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.

Michael Glezakos, Dr. George Gotzageorgis (2005). An empirical investigation of underpricing in Greek IPO’s: 1990-2003, European Research Studies Journal Volume VIII Issue 1-2, 3-20