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Innovation and upheaval: early growth in Greek capital market listings and IPOs from 1880 to the Second World War in the Athens Stock Exchange Appendix S1. Data sources Appendix S2. Evolution of number of listed companies per million people in London, Berlin, and Athens stock exchanges Appendix S3. Number of listings, number of IPOs, and mean prices (trading, listing, offer) Appendix S4. List of quasi-IPOs Appendix S5. List of IPOs Appendix S6. Previous literature on historical IPOs Appendix S7. Parity of gold sovereign-drachma in the 1880-1940 period 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. We gratefully acknowledge the editor in charge of this article (Jaime Reis), editorial assistant (Heather Falvey), and three anonymous referees for their detailed and insightful comments. We also thank Adrian Bell, Carsten Burhop, Walid Busaba, Brian Cheffins, David Chambers, Olga Christodoulaki, Georgios Dertilis, Elroy Dimson, Nikolaos Filippas, Caroline Fohlin, William Goetzman, Andreas Kornelakis, Sibylle Lehman, Jay Ritter, Christian Schlag, Nikolaos Travlos, Steve Toms, and seminar participants at the Department of Economics at the University of Athens, the Department of Accounting and Finance at Athens University of Economics and Business, the Department of Economics at the University of Piraeus, the Department of Accounting and Finance at the University of Leeds, the Department of Business and Management at the University of Sussex, and the Centre for Planning and Economic Research for useful comments and suggestions. We would like to thank participants of the European Business History Conference 2013 in Uppsala for helpful comments on earlier versions of this article. Special thanks are due to the Hellenic Observatory at the London School of Economics and an anonymous reviewer at LSE and to the Greek Parliament, the Athens Stock Exchange, the National Bank of Greece and the Hellenic Capital Market Commission for data availability.

Economic history review. VOL 70; NUMBER 3, ; 2017, 859-892 -- John Wiley & Sons Ltd

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The benefits of being a near‐peer teacher

Hall, Samuel et al.

The clinical teacher. Volume 15:Number 5 (2018); pp 403-407 -- John Wiley & Sons Ltd

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