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Associations between management forecast accuracy and pricing of IPOs in Athens Stock Exchange
journal contribution
posted on 2023-06-08, 15:38 authored by Dimitrios GounopoulosThis study examines the earnings forecast accuracy of newly listed companies on the Athens Stock Exchange and further investigates the relationship between earnings forecast and pricing of IPOs. It uses a unique dataset of 208 IPOs, which were floated during the period of January 1994 to December 2001 in the Athens Stock Exchange. The results suggest that investors are able to anticipate forecast errors at the time of listing. Pricing of IPOs indicate that firms with negative earnings forecast (pessimistic) are associated with low level of underpricing while optimistic management earning forecast can be a signal for high initial returns. Three variables - age of the IPOs, ownership by insiders and industry classification significantly contribute towards accuracy of earnings forecast.
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- Published
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- Published version
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Multinational Finance JournalPublisher
Multinational Finance SocietyIssue
3/4Volume
15Page range
235-272Department affiliated with
- Business and Management Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2013-09-10First Open Access (FOA) Date
2013-09-10First Compliant Deposit (FCD) Date
2013-09-10Usage metrics
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