Innovation and upheaval
Early growth in Greek capital market listings and IPOs from 1880 to the Second World War in the Athens Stock Exchange
Bibliographic Data
| ID | 3539685 |
|---|---|
| Authors | Stavros Thomadaki, Stavros B Thomadakis (National and Kapodistrian University of Athens), Stavros Thomadakis (National and Kapodistrian University of Athens), Dimitrios Gounopoulos (0000-0002-1443-1659, Newcastle University), Christos Nounis (National and Kapodistrian University of Athens), Christos Panagiotis Nounis (National and Kapodistrian University of Athens), Michalis Riginos (National and Kapodistrian University of Athens) |
| Year | 2017 |
| Volume | 70 |
| Issue | 3 |
| Pages | 859-892 |
| Publication date | 2017-08-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic History Review (JOURNAL) |
| Journal identifiers | ISSN: 0013-0117 • E-ISSN: 1468-0289 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/ehr.12381 |
| OpenAlex | W2601355392 |
| Language | EN |
| Citations received | 2 |
| References cited | 30 |
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. This article explores the growth of the Athens Stock Exchange through new listings and initial public offerings (IPOs) in the late nineteenth and early twentieth 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' (that is, 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 to show 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-First World War era that marked the end of early globalization
Business · Capital market · Corporate governance · Economics · Economy · Financial system · Globalization · Initial public offering · Listing (finance) · Market economy · Monetary economics · Stock (firearms) · Stock exchange · Stock market · Corporate Finance and Governance · Finance · Global Financial Crisis and Policies · Historical Economic and Social Studies · History
Globalization and History
The great reversals
Corporate financing and investment decisions when firms have information that investors do not have
Common stock returns in the pre-WWI Berlin Stock Exchange
The Expansion of the U.S. Stock Market, 1885–1930
Law and Finance
Regulating IPOs
Does the law and finance hypothesis pass the test of history
Asymmetric Information, Market Power, and the Underpricing of New Stock Issues in Germany, 1882-1892
New Stock Issues in Germany, 1882-1892
Bonds and Brands
Taking firms to the stock market
Gentlemanly capitalism revisited
| Unique citing works | 2 |
|---|---|
| Citations per year | 1 |
| Citation span | 2024 - 2025 (2) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 2 |