The Effects of Primary and Secondary Equity Markets on Firm Performance

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Eghbalnia Mohammad; Hajizadeh Babak; EBRAHIMI ABBAS

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Journal Paper

Paper Information

Journal: JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE Year:2020 | Volume:9 | Issue:4 (28) Page(s): 91-116

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Information Journal Paper

Title

The Effects of Primary and Secondary Equity Markets on Firm Performance

Author(s)

Eghbalnia Mohammad | Hajizadeh Babak | EBRAHIMI ABBAS | Issue Writer Certificate

Keywords

Primary MarketsQ1

Secondary MarketsQ1

Firm PerformanceQ2

Investment-to-Price SensitivityQ1

Stock Price InformativenessQ1

Abstract

This paper investigates the effects of primary and secondary equity markets on Tehran Stock Exchange’ s firms’ performance after IPO in an integrated framework; because both markets interact closely in reality and firms are affected by both. This paper uses share sold by initial owners in IPO as proxy for primary market and investment-toprice sensitivity and Stock Price Informativeness as proxies for secondary market. This paper also utilizes EBIT-to-Assets, Sales-to-Assets and Net income-to-Assets as proxies for firm’ s performance. A non-parametric quantile regression is employed for 51 firms over the period of 2001-2019. The results show that if we consider shares sold by initial owners as primary market, this factor does not affect firm’ s performance; while in the secondary market, Investment-to-Price Sensitivity has at first negative effects thereafter affects performance positively and also there is a negative relationship between Stock Price Informativeness and Sales-to-Assets.

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APA: Copy

Eghbalnia, Mohammad, Hajizadeh, Babak, & EBRAHIMI, ABBAS. (2020). The Effects of Primary and Secondary Equity Markets on Firm Performance. JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE, 9(4 (28) ), 91-116. SID. https://sid.ir/paper/388574/en

Vancouver: Copy

Eghbalnia Mohammad, Hajizadeh Babak, EBRAHIMI ABBAS. The Effects of Primary and Secondary Equity Markets on Firm Performance. JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE[Internet]. 2020;9(4 (28) ):91-116. Available from: https://sid.ir/paper/388574/en

IEEE: Copy

Mohammad Eghbalnia, Babak Hajizadeh, and ABBAS EBRAHIMI, “The Effects of Primary and Secondary Equity Markets on Firm Performance,” JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE, vol. 9, no. 4 (28) , pp. 91–116, 2020, [Online]. Available: https://sid.ir/paper/388574/en

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