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The pricing of Greek Initial Public Offerings: 1985-1995

Author

Listed:
  • 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.

Suggested Citation

  • George Papachristou, 1998. "The pricing of Greek Initial Public Offerings: 1985-1995," Ekonomia, Cyprus Economic Society and University of Cyprus, vol. 2(2), pages 186-206, Winter.
    • Handle: RePEc:ekn:ekonom:v:2:y:1998:i:2:p:186-206
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    More about this item

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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