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The price performance of initial public offerings in Greece

Nickolaos V. Tsangarakis (University of Piraeus, Department of Banking and Financial Management, Karaoli & Dimitriou 80, Piraeus, 185 34, Greece)

Managerial Finance

ISSN: 0307-4358

Article publication date: 1 October 2004



This study examines the price performance of Greek IPOs in the period 1993‐1997. The Greek IPO market presents several particularities in respect to regulation and procedural arrangements that make its study interesting in the context of the international evidence regarding IPO price performance. We find that Greek IPOs had on average large positive initial returns, an evidence of under pricing. This evidence is also supported by the positive one‐year returns in relation to offer prices. Returns computed one year after listing in relation to the first trading day price are positive, inconsistent with international evidence. Annual analysis reveals, however, differential patterns in price behavior.



Tsangarakis, N.V. (2004), "The price performance of initial public offerings in Greece", Managerial Finance, Vol. 30 No. 10, pp. 26-44.



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Copyright © 2004, Emerald Group Publishing Limited

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