We examine initial public offerings (IPOs) with single, multiple, and no credit ratings. We document a beneficial effect of credit ratings provided by the three main credit rating agencies on IPO underpricing, which is amplified by the existence of multiple credit ratings. Credit rating levels...

Greater partisan alignment among lawmakers enhances their ability to respond rapidly to adverse shocks, but it also undermines the quality of checks and balances and encourages excessive governmental intervention in local areas aligned with the ruling party. We investigate how this form of local...

We employ several copula functions to capture conditional and tail dependence during periods of extreme volatility and reverse conditions between shipping, financial, commodity and credit markets. We find that shocks in the shipping market coincide with dramatic changes in other markets and...

We use quarterly data from Greece and investigate the dynamic linkages between the price of the real estate market and the price of the stock market focusing on two transmission mechanisms, namely the wealth and credit-price effects. The empirical analysis employs advanced methodological...

We analyze the long-run performance of 254 Greek IPOs listed during 1994-2002, computing buy and hold abnormal returns (BHAR) and cumulative abnormal returns (CAR) over 36 months of secondary market performance. The empirical results differ from international evidence and reveal long-term...

This study empirically examines the effect of initial public offering (IPO) issuance on seasoned equity offering (SEO) decisions and the impact of state-owned enterprises (SOEs) in China. Results indicate that specific IPO characteristics, corporate governance issues, and firm-specific factors...

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...

We find evidence that the adoption of International Financial Reporting Standards (IFRS) improves corporate disclosure. Specifically, we document that forecast errors of the predicted earnings issued during the Initial Public Offering (IPO) have significantly reduced in Australia following the...

Using a novel method to separate US community banks over the 1984-2013 period from their non-community counterparts we compare the two bank types on the basis of cost efficiency. We decompose cost efficiency into a persistent and a residual component; the former capturing the market structure...

The pricing of Initial Public Offerings (IPOs) in the short-run has been analysed by several theoretical and empirical studies referring to the major international stock markets and seems to be a common characteristic in most international markets. Last decade this topic has been popular in...