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I.P.O. determinants of delisting risk: Lessons from the Athens Stock Exchange

Makrominas, Michalis, Yiannoulis, Yiannis·2021·Accounting Forum
DOI 10.1080/01559982.2021.1885253
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Abstract

Using data from the Athens Stock Exchange, we investigate early warning signs of delisting risk. We find that the probability of delisting and time to delist are positively associated with relative offer size and earnings’ manipulation, and negatively associated with hot-issuance periods and the joint effects of audit quality, amount of information in the I.P.O. prospectus, and the percentage of non-voluntary information. Our results are more strongly in line with asymmetric information explanations and more prevalent for voluntary delisted firms. Documenting I.P.O. survival factors for a new and different class of stocks extends the range of explanations for delisting risk.

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Metadata

Authors
Makrominas, M., & Yiannoulis, Y.
Affiliations
  • Frederick University (CY)
  • Hellenic Mediterranean University (GR)
Corresponding author
Makrominas, Michalis
ORCID
Venue
Accounting Forum
Publisher
Informa UK Limited
Published
2021-03-04
Volume
45
Issue
3
Pages
307-331
ISSN
  • 0155-9982 (ISSN-L)
  • 1467-6303
DOI
10.1080/01559982.2021.1885253
OpenAlex
W3134843098
Cited by
13
References
1
Citations by year
2026: 3 · 2025: 5 · 2024: 3 · 2022: 1 · 2021: 1
FWCI
2.10
Type
journal article
Language
en
Open access
closed
Locations
  • Accounting Forum (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
Topics
  • Social Sciences › Business, Management and Accounting › Accounting › Auditing, Earnings Management, Governance
  • Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
Keywords
initial public offerings, delisting risk, early warning signs, offer size, earnings manipulation, audit quality, information asymmetry, voluntary delisting, Athens Stock Exchange

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CoChat. (2026). Citation check: I.P.O. determinants of delisting risk: Lessons from the Athens Stock Exchange. https://app.cochat.ai/papers/10.1080/01559982.2021.1885253
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Makrominas, M., & Yiannoulis, Y. (2021). I.P.O. determinants of delisting risk: Lessons from the Athens Stock Exchange. Accounting Forum. https://doi.org/10.1080/01559982.2021.1885253