The study explore the growth of the Athens Stock Exchange through new listings and IPOs over the period 1880-1940. We examine institutional changes in exchange governance and listing requirements. On a theme that has never been addressed before, we find that simple listings were far more than...

A start of a modern-era financial innovation on capital and financial markets is usually dated around the 1970s. Drawing on two broad assumptions that (i) capital markets are important and (ii) hybrid securities are an important part of capital markets, since hybrid issues exist and continue...