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

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.