Prof. Dr. Panos Xidonas, HDR
ESSCA École de Management, Paris


Profile

Dr. Xidonas is Full Professor & Director of Research at École Supérieure des Sciences Commerciales d' Angers. He publishes his research in journals such as the European Journal of Operational Research, the European Journal of Finance, the Annals of Operations Research, the Journal of International Financial Markets, Institutions & Money, the International Review of Financial Analysis, the Review of Quantitative Finance & Accounting, the Finance Research Letters, the Quantitative Finance, the Journal of Business Research, the Energy Policy, the Omega  etc. Also, Dr. Xidonas is Chairman of the Investment Committee at the National Social Security Fund of Greece. He possesses a vast consulting trackrecord as a quantitative investment strategist, having delivered premium advice within the underlying industry. Dr. Xidonas is holder of the Habilitation à Diriger des Recherches (HDR), the highest academic badge in France, from the Université de Lille. He holds a PhD in Operational Research, Information Systems & Portfolio Management from the National Technical University of Athens and a MSc in Mathematical Modelling in Modern Technologies & Economics from the same university. Finally, he holds a BSc in Physics from the National & Kapodistrian University of Athens.



Selected journal publications

[01] Xidonas, P., Thomakos, D., Samitas, A., 2025. On the integration of multiple criteria decision aiding and forecasting: Does it create value in portfolio selection? European Journal of Operational Research, 321 (2), 516-528.

[02] Dias, L., Xidonas, P., Samitas, A., 2025. A novel Sigma-Mu multiple criteria decision aiding approach for mutual funds portfolio selection. European Journal of Operational Research, 322 (2), 589-598. 

[03] Xidonas, P., Thomakos, D., Samitas, A., Lekkos, I., Triantafillou, A., 2025. What drives household credit in France? Journal of Economic Studies, 52 (4), 692-708.

[04] Fermanian, J.D., Poignard, B., Xidonas, P., 2025. Model-based Vs agnostic methods for the prediction of time-varying covariance matrices. Annals of Operations Research, 346, 511-548. 

[05] Xidonas, P., 2025. If you get to San Diego, let’s do lunch or dinner... (Invited honorary Testimonial in Memory of the Nobel Laureate Harry M. Markowitz). Annals of Operations Research, 346, 65-66.

[06] Konstantakis, K., Michaelides, P., Xidonas, P., Yfanti, S., 2025. Carbon emissions and sustainability in Covid-19's waves: Evidence from a 2-state dynamic Markov-switching regression (MSR) model. Annals of Operations Research, 347, 217-239.

[07] Xidonas, P., Essner, E., 2024. On ESG portfolio construction: A multiobjective optimization approach. Computational Economics, 63, 21-45.

[08] Daglis, T., Konstantakis, K., Xidonas, P., Michaelides, P., Samitas, A., 2024. Solar weather dynamics and the US economy: A comprehensive GVAR perspective. Review of Quantitative Finance & Accounting, 63, 955-977.

[09] Konstantakis, K., Michaelides, P., Xidonas, P., Prelorentzos, A.G., Samitas, A., 2024. Responsible AI for measuring efficiency: A neural production specification. Annals of Operations Research, Forthcoming.

[10] Konstantakis, K., Michaelides, P., Xidonas, P., Dokas, I., Christopoulos, A., Samitas, A., 2024. The interconnectedness of European banking and shadow banking for sustainable development goals: Insights from a network GVAR model. Research in International Business & Finance, Vol. 69, 102232.

[11] Prelorentzos, A.G., Konstantakis, K., Michaelides, P., Xidonas, P., Goutte, S., Thomakos, D., 2024. Introducing the GVAR-GARCH model: Evidence from financial markets. Journal of International Financial Markets, Institutions & Money, Vol. 91, 101936.

[12] Cheilas, P., Daglis, T., Xidonas, P., Michaelides, P., Konstantakis, K., 2024. Financial dynamics, green transition and hydrogen economy in Europe. International Review of Economics & Finance, Vol. 94, 103370.


[14] Kotsompolis, G., Konstantakis, K., Xidonas, P., Michaelides, P., Thomakos, D., 2023. Climate change economics and the determinants of carbon emissions' futures returns: A regime-driven ARDL model. Finance Research Letters, Vol. 58, Part C, 104485.

[15] Xidonas, P., Lekkos, I., Giannakidis, C., Staikouras, C., 2023. Multicriteria security evaluation: Does it cost to be traditional? Annals of Operations Research, 323, 301-330.

[16] Konstantakis, K., Xidonas, P., Michaelides, P., Goutte, S., 2023. Gold and Covid-19: Uncovering the safe haven hypothesis with dynamic MSR modeling. International Review of Financial Analysis, Vol. 89, 102858.

[17] Daglis, T., Yfanti, S., Xidonas, P., Konstantakis, K., Michaelides, P., 2023. Does solar activity affects the price of crude oil? A causality and volatility analysis. Finance Research Letters, Vol. 55, Part A, 103833.

[18] Daglis, T., Konstantakis, K., Xidonas, P., Michaelides, P., Zopounidis, C., 2023. Solar events and the US energy sector: A novel sectoral spillover GVAR approach introducing indirect GIRFs. Annals of Operations Research, Forthcoming.

[19] Konstantakis, K., Cheilas, P., Melissaropoulos, I., Xidonas, P., Michaelides, P., 2023. Supply chains and fake news: A novel input-output neural network approach for the US food sector. Annals of Operations Research, 327, 779-794.

[20] Galakis, J., Vrontos, I., Xidonas, P., 2022. On tree-structured linear and quantile regression-based asset pricing. Review of Accounting & Finance (Emerald), 21 (3), 204-245.

[21] Doukas, H., Xidonas, P., Mastromichalakis, N., 2022. How successful are energy efficiency investments? A comparative analysis for classification and performance prediction. Computational Economics, 59, 579-598.

[22] Xidonas, P., Doukas, H., Hassapis, C., 2021. Grouped data, investment committees and multicriteria portfolio selection. Journal of Business Research, 129, 205-222.

[23] Xidonas, P., Steuer, R., 2022. A multicriteria evaluation methodology for assessing the impact of COVID-19 in EU countries. Decision Analytics, Vol. 4, 100123.

[24] Xidonas, P., Doukas, H., Sarmas, E., 2021. A Python-based multicriteria portfolio selection DSS. RAIRO-Operations Research, 55, S3009-S3034.

[25] Xidonas, P., Steuer, R., Hassapis, C., 2020. Robust portfolio optimization: A categorized bibliographic study. Annals of Operations Research, 292 (1), 533-552.
 
[26] Xidonas, P., Tsionas, M., Zopounidis, C., 2020. On mutual funds-of-ETFs asset allocation with rebalancing: Sample covariance versus EWMA and GARCH. Annals of Operations Research, 284 (1), 469-482.

[27] Michaelides, P., Tsionas, M., Xidonas, P., 2020. A bayesian signals approach for the detection of crises. Journal of Quantitative Economics, 18 (3), 551-585.

[28] Michaelides, P., Tsionas, M., Konstantakis, K., Xidonas, P., 2019. The impact of market competition on CEO salary in the US energy sector. Energy Policy, 132, 32-37.

[29] Xidonas, P., Hassapis, C., Mavrotas, G., Staikouras, C., Zopounidis, C., 2018. Multiobjective portfolio optimization: Bridging mathematical theory with asset management practice. Annals of Operations Research, 267 (1-2) 585-606.

[30] Xidonas, P., Hassapis, C., Bouzianis, G., Staikouras, C., 2018. An integrated matching-immunization model for bond portfolio optimization. Computational Economics, 51 (3), 595-605.

[31] Xidonas, P., Mavrotas, G., Hassapis, C., Zopounidis, C., 2017. Robust multiobjective portfolio optimization: A minimax regret approach. European Journal of Operational Research, 262 (1), 299-305.

[32] Xidonas, P., Hassapis, C., Soulis, J., Samitas, A., 2017. Robust minimum variance portfolio optimization modeling under scenario uncertainty. Economic Modelling, 64, 60-71.
 
[33] Marinakis, V., Doukas, H., Xidonas, P., Zopounidis, C., 2017. Multicriteria decision support in local energy planning. Omega, 69, 1-16.
 
[34] Xidonas, P., Doukas, H., Mavrotas, G., Pechak, O., 2016. Environmental corporate responsibility for investments evaluation: An alternative multiobjective programming model. Annals of Operations Research, 247 (2), 395-413.

[35] Doukas, H., Xidonas, P., Angelopoulos, D., Askounis, D., Psarras, J., 2016. Distribution transformers failures: How does it cost? Energy Systems, 7 (4), 601-613.

[36] Xidonas, P., Kountzakis, C., Hassapis, C., Staikouras, C., 2016. A use of Black-Scholes model in market risk. International Journal of Financial Engineering & Risk Management, 2 (3), 200-210.

[37] Xidonas, P., Kountzakis, C., Hassapis, C., Staikouras, C., 2016. RAROC in portfolio optimization. International Journal of Financial Engineering, 3 (3), 1-14.

[38] Marinakis, V., Xidonas, P., Doukas, H., 2016. A modelling framework for the forecasting of energy consumption and CO2 emissions at local-regional level. International Journal of Global Energy Issues, 39 (6), 444-460.

[39] Doumpos, M., Xidonas, P., Xidonas, S., Siskos, Y., 2016. Development of a robust multicriteria classification model for monitoring the postoperative behaviour of heart patients. Journal of Multi‐Criteria Decision Analysis, 23 (1-2), 15-27.

[40] Xidonas, P., Mavrotas, G., 2014. Multiobjective portfolio optimization with non-convex policy constraints: Evidence form the Eurostoxx 50. European Journal of Finance, 20 (11), 957-977.
 
 
[42] Xidonas, P., Doukas, H., 2013. Integrating analysts' forecasts in the security screening process: Empirical evidence from the Eurostoxx 50. Applied Financial Economics, 23 (8), 685-699.
 
[43] Xidonas, P., Mavrotas, G., Zopounidis, C., Psarras, J., 2011. IPSSIS: An integrated multicriteria DSS for equity portfolio construction and selection. European Journal of Operational Research, 210 (2), 398-409.

[44] Krintas, T., Xidonas, P., 2011. Are market returns deriving from asset classes or participants possession effect? Journal of Financial Decision Making, 7 (1), 109-116.
 
[45] Xidonas, P., Mavrotas, G., Psarras, J., 2010. A multicriteria decision making approach for the selection of stocks. Journal of the Operational Research Society, 61, 1273-1287.

[46] Xidonas, P., Mavrotas, G., Psarras, J., 2010. Equity portfolio construction and selection using multiobjective mathematical programming. Journal of Global Optimization, 47 (2), 185-209.

[47] Xidonas, P., Mavrotas, G., Psarras, J., 2010. Portfolio construction: A multiobjective optimization approach. Optimization, A Journal of Mathematical Programming & Operations Research, 59 (8), 1211-1229.

[48] Xidonas, P., Mavrotas, G., Psarras, J., 2010. Portfolio management within the frame of multiobjective mathematical programming: A categorised bibliographic study. International Journal of Operational Research, 8 (1), 21-41.

[49] Xidonas, P., Mavrotas, G.  Psarras, J, 2010. A multicriteria decision making approach for the evaluation of equity portfolios. International Journal of Mathematics in Operational Research, 2 (1), 40-72. 

[50] Xidonas, P., Mavrotas, G., Psarras, J., 2009. A multicriteria methodology for equity selection using financial analysis. Computers & Operations Research, 36 (12), 3187-3203.

[51] Xidonas, P., Psarras, J., 2009. Equity portfolio management within the MCDM frame: A literature review. International Journal of Banking, Accounting & Finance, 1 (3), 285-309.
 
[52] Xidonas, P., Ergazakis, E., Metaxiotis, K., Askounis, D., 2009. On the selection of equity securities: An expert systems methodology. Expert Systems with Applications, 36 (9), 11966-11980.

[53] Xidonas, P., Askounis, D., Psarras, J., 2009. Common stock portfolio selection: A multiple criteria decision-making methodology and an application on the Athens Stock Exchange. Operational Research: An International Journal, 9 (1), 55-79.

[54] Xidonas, P., Flamos, A., Koussouris, S., Askounis, D., Psarras, J., 2007. On the appraisal of consumer credit banking products within the asset quality frame: A multiple criteria application. Operational Research: An International Journal, 7, 255-283.


Books

[01] Sarmas, E., Xidonas, P., Doukas, H., 2020. Multicriteria portfolio construction with Python. Springer, New York.

[02] Xidonas, Mavrotas, G., Krintas, T., Psarras, J., Zopounidis, C., 2012. Multicriteria portfolio management. Springer, New York.


Teaching

[01] Portfolio theory
[02] Financial derivatives
[03] Financial management
[04] Financial econometrics
[05] Monetary policy & banking
[06] Financial risk management
[07] International corporate finance
[08] Quantitative methods for finance


Consulting

[01] KPMG
[02] Qualco
[03] Eurobank
[04] Attica Bank
[05] Cinsight Advisory
[06] National Bank of Greece
[07] Finvent Software Solutions
[08] Attica Wealth Management
[09] Hellenic Social Security Pension Fund
[10] Centre of Planning & Economic Research
[11] Observatory for the Greek Information Society
[12] Institute of Communication & Computer Systems

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