Διερεύνηση του πληροφοριακού περιεχομένου των free floats και των spreads στο Χρηματιστήριο Αθηνών
The main aim of this empirical study is to trace the impact that spreads and free float exert on stock returns. To this end, the relevant data of a sample of companies, listed in the Athens Stock Exchange, were analyzed. These findings lead to the conclusion that annual stock returns are positively to spreads, while their correlation to free float was quite small. It is worth noting that spreads and systematic risk were negatively correlated. Given that in the majority of the stock markets small spreads are attached to attractive shares while high spreads indicate high volatility, this finding could be interpreted as an indication of the violation of the joint hypothesis of the validity of the CAPM and the efficiency of this market.