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

Michael Glezakos, Dr. George Gotzageorgis
European Research Studies Journal, Volume VIII, Issue 1-2, 3-20, 2005
EOI: 10.11214/thalassinos.08.01.001

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.


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