis of asymmetric information both in the total sample and in various sub‐samples. Low Q, small, and new firms under the generalized model are facing asymmetric information problems. On the other hand, low Q, old and low dividend firms are more likely to face managerial discretion problems that result in over‐investment.

This paper links information‐related problems of investment with simple corporate governance structures.

The purpose of this paper is to test the hypothesis that the nationality of ownership affects investment through its interaction with return expectations and cash flow and to answer the question whether this is due to asymmetric information or managerial discretion problems.

Asymmetric information and managerial discretion hypothesis are being tested in a fully extended model, which provides for a variety of effects from the explanatory variables. The paper also uses firm and industry variables to account for the investment opportunities or marginal q instead of using the average Q. Using industrial variables instead of stock market data enables the possibility to extend the sample to cover a more representative sample of firms and especially a group of firms where financial constraints are expected to be more profound. Another aspect of the paper is that the ownership variable varies with the nationality of the shareholders of the firm and not with the shareholdings of the managers. This means that the paper restricts its search in two sub‐samples, those of domestic firms and of foreign (multinational) ones.

In total, 2,700 domestic and foreign (multinational) manufacturing firms located in Greece in the 1992‐1997 period were examined, providing consistent evidence supporting the asymmetric information hypothesis against the managerial discretion hypothesis. These results also support the significance of ownership effects, at least with respect to the national origin of the firm's shareholders.

This paper provides evidence that the nationality of ownership affects the investment behavior and is related with the specific information problems of the firms.