Evaluating The Simultaneous Role of Investor’ s Sentiment and Brand Equity on Short-Term performance of the Initial public Offerings (Evidence from the Iran Capital Market)

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Kafshi Nooshin; ABDOLBAGHI ABDOLMAJID

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Paper Information

Journal: FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES) Year:2020 | Volume:13 | Issue:45 Page(s): 111-129

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Information Journal Paper

Title

Evaluating The Simultaneous Role of Investor’ s Sentiment and Brand Equity on Short-Term performance of the Initial public Offerings (Evidence from the Iran Capital Market)

Author(s)

Kafshi Nooshin | ABDOLBAGHI ABDOLMAJID | Issue Writer Certificate

Keywords

Initial Public Offerings

Investor Sentiments

Brand Equity

Tehran Stock Exchange

Abstract

The purpose of this study is to evaluaing the Simultaneous role of investor’ s sentiment and Brand Equity on the performance of the Initial Public Offerings in the capital market of Iran. The research sample including 87 the companies providing Initial Public Offerings in the exchange and over the counter markets of Iran selected in a perioud from 2008 to 2015. To measure investor’ s sentiment we apply the Arms Index and the Hoolihan and the Tobin's Q indexes have been used to measure Brand Equity. The empirical Results show that based on Hoolihan's index, there is not any significant difference between Initial Public Offerings short term returns and strong and weak brand. However, based on the of Tobin's Q, index in daily short run sections, i. e. first and second days, there are positive difference between strong and weak brands but in sections longer than six to twelve months, the difference between the return of strong and weak brands are negative. Indicating a correction in supply pricing by the market. Also supply in the sentiment conditions combined with optimism in short-run shows a better performance in comparing to those made in the pessimistic conditions of the market. Finally, the results show simultaneous effect of the Brand Equity and optimistic point of view on Initial Public Offerings’ performance during one month to ten month sections after supplying

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APA: Copy

Kafshi, Nooshin, & ABDOLBAGHI, ABDOLMAJID. (2020). Evaluating The Simultaneous Role of Investor’ s Sentiment and Brand Equity on Short-Term performance of the Initial public Offerings (Evidence from the Iran Capital Market). FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), 13(45 ), 111-129. SID. https://sid.ir/paper/951142/en

Vancouver: Copy

Kafshi Nooshin, ABDOLBAGHI ABDOLMAJID. Evaluating The Simultaneous Role of Investor’ s Sentiment and Brand Equity on Short-Term performance of the Initial public Offerings (Evidence from the Iran Capital Market). FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)[Internet]. 2020;13(45 ):111-129. Available from: https://sid.ir/paper/951142/en

IEEE: Copy

Nooshin Kafshi, and ABDOLMAJID ABDOLBAGHI, “Evaluating The Simultaneous Role of Investor’ s Sentiment and Brand Equity on Short-Term performance of the Initial public Offerings (Evidence from the Iran Capital Market),” FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), vol. 13, no. 45 , pp. 111–129, 2020, [Online]. Available: https://sid.ir/paper/951142/en

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