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The pricing of Greek Initial Public Offerings: 1985-1995

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Author Info

  • George Papachristou

    (Department of Economics, Aristotle University of Thessaloniki, Greece)

Abstract

Initial public offerings in every stock market are offered on the average at a discount. Underpricing is, however, more pronounced in emerging markets where the regulatory environment is more restrictive. In this paper we provide data on Greek IPOs and demonstrate that the extreme underpricing in the Greek market was generated by the presence of a full downside risk protection requirement in the underwriting contracts until 1990.

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Bibliographic Info

Article provided by Cyprus Economic Society and University of Cyprus in its journal Ekonomia.

Volume (Year): 2 (1998)
Issue (Month): 2 (Winter)
Pages: 186-206

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Handle: RePEc:ekn:ekonom:v:2:y:1998:i:2:p:186-206

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Web page: http://www.ekonomia.ucy.ac.cy/
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