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Author: Maria Anagnostopoulou Publisher: ISBN: Category : Languages : en Pages : 12
Book Description
The Greek stock market started trading in 1876 as the Athens Stock Exchange (ASE). During the 1990s, reforms that modernised ASE took place. In 1991, the first electronic trading system (ASIS) was established, replacing the open outcry method. In addition the Central Securities Depository (CSD), which settles the transactions, is founded by that time. In 1999, the Athens Derivatives Exchange Clearing House (ADECH) and the Athens Derivatives Exchange (ADEX) started to operate and the derivatives market started trading for the first time in August 1999. The merge of the Athens Stock Exchange and the Athens Derivatives Exchange resulted to the formation of the Athens Stock Exchange (ATHEX).
Author: Maria Anagnostopoulou Publisher: ISBN: Category : Languages : en Pages : 12
Book Description
The Greek stock market started trading in 1876 as the Athens Stock Exchange (ASE). During the 1990s, reforms that modernised ASE took place. In 1991, the first electronic trading system (ASIS) was established, replacing the open outcry method. In addition the Central Securities Depository (CSD), which settles the transactions, is founded by that time. In 1999, the Athens Derivatives Exchange Clearing House (ADECH) and the Athens Derivatives Exchange (ADEX) started to operate and the derivatives market started trading for the first time in August 1999. The merge of the Athens Stock Exchange and the Athens Derivatives Exchange resulted to the formation of the Athens Stock Exchange (ATHEX).
Author: Dimitris Kenourgios Publisher: ISBN: Category : Languages : en Pages : 26
Book Description
This paper provides additional international evidence on the IPOs by examining the initial performance and two main determinants of short-run underpricing of 169 IPOs listed on the Athens Stock Exchange (ASE) over the period 1997-2002. The initial performance of the IPOs is measured by calculated two formulas: the raw returns and the excess or adjusted returns of the first, fifth and twenty first day respectively. Furthermore, we use a proxy to rank the underwriters' prestige along with the times of oversubscription, which are introduced as explanatory variables in our model. The results of the analysis provide evidence of significant underpricing. Furthermore, the cross sectional analysis on the determinants of the IPOs shows that both the underwriters' prestige and the times of oversubscription significantly affect the underpricing level of the IPOs over the most important and hot period for the Greek emerging stock market since its establishment, in terms of growth rates, acceleration of the going public process and volatility of market and stock returns.
Author: Dimitrios Gounopoulos Publisher: ISBN: Category : Languages : en Pages : 50
Book Description
The pricing of Initial Public Offerings (IPOs) in the short-run has been analysed by several theoretical and empirical studies referring to the major international stock markets and seems to be a common characteristic in most international markets. Last decade this topic has been popular in Europe due to the increasing number of firms going public.This paper empirically analyses the initial performance of the Greek Initial Public Offerings (IPOs) to provide a market case of international evidence on performances of IPOs. The sample consists of 225 firms listed on the Athens Stock Exchange for the period January 1990 until December of 2001. This represents 79 percent of the IPOs listed during this period. The remaining 21 percent (59 IPOs from 284 in total) was not studied due to shortage of data.Our study shows that Greek IPOs are on average underpriced by 63.92% with 30 IPOs (13.3%) to be overpriced. The initial undepricing is 67.14% for industrial firms, 54.55% for finance firms and 56.19% for other firms. In terms of sub-sectors the highest return is obtained in Information Technology group while the lowest return is observed in Telecommunication Group. Results suggest that the IPO market on Greece is 'good' only for large offerings. Investigation of factors influencing the initial performance show that market condition, demand multiple, cold-hot issue periods, and offer price independence are significant determinants of underpricing.
Author: Maria Anagnostopoulou
Author: Maria Anagnostopoulou
Author: Despina Kantzi
Author: Ioannis K. Spirtos
Author: Stavros Eleftherios Ioannou
Author: A. C. Bletsas
Author: Theodore Margaritis
Author: Stavros Eleftherios Ioannou
Author: Dimitris Kenourgios
Author: Dimitrios Gounopoulos
Author: Elias Mavrikos