This study aims to shed some light on the academic debate about the validity of CAPM and whether systematic risk is the only factor that is priced in the markets. The fact that other factors have proved to offer return premiums in the capital markets is presented in the finance literature as...

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...