ISSN: 2056-3736 (Online Version) | 2056-3728 (Print Version)

Identifying Black Swans in the Athens Stock Exchange

Tsoukalas Asterios, Drimpetas Evaggelos and Geronikolaou George

Correspondence: Tsoukalas Asterios,

Head of Thessaloniki Regional Office of Hellenic Capital Market Commission, Greece

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The purpose of this study is to identify Black Swans in the Athens Stock Exchange during a thirty years period from 1985 to 2015. Using a large dataset of daily returns, we point out that extraordinary returns are not rare and that Black Swans in the Greek Stock Market are more frequent than expected. We also to show that these outliers have an extreme impact on an investor’s long term return and finally that the normality assumption is not suitable in predicting the Black Swans phenomenon.


  Black Swans; Greek Stock Market; Normal Distribution


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