THE RELATIONSHIP OF UNDER PRICING WITH IPO AFTERMARKET LIQUIDITY IN TEHRAN STOCK EXCHANGE

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GHALIBAF ASL H.; SADEGHI DEMNE R.; KALANTARI DEHAGHI M.

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Paper Information

Journal: FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES) Year:2012 | Volume:5 | Issue:15 Page(s): 13-29

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Title

THE RELATIONSHIP OF UNDER PRICING WITH IPO AFTERMARKET LIQUIDITY IN TEHRAN STOCK EXCHANGE

Author(s)

GHALIBAF ASL H. | SADEGHI DEMNE R. | KALANTARI DEHAGHI M. | Issue Writer Certificate

Keywords

IPOS UNDERPRICINGQ4

INITIAL RETURNQ4

AFTERMARKET LIQUIDITYQ3

INITIAL PUBLIC OFFERINGQ2

Abstract

This article deals with study of the relationship of Underpricing with IPO AFTERMARKET LIQUIDITY in listed companies on TSE.To achieve this purpose, required financial data from 80 qualified INITIAL PUBLIC OFFERING in nine-year period between the years 2001 and 2009 were gathered. After determination of INITIAL RETURN period, relationship between underpricing and AFTERMARKET LIQUIDITY, have been examined in sections 30, 120, 240 trading days after INITIAL PUBLIC OFFERING by multivariable regression tests. Significant of model and coefficients have been examined by F fisher and T-student tests.The results indicated that underpricing (initial return) is positively related to turnover ratio and negatively related to illiquidity measure. These relation are significant after controlling for other factors.

Cites

مقایسه بازدهی کوتاه و بلندمدت عرضه های عمومی اولیه شرکت های مشمول واگذاری سیاست های اصل 44 قانون اساسی با سایر عرضه های عمومی اولیه و بازدهی بازار

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APA: Copy

GHALIBAF ASL, H., SADEGHI DEMNE, R., & KALANTARI DEHAGHI, M.. (2012). THE RELATIONSHIP OF UNDER PRICING WITH IPO AFTERMARKET LIQUIDITY IN TEHRAN STOCK EXCHANGE. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), 5(15), 13-29. SID. https://sid.ir/paper/200341/en

Vancouver: Copy

GHALIBAF ASL H., SADEGHI DEMNE R., KALANTARI DEHAGHI M.. THE RELATIONSHIP OF UNDER PRICING WITH IPO AFTERMARKET LIQUIDITY IN TEHRAN STOCK EXCHANGE. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)[Internet]. 2012;5(15):13-29. Available from: https://sid.ir/paper/200341/en

IEEE: Copy

H. GHALIBAF ASL, R. SADEGHI DEMNE, and M. KALANTARI DEHAGHI, “THE RELATIONSHIP OF UNDER PRICING WITH IPO AFTERMARKET LIQUIDITY IN TEHRAN STOCK EXCHANGE,” FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), vol. 5, no. 15, pp. 13–29, 2012, [Online]. Available: https://sid.ir/paper/200341/en

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