“A result of almost twenty years of hard work…

KoalaSleeping     Picture

 A picture is worth a thousand words but the koala tells the story

Papers Forthcoming

and Z. Margaronis, R B Nath, P. Koutroumpis.  “The significance of rollover in commodity returns using PARCH models” (available upon request).

Papers Revised and Resubmit

(1) and A. Canepa, A. Paraskevopoulos “A unified theory for the large family of time varying models with ARMA representations: One solution fits all” (available upon request).

(2)   and F. Menla Ali, Z. Margaronis, R. Nath)”Modelling time varying volatility spillovers and conditional correlations across commodity metal futures”. MetalsTV15

Papers submitted for publication

(1) and Y. Xu. “Matrix inequality constraints for vector asymmetric power GARCH/HEAVY  models and MEM
with spillovers: some new mixture formulations” (available upon request).

(2) and Y. Xu, S. Yfanti. “Stylized Facts for Extended HEAVY/GARCH models and MEM: the importance of asymmetries, power transformations, hyperbolic long memory, structural breaks and spillovers” (available upon request).

(3) and N. Campos, P. Koutroumpis. “On the time-varying link between finance and growth: A smooth transition approach for Brazil, 1890-2003″.

(4)  and N. Campos, P. Koutroumpis. “Economic Growth and Financial Development: Brazil, 1890-2003″. (available upon request)

(5)   and  S. Yfanti, A. Kartsaklas. “Trader type effects and the volatility-volume link: evidence from the Korean stock exchange”, Traders2016.pdf

(6)   and N. Campos, J. Zhang, P. Koutroumpis. “The finance growth nexus and public-private ownership of banks: evidence for Brazil since 1870″.  FinanceGrowth2017

(7)   and N. Campos, J. Zhang. “Financial development and economic growth nexus in the very long-run: non-linear time-series evidence for Brazil since 1870”.  FinDevel2014.pdf

BUT: First submit your paper for proofreading and then submit it for publication:



Their comments are even more weird…AOUOUOUOUOUOU:





(8) and N. Campos, M. Karoglou, P. Koutroumpis. “Apocalypse Now, Apocalypse When? Economic Growth and Structural Breaks in Argentina (1886-2003)”, Apocalypse15

Long hours in front of a computer could give you….


one more rejection…

To those referees that to MY SURPSRISE reject my papers I only have to say:


(9) and G. Chortareas, E. Noikokyris. “Title available upon request”

One of my favourite mottos is:


Unfortunately, I tried to go to it but it seems that I got lost on the way!

Papers published:


and J. Hatgioannides, M. Karanassou, P. Koutroumpis. “The Greek Dra(ch)ma: 5 Years of Austerity. The Three Economists’ View and a Comment.” GreekDrama.pdf ,  “POLITICAL ECONOMY PERSPECTIVES ON THE GREEK CRISIS”, Ed. I. Bournakis and C. Tsoukis.



(1) and P. Koutroumpis, Y. Karavias, V. Arakelian. “Inflation convergence in the EMU and the link between inflation differentials and their uncertainty”, Journal of Empirical Finance, 2016, 39, 241-253, JEF2016.pdf

The four coauthors: From left to right:


Koutroumpis, Karanasos, Arakelian, Karavias

 (2)   and S. Yfanti, M. Karoglou. “Multivariate FIAPARCH modelling of financial markets with dynamic correlations in times of crisis”, International Review of Financial Analysis, 2016, 45, 332–349, IRFA2016.pdf

(3)   and N. Campos, B Tan. ” From riches to rags, and back? Institutional change, financial development and economic in Argentina since the 1890″,  Journal of Development Studies, 2016, 52, 206-223, JDS2016.pdf

(4) and S. Bhaumik, A Kartsaklas. “The informative role of trading volume in an expanding spot and futures market”, Journal of Multinational Financial Management,  2016, 35, 24-40, JMFM2016.pdf


and C. Conrad. “On the transmission of memory in GARCH-in-mean models”, Journal of Time Series Analysis, 2015, 36, 706-720,  JTSA15.pdf

and C. Conrad. ” Modeling the link between US inflation and output: the importance of the uncertainty channel”,  Scottish Journal of Political Economy, 2015, 62(5), 431-453, SJPE15.pdf





The year 2014 saw many important events. While some received a warm welcome, some were not quite pleasant:



Here is a compilation of the 2014 events that created a stir and dominated the world’s attention in 2014:
On August 15, 2014 Panama celebrated 100th anniversary of opening of its canal.
It has been a downhill ride for Michael Schumacher ever since he met with a ski accident on December 29, 2013.
The Thai General Election held on 2 February 2014 was declared null and void owing to the fact that the election was not completed on the same day throughout the nation.
ISIS Seized Large Regions in Iraq and Syria.
The 20th Football World Cup took place in Brazil, the host country.
After a decade-long journey , the European Spacecraft Rosetta finally made history by becoming the first ever space vehicle to orbit and land on a comet.
In what is termed as the biggest acquisition for a social media company, Facebook acquired WhatsApp, the mobile messaging service for $19 billion.
Flight MH370 vanished in less than one hour after it took off from Kuala Lumpur on the morning of 8 March, 2014.
2014 brought yet another heartbreaking tragedy, as the South Korean ferry carrying 476 people, predominantly high school students, capsized, and sank en-route to Jeju island.
With more than 18,000 cases and 6,598 deaths, (as of 10 December 2014) Ebola can be termed as one of the largest, deadliest, and complex epidemics the world has ever witnessed.
See more at: Remember 2014

I almost forgot. In 2014 an important paper was published in the JEF:

and A. Paraskevopoulos, F. M. Ali, M. Karoglou, S. Yfanti. “Modelling returns and volatilities during financial crises: a time varying coefficient approach”, Journal of Empirical Finance, 2014, 29, 113-228,  JEF14.pdf


What happened in 2013…in three minutes:

…and an important publication not captured live on camera:

and N. Zeng. “Conditional heteroscedasticity in macroeconomics data: UK inflation, output growth and their uncertainties”, HandbMacr2013.pdf

in Handbook of Research Methods and Applications in Empirical Macroeconomics, Eds. Nigar Hashimzade and Michael Thornton.


and N Campos, B Tan. “Two to tangle: financial development, political instability and growth in Argentina”, Journal of Banking and Finance JBF12.pdf

and C Kyrtsou. “Analyzing the link between stock volatility and volume by a Mackey-Glass GARCH-type model: the case of Korea”, Quantitative and Qualitative Analysis in Social Sciences (QASS) QASS12.pdf


and C Conrad, N Zeng. ” Multivariate Fractionally integrated APARCH modelling of stock market volatility: a multi country study”, Journal of Empirical Finance, 2011, 18, 147-159,   JEF11.pdf


and C Conrad. ” Negative volatility spillovers in the unrestricted ECCC-GARCH model “, Econometric Theory , 2010, 26, 838-862. ET10.pdf

and C Conrad, N Zeng. “The link between macroeconomic performance and variability in the UK “, Economics Letters, 2010, 106, 154-157.  EL10.pdf


and A Kartsaklas. “Dual long-memory, structural breaks and the link between turnover and the range based volatility”, Journal of Empirical Finance , 2009, 16, 836-851. JEF09.pdf



Sir Clive Granger, who was awarded the Nobel prize for economics in 2003…,


and died in 2009:

Isn’t it amazing that even Nobel laureates at the end they die?

by Kostas Ouranis
Translated by Alex Moskios

I will die a solemn Autumnal evening
In my chilly bedroom, like I lived: alone.
In my last agony I’ll hear the rain,
And the street noises that come through my pane.
I will die a solemn Autumnal sun down
In the midst of old furniture and books scattered around;
They’ll find me on my bed; they’ll call the police;
They’ll bury me like a man with no history to expound.
One of the friends in our weekly card game
Will ask while playing: “What happened to Ouranis?
Does any one know? I haven’t seen him for days!”
Will reply another: “Don’t you know? Ouranis just died!”
For a second they’ll stop, holding cards in their hands,
They will move their heads in some kind of solemn repose,
They will say: “What is man! Yesterday he was alive!”
And without another word they will continue their game.
One of my colleagues in the “Psila” will write
That “Prematurely has died overseas Mr. Ouranis,
A young man well known in our circles, who only
Recently published a collection of promising poems.”
And that will be my life’s only eulogy.
In the village my old folks will be sad and heart broken,
They will hold a memorial mass with priests to spare,
With my friends in attendance and the foes who would care.
I will die a dreary Autumnal sun down
In a rented room in the noisy Paris,
And a Katie, presuming I’ve forgotten her for another,
Will send me a letter and, though dead, she’ll insult me.
Ouranis (1850 – 1953) was born in Constantinople. He received his Elementary and High School educations in Leonidio and Nafplion, Greece and Constantinople, Turkey, respectively; and his college education in Paris, France. In 1920, he was appointed Greek Consul General of Lisbon, Portugal; and in 1924 he settled in Athens, where he subsequently held a number of prominent journalistic and managerial positions in a number of newspapers and magazines there. He died in the Athens area on 12 June 1953.
His poetic works published prior to his death include: “Like Dreams” (1909), “Spleen” (1912), and “Nostalgias” (1920). He is known as the last Greek romanticist of the modern times.



“The statistical properties of Exponential ACD models”, Quantitative and Qualitative Analysis in Social Sciences , 2008, 2(1), 29-49. QASS(08).pdf

and N Campos. “Economic growth, volatility and political instability: non-linear evidence for Argentina, 1896-2000″, Economics Letters, 2008, 100, 135-137. EL(08).pdf

A photo of the two authors during their collaboration… (left top: Campos; right bottom: Karanasos):


and S Schurer. “Is the relationship between inflation and its uncertainty linear?”, German Economic Review ,2008, 9(3), 265-286.  GER(08).pdf

and S Fountas. “Are economic growth and the variability of the business cycle related ? Evidence from five European countries”, International Economic Journal , 2008, 22(4), 445-459.   IEJ(08).pdf


and S Fountas. “Inflation, output growth, and nominal and real uncertainty: empirical evidence for the G7″, Journal of International Money and Finance, 2007, 26, 229-250. JIMF(07).pdf

{Cited by Hamilton in Macroeconomics and ARCH: JHamiltonEngle.pdf}

“The covariance structure of some financial time series models”, Quantitative and Qualitative Analysis in Social Sciences, 2007, 1(2), 71-87. QASS(07).pdf


and S Fountas, J Kim. “Inflation uncertainty, output growth uncertainty, and macroeconomic performance “, Oxford Bulletin of Economics and Statistics, 2006,68(3), 319-343.OBES(06).pdf

{Cited by Ponomareva:PonomarevaCJE10.pdf }

and J Kim. “A re-examination of the asymmetric power ARCH model”, Journal of Empirical Finance , 2006, 13(1), 113-128. JEF(06).pdf

{Cited by Booth: BoothJEF08.pdf }

and C Conrad. “The impulse response function of the long memory GARCH model” , Economics Letters, 2006, 90, 34-41. EL(06).pdf

{Cited by Bollerslev in the Glossary to ARCH (GARCH): GlossaryBollerslev.pdf}

and S Sekioua, N Zeng. “On the order of integration of monthly US ex-ante and ex-post real interest rates: new evidence from over a century of data”, Economics Letters, 2006, 90, 163-169. EL1(06).pdf

{Cited by Rapach in Federal Reserve bank of St. Louis ReviewRapach08.pdf }

and S Sekioua. “The real exchange rate and the purchasing power parity puzzle: Further evidence”, Applied Financial Economics, 2006, 16, 199-211. AFE(06).pdf

and S Fountas. “The relationship between economic growth and real uncertainty in the G3″, Economic Modelling, 2006, 23, 638-647.   EM(06).pdf

{Cited by Lee: LeeEL10.pdf }


and C Conrad. “On the inflation-uncertainty hypothesis in the USA, Japan and the UK: a dual long memory  approach”, Japan and the World Economy , 2005, 17, 327-343. JWE(05).pdf


{Top Cited Article: (Top 10 cited articles published in the last five years in Japan and the World Economy)
Extracted from Scopus (on Fri Jan 29 02:57:26 GMT 2010)}



The countries most affected by the 1997 Asian financial crisis

and A Kartsaklas, J Kim. “The volume-volatility relationship and the opening of the Korean stock market to foreign investors after the financial turmoil in 1997″ .  Asia-Pacific Financial Markets, 2005, 12, 245-271. APFM(05).pdf

How the financial crisis could affect you (BBC News, January 1998)



and C Conrad. “Dual long memory in inflation dynamics across countries of the Euro area and the link between inflation uncertainty and macroeconomic performance”, Studies in Nonlinear Dynamics and Econometrics, 2005, 9 (4). SNDE(05).pdf

and J Kim “On the existence or absence of a variance relationship: a study of macroeconomic uncertainty”, WSEAS Transactions on Computers , 2005, 4, 1475-1482.WSEASC(05).pdf

and J Kim. “The inflation-output variability relationship in the G3: a bivariate GARCH(BEKK)  approach”, Risk Letters, 2005, 1, 17-22.RL(05).pdf

and S Schurer. “Is the reduction in output growth related to the increase in its uncertainty? The case of Italy”, WSEAS Transactions on Business and Economics , 2005, . WSEASBE(05).pdf


and Z Psaradakis, M Sola. “On the autocorrelation properties of long memory GARCH processes”, Journal of Time Series Analysis, 2004, 25, 265-281. JTSA(04).pdf

{Cited by Ruiz: RuizCSDA09.pdf ; Baillie: BaiilieJEDC09.pdf; Conrad: ConradJFE06.pdf }

A photo of the three authors of the above paper: Me (left), Prof. Psaradakis (middle), Prof. Sola (right):


and S Fountas, A Ioannidi. “Inflation, inflation uncertainty and implications for a common European monetary policy”, The Manchester School , 2004, 72(2), 221-242. MS(04).pdf

{Cited by Caporale: CaporaleJIMF09.pdf ;Lahiri: LahiriJAE06.pdf }

and S Fountas, A Mendoza. “Output variability and economic growth: the Japanese case”, Bulletin of Economic Research, 56(4), 353-363. BER(04).pdf


(see: Bank of International Settlements)

and C Conrad. “The impulse response weights of long memory ACD models”, WSEAS Transactions on Mathematics, 3(3), 681-685.

“The statistical properties of long-memory ACD models”, WSEAS Transactions on Business and Economics, 2004, 2(1), 169-175. WSEASBE1(04).pdf

and J Hatgioannides, M Karanassou. “Permanent and transitory components in a continuous time model of the term structure”, WSEAS Transactions on Business and Economics, 2004, 2(1), 176-181. WSEASBE2(04).pdf

and M Karanassou,  S Fountas. “Analyzing US inflation by a GARCH model with simultaneous feedback”, WSEAS Transactions on Information Science and Application, 2004, 1(2), 767-772.WSEASIS04.pdf

and A. Kartsaklas. “The stock volatility-volume relation in France”. IASME Transactions, 2004, 1(4), 659-664.IASME(04).pdf


In 2oo3 Robert [the one and only (the one that is in New York and not the one that once upon a time was in the Old York)] Engle and Clife Granger were awarded the Nobel prize in Economic Sciences:


Robert F. Engle “for methods of analyzing economic time series with time-varying volatility (ARCH)” and Clive W.J. Granger “for methods of analyzing economic time series with common trends (cointegration)”.

Fifty years earlier George Seferis became the first Greek Nobel Laureate:


But don’t you feel out of place among so many scientists? So many historians?
No, because I am attracted by people whose interests are not in my own area.
How about the relation of the Greek poet to his particular historical tradition? You once said that there is no ancient Greece in Greece. What did you mean by that exactly?
I meant Greece is a continuous process. In English the expression “ancient Greece” includes the meaning of “finished,” whereas for us Greece goes on living, for better or for worse; it is in life, has not expired yet. That is a fact. One can make the same argument when one discusses the pronunciation of ancient Greek. Your scholars in America or in England or in France may be quite right in adopting the Erasmic pronunciation: for them Greek is a dead language; but for us it is another story. The fact is, you consider that ancient Greek has terminated its function at a certain point, and this enables you to pronounce it—with my regrets—in an arbitrary way.
Then you obviously see the Greek tradition in language, as well as in other things, as a continuous process. That is not the belief of some classical and Byzantine scholars in this country—and, I suppose, elsewhere.
You know why that happens? Because the subject, the history, of Greece is so large that each scholar limits himself to a certain period or branch, and nothing exists outside of it. For example, Gibbon considered that a thousand years of life were a decline. How can a people be in decline for a thousand years? After all, between the Homeric poems and the birth of Christ eight hundred years elapsed—or something like that—and then presumably there were a thousand years of decline.

and J Kim. “Moments of the ARMA-EGARCH model”, Econometrics Journal, 2003, 6(1), 146-166. EJ(03).pdf

Obituary: Daniel Nelson, GSB
(The University of Chicago Chronicle, May 11 1995, Vol. 14, No. 17)
Daniel B. Nelson, Associate Professor in the Graduate School of Business and a Hyde Park resident, died of lung cancer May 4 at the Hospitals. He was 36.
Nelson joined the University faculty in 1988 after receiving his Ph.D. in economics from MIT. He devoted his career to constructing and improving models for predicting future variability in financial data. He also studied the origins of the Great Depression.
The recipient of many academic honors and grants, Nelson was a faculty research fellow at the prestigious National Bureau of Economic Research at the time of his death. He also was serving as associate editor of both the Journal of Business and Economic Statistics and the Review of Financial Studies.
“Dan loved his research and teaching with the same fierce intensity that he loved his family,” said Robert Hamada, Dean of the GSB. “He was a well-respected teacher who always scored high in ratings from students.”
Nelson taught M.B.A. and Ph.D. classes in investments, applied business forecasting, econometrics and empirical methods in finance.
A popular speaker at academic workshops and conferences, he made more than 70 speaking appearances throughout the United States during the past seven years.
In addition to his research on models of time-varying asset volatility and on the Great Depression, he studied binomial options and bond pricing models. His research in progress included “Forecasting Returns Volatility With Statistical Models” and “Interpreting Chi-Square Tests in Asset Pricing Models.”
Nelson was a member of the American Economic Association, the American Finance Association and the American Statistical Association. He was also affiliated with the Economic Society, the Institute of Mathematical Statistics and the Society for Financial Studies.
He received two consecutive research grants from the National Science Foundation, in 1991 and 1993. The most recent grant enabled him to do research measuring risk in financial asset markets.
A prolific author, Nelson wrote dozens of academic articles dealing with financial and econometric topics, and his research appeared in many of the field’s leading publications. In addition, he served as a referee for 23 academic journals, including the American Economic Review and the Journal of Finance.
He is survived by his wife, Therese Allen Nelson, Manager of Special Projects for Administrative Information Systems, and their three children, Carolyn, Scott and Allen.

See also: Dan Nelson Remembered (Journal of Business & Economic Statistics, october 1995, Vol. 13, No. 4)

and C Alexiou, M Karanassou. “Stability pact and interest rate spillovers: evidence from two EU countries”,  Political Economy, 2003, 13, 31-55. PE(03).pdf


and S Fountas, J Kim. “Inflation and output growth uncertainty and their relationship with inflation and output growth”, Economics Letters, 2002, 75, 293-301. EL(02).pdf


“Prediction in ARMA models with GARCH in mean effects”, Journal of Time Series Analysis, 2001, 22(5), 555-576. JTSA(01).pdf


“The second moment and the autocovariance function of the squared errors of the GARCH model”, Journal of Econometrics, 1999, 90, 63-76. JE(99).pdf

{Cited by Terasvirta: TerasvirtaET04.pdf; Zaffaroni: ZaffaroniET04.pdf; Davidson: DavidsonJBES04.pdf; McAleer: McAleerJE02.pdf; Giraitis: GiraitisSPA02.pdf }


“A new method for obtaining the autocovariance of an ARMA model: an exact form solution”, Econometric Theory, 1998, 14, 622-640. ET(98).pdf

{Cited by P.C.B. Phillips in Econometric Theory: Phillips08.pdf}

Working Papers:

(1)   and A. Paraskevopoulos, S. Dafnos. “A unified theory for time varying models: foundations with applications in the presence of breaks and heteroscedasticity”.  (available upon request)

(2) and R. Baillie, A. Paraskevopoulos, P. Sibbertsen. “Tackling Infinity”

(3)   and A. Paraskevopoulos. “A closed form solution of a linear difference equation with variable coefficients”.  (available upon request)

(4) and A. Canepa, D. Kyriakopoulou, V. Arakelian “Is there a unit root (or even two)? And if yes where”

(5)   and A. Paraskevopoulos, S. Dafnos. “ The fundamental properties of time varying AR models with non stochastic coefficients”. TVAR.pdf

(6)   and A. Paraskevopoulos, S. Dafnos. “A univariate time varying analysis of periodic ARMA processes”. PARMA.pdf

(7)   and A. Kartsaklas. “Long-run dependencies in stock volatility and trading volume: evidence from an emerging market”. LongRunDepend2014.pdf

(8) and N. Campos, P. Koutroumpis, J. Zhang. “Political instability and growth in Brazil since 1870”.

(9) and B. Tan. “Central Bank preferences and power transformed inflation uncertainty: evidence from Asia”.



(9) and Z. Margaronis, R. B. Nath, G. S. Metallinos. “An Advanced approach to algorithmic portfolio management”.


(10) and N. Campos, J. Zhang. “Finance, political instability and growth: non-linear time-series evidence for Brazil since 1870”.



The Greek Dra(ch)ma




On Feb 13, 2012:

Clashes between police forces and greek people demonstrating for the economic plans of the government. The clashes started at 17:00 hours and keep going until 2:00 in the morning. Over 30 fires occurred at bank and public buildings all over the city. Over 100 people were injured by the clashes. People on the streets were estimated to be over 500.000.

Total Chaos; Riots Rage; Athens Resembles War Zone (Global Economic Analysis, February 13, 2012):

Greece Burning4

“The Greek parliament approved a deeply unpopular austerity bill to secure a second $130bn (£110bn) bailout and avoid a messy default after a day of street battles between police and protesters left Athens in flames: The Telegraph
“As more than 40 buildings went up in flames, including two historic cinemas and several banks, Athens city centre was left resembling a war zone with cafes and shops smashed and looted as MPs backed the austerity measures: The Guardian
“The chaos on the streets of Athens, where more than 80,000 people turned out to protest on Sunday, and in other cities across Greece reflected a growing dread — certainly among Greeks, but also among economists and perhaps even European officials — that the sharp belt-tightening and the bailout money it brings will still not be enough to keep the country from going over a precipice. […] Angry protesters in the capital threw rocks at the police, who fired back with tear gas. After nightfall, demonstrators threw Molotov cocktails, setting fire to more than 40 buildings, including a historic theater in downtown Athens, the worst damage in the city since May 2010, when three people were killed when protesters firebombed a bank. There were clashes in Salonika in the north, Patra in the west, Volos in central Greece, and on the islands of Crete and Corfu: The New York Times

The town is burning:


“Resentment against the troika and the imposed austerity measures is reaching the breaking point in Greece, with the Germans being a target for particular scorn. On Friday, trade unions began a two-day general strike and demonstrators took to the streets of central Athens. Television footage showed protesters fighting running battles with police and throwing Molotov cocktails: Spiegel Online
Athens Burning: Tens of Banks in Flames (Tens of banks and other buildings are burning across Athens after today’s demonstrations. There are huge riots in Thessaloniki and Patra as well):
[Protesters run by a buring building in Athens during clashes with police on February 12, 2012. Greek police fired tear gas at petrol bomb-throwing protesters outside parliament, where tens of thousands had massed in a rally against austerity plans being debated by lawmakers. Police said some 80,000 protesters had gathered outside the building where debate on the plan imposed by the country's international creditors -- the EU, the IMF and the European Central Bank -- was ongoing before a late-night vote. AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)] *** [] ** TCN OUT **

[Protesters run by a buring building in Athens during clashes with police on February 12, 2012. Greek police fired tear gas at petrol bomb-throwing protesters outside parliament, where tens of thousands had massed in a rally against austerity plans being debated by lawmakers. Police said some 80,000 protesters had gathered outside the building where debate on the plan imposed by the country’s international creditors — the EU, the IMF and the European Central Bank — was ongoing before a late-night vote.

Greek protests descend into chaos as rioters clash with police on streets of Athens (MailOnline, 15 December, 2010)



“Anger: Greece is stuck in its deepest financial crisis since the Second World War and huge cuts are affecting public services, leading to the demonstrations”

“Protesters clashed with riot police across Athens today, torching cars and hurling petrol bombs as demonstations against the government’s latest austerity measures turned nasty.  Police fired tear gas and flash grenades as the violence escalated outside parliament and spread to other parts of the capital.”








Violence and protests erupt on the streets of Athens ahead of parliamentary vote on the tough bailout measures (Independent, 15 July 2015):