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An empirical investigation of underpricing in Greek IPO’s: 1990-2003

Author

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  • Michael Glezakos
  • Dr. George Gotzageorgis

Abstract

This paper discusses evidence on the initial underpricing of Initial Public Offerings in the Athens Stock Exchange, during the period 1990-2003. Differences in average initial returns are analyzed in terms of differential IPO characteristics. The findings suggest that in the Athens Stock Exchange there exists a relatively high degree of information asymmetry. The findings are similar to those, which have been observed in the majority of the emerging markets.

Suggested Citation

  • Michael Glezakos & Dr. George Gotzageorgis, 2005. "An empirical investigation of underpricing in Greek IPO’s: 1990-2003," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 3-20.
    • Handle: RePEc:ers:journl:v:viii:y:2005:i:1-2:p:3-20
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    More about this item

    Keywords

    Initial public offerings; underpricing; asymmetric information; Greece;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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