<p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">This study undertook an empirical survey of the factors, which mostly influence individual investor behavior in the Greek stock exchange.<strong> </strong>The results revealed by our sample of 150 respondents confirm that there seems to be a certain degree of correlation between the factors that behavioral finance theory and previous empirical evidence identify as the influencing factors for the average equity investor, and the individual behavior of active investors in the Athens Stock Exchange (ASE) influenced by the overall trends prevailing at the time of the survey in the ASE.</span></span></p>

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The study of corporate entrepreneurship (CE) has principally used accounting measures to gauge a firm's CE activities, even though it has increasingly been recognized in entrepreneurial research that more appropriate, theory-based measures are required to provide an accurate picture of a firm's CE performance. This study links corporate entrepreneurship to financial theory by advancing additional value creation (AVC) as a better measure of performance for corporate entrepreneurship activities and based on the output of the firm, rather than the usual accounting measures that are input based.

This study examines the impact of government initial public offering (IPO) regulation intending on promoting public policy. The study examines the results of the implementation of a Malaysian government policy in 1976, which mandated that at least 30 percent of any new shares on an IPO offer be sold to the indigenous Bumiputera population or to mutual funds owned by them. The study examined the short-run and long-run underpricing of Malaysian IPOs and found that Malaysian IPOs are highly underpriced compared to IPOs in developing countries, creating a market microstructure effect. It also confirmed that the Malaysian government's regulatory intervention in spite of noble public policy intentions appeared to be the significant factor for the emergence of an average firstday underpricing increase of Malaysian IPOs by 61 percent during the period after the regulatory economic policy was instituted. Furthermore, the study found that this high underpricing persists even for the long run, in contrast to the long-run performance of IPOs in the United States.Dr. Prasad is associate professor of finance at the University of Massachusetts-Lowell, where he teaches investments, portfolio analysis and security management, corporate finance, business finance, and short-term financial management. He has published several articles relating to the financing of start-up ventures such as IPO underpricing, signaling to business angels and venture capitalists, harvesting through IPOs, strategy and IPO market selection, capital structure issues, and valuation. In addition, he has several years' industrial experience in business plans and start-up financing, capital budgeting, project management, production and operations management, financial planning and insurance.

Underpricing in the case of the initial public offerings of private (nongovernment) firms has been well documented. However, there does not appear to be any systematic study of the price performance of "government-linked" companies or GLCs, which have been "privatized" through public offerings in the stock market. This study examines the hypothesis that the initial public offerings (IPOs) of such companies in the United Kingdom, Singapore, and Malaysia will not only be underpriced, but their degree of underpricing will be relatively greater when compared to firms with no governmental links. The results provide strong support for this hypothesis. Sufficient evidence exists for the hypothesis that initial public offerings (IPOs) of private and non-government affiliated firms are underpriced. Reilly and Hatfield's (1969) report of underpricing of initial public offers (IPOs) in United States has been followed by reports of underpricing in several developed, as well as developing share markets. For example, Davis and Yeomans (1976) reported IPO underpricing Int Entrep Manag J (

The existence of the phenomenon of “underpricing” has been well established for common stock initial public offerings (CSIPOs). However, the extent of underpricing varies from firm to firm. An examination of the prospectuses of different firms reveals that the motivation for going public varies, and that there are three types of offerings: pure primary offerings; pure secondary offerings; and mixed offerings. This study compares the average level of underpricing for pure primary offerings with that of mixed offerings for small firms in the over-the counter (OTC) capital market. The results of the study suggest that there are Implications of the type of offering for both the firm and the selling “harvesting” shareholders as well as the incoming investors.

Appreciation is expressed to Jim Chrisman and BenjaminOviatt and session participants at the 1992 Academy of Management, Entrepreneurship track, for their helpful comments on earlier versions of this paper. ABSTRACT It has increasingly been recognized that approprkJte theory based measures are required in entrepreneurial research (25). However, to date, the study of corporate entrepreneurship (CE) has principally used accounting measures which may not provide an accurate picture of the firms performance. This study examines value creation as an alternative approach to measuring the performance of corporate entrepreneurship. SOMMAIRE It est de plus en plus accepte que les mesures fondees sur des theories appropriees sont necessaires pour toute analyse entrepreneuriale. Toutefois, l'etude de /'entrepreneurship dans l'entreprise a surtout ete realisee au moyen de mesures comptables, ce qui n'aboutit pas forcement a une image exacte du rendement de I' entreprise. Cette etude examine Ia creation de valeurs comme nouvelle approache pour /'evaluation des resultats de /'entrepreneurship dans l'entreprise.

The Fourteenth Finance Commission ( J41h FC) was constituted at a time when the role and contribution of urban areas for the nations economy and development is being recognised. With urbanisation, cities and towns experience service delivery deficit both to general and slum households. With benchmarks for some senJices in place, the State Finance Commissions (SFCs) and Finance Commissions (FCs) need to allocate grants-in-aid to local bodies to bridge the deficit and to meet future needs based on a formula instead of ad hoc grants which has been the case hitherto. The 14' 1 ' FC need to address a comprehensive agenda that includes infrastructure provision, improved service delivery, services to poor, bridging the resource gap of Urban Local Bodies (ULB) and improve governance and workout a formula for grants-in-aid based on efforts of local bodies and state governments. This is critical to address the challenges of sustainable urban development and India's urban future.