The pricing of Greek Initial Public Offerings: 1985-1995
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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Volume (Year): 2 (1998)
Issue (Month): 2 (Winter)
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