Goran Karanovic, Bisera Karanovic


The main purpose of this paper is to investigate the performance of initial public offerings (IPOs) in the emerging markets with particular focus on the markets of Balkan countries. The paper provides analysis of long and short performance of IPOs. In the Balkan emerging markets IPOs are relatively rarely used. Although all observed Balkan countries have gone through processes of transition from planned economies to market economies in the past 25 years, just a few state-owned companies have been privatized by use of IPOs.

Due to this specific nature of the companies the analyzed sample of IPOs is comprised of state-owned and non-state- owned companies. The results are interpreted and expounded accordingly, taking into consideration the aforementioned conjunction. The findings indicate that company characteristics, signaling variables and financial variables have influence on the IPOs short and long term performance.

The paper provides academia and policymakers with new revelations concerning the IPO processes in Balkan emerging economies’ capital markets. 


Capital Markets, IPO, Emerging Economies, Signaling

JEL Codes

G01, G12,

Full Text:



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DOI: http://dx.doi.org/10.1515/saeb-2016-0129


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