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Lookup NU author(s): Professor Dimitrios Gounopoulos
This is the authors' accepted manuscript of an article that has been published in its final definitive form by Wiley-Blackwell, 2017.
For re-use rights please refer to the publisher's terms and conditions.
The establishment and growth of the Greek stock market were coincident with development episodes, financial upheavals and geographic expansions of the country’s economy over the period 1880-1940. We explore the growth of the Athens Stock Exchange (ASE) through new listings and Initial Public Offerings (IPOs) in the late 19th and early 20th centuries. We examine changes in exchange governance and listing requirements. On a theme not addressed before, we find that simple listings were far more numerous than actual IPOs. IPOs in Greece remained unregulated throughout the period. Their under-pricing became pronounced in the later parts of the period, especially the 1920s. The study presents data on ‘quasi-IPOs’ (i.e. capital increases shortly after listing) and shows that they offer a more accurate assessment of the demand for the financing of listing firms in an emerging market. Robust evidence is presented that as the Exchange developed it also underwent a change in character, becoming more oriented to the domestic market and catering to smaller firms in domestic manufacturing in the post-World War I era that marked the end of early globalization.
Author(s): Thomadakis S, Gounopoulos D, Nounis C, Riginos M
Publication type: Article
Publication status: Published
Journal: Economic History Review
Year: 2017
Volume: 70
Issue: 3
Pages: 859-892
Print publication date: 01/08/2017
Online publication date: 10/03/2017
Acceptance date: 30/03/2016
Date deposited: 16/04/2016
ISSN (print): 0013-0117
ISSN (electronic): 1468-0289
Publisher: Wiley-Blackwell
URL: https://doi.org/10.1111/ehr.12381
DOI: 10.1111/ehr.12381
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