PanayotisAlexakis PanayotisPetrakis Analysing stock market behaviour in a small capital market Journal of Banking & Finance 15 471–483 1991 HelmutBester EmmanuelPetrakis Price competition and advertising in oligopoly European Economic Review 39 1075–1088 1995 C.Doulaverakis S.Vagionitis MichalisE.Zervakis EuripidesG. M.Petrakis Adaptive Methods for Motion Characterization and Segmentation of MPEG Compressed Frame Sequences. Springer 3212 310-317 2004 EfthymiosDrymonas KalliopiZervanou EuripidesG. M.Petrakis The TSRMApproach in the Document Retrieval Application. Springer 5039 333-334 2008 I\~nigoHerguera PraveenKujal EmmanuelPetrakis Tariffs, quality reversals and exit in vertically differentiated industries Journal of International Economics 58 467–492 2002 EmmanuelPetrakis SantanuRoy Cost-Reducing Investment, Competition, and Industry Dynamics International Economic Review 40 381–401 1999 EmmanuelPetrakis MinasVlassis Minimum wages in national and internationally integrated economies Journal of Policy Modeling 25 257–265 2003 EmmanuelPetrakis AnastasiosXepapadeas Environmental consciousness and moral hazard in international agreements to protect the environment Journal of Public Economics 60 95–110 1996 ParaskeviRaftopoulou EuripidesG. M.Petrakis iCluster: A Self-organizing Overlay Network for P2P Information Retrieval. Springer 4956 65-76 2008 GiannisVarelas EpimenidisVoutsakis ParaskeviRaftopoulou EuripidesG.M.Petrakis EvangelosE.Milios Semantic similarity methods in wordnet and their application to information retrieval on the web 10–16 2005 Semantic Similarity relates to computing the similarity between concepts which are not lexicographically similar. We investigate approaches to computing semantic similarity by mapping terms (concepts) to an ontology and by examining their relationships in that ontology. Some of the most popular semantic similarity methods are implemented and evaluated using WordNet as the underlying reference ontology. Building upon the idea of semantic similarity, a novel information retrieval method is also proposed. This method is capable of detecting similarities between documents containing semantically similar but not necessarily lexicographically similar terms. The proposed method has been evaluated in retrieval of images and documents on the Web. The experimental results demonstrated very promising performance improvements over state-of-the-art information retrieval methods.