Findings – According to the empirical findings, the ADEX’s regulatory authorities have considered
mainly the corresponding firms’ capitalization while the creditworthiness and the managerial
characteristics of the candidates have been adopted only partially.
Originality/value – To the best of the authors’ knowledge, the existing literature is confined to US
markets and nothing has been done with respect to European Derivatives Markets. This paper
investigates the Greek case, the Athens Derivatives Exchange. In addition to the factors investigated
by Mayhew and Mihov and Jennings and Starks, the authors have extended their analysis to include
such factors as creditworthiness and managerial characteristics of firms.
Keywords Derivatives listing, Financial market regulation, Default probability, Greece,
Derivative markets, Financial markets, Regulation
Paper type Research paper