The underpricing of initial public offerings in the Athens Stock Exchange : evidence from the Athens stock market during the period 1994-2002
Part of : Σπουδαί : journal of economics and business ; Vol.56, No.3, 2006, pages 17-38
Issue:
Pages:
17-38
Author:
Abstract:
This study investigates the price performance of initial public offerings (IPOs) launched on the Athens Stock Exchange (A.S.E.) during the period 1994-2002. Specifically, it examines the differences between the listing price of IPOs and their equilibrium market prices formed at the end of the first day and at the end of some pre-determined days during the first year of stocks' trading. We find that Greek IPOs had on average large positive initial returns as well as positive one-year returns. The finding of positive one-year returns is inconsistent with international evidence. The IPO puzzle on the Greek stock market is also examined according to the new issues' listing board classification - Main, Parallel or New Market of the A.S.E. - during the period 1994-2002.
Subject (LC):
Keywords:
initial public offerings, underpricing, raw return, excess return, kind of stock market
Notes:
Περιέχει σχήματα, πίνακες, σημειώσεις και βιβλιογραφία
