Identify Effective Factors on Long Term Abnormal Return of Initial Public Offerings (IPOs) in Tehran Stock Exchange
Abstract
In this study the existence of abnormal return in initial public offerings of Tehran Stock Exchange and some effective probable factors on which were examined. The results show that there is positive short term abnormal return during 24 months after the acceptance of sampled corporations in the exchange. Among nine variables of age, size, horizon, leverage, margin of profit, market general condition before the offering of stock, forecast error of earning per share, audit firm and Industry type, only size, audit firm (reversely) and forecast error of earning per share (directly) had a relationship with abnormal return; however, multi-variable regression analysis demonstrated that all variables can simultaneously justify approximately 20% of the abnormal return.
. (2009). Identify Effective Factors on Long Term Abnormal Return of Initial Public Offerings (IPOs) in Tehran Stock Exchange. Quarterly Journal of Securities Exchange, 2(5), 77-103.
MLA
. "Identify Effective Factors on Long Term Abnormal Return of Initial Public Offerings (IPOs) in Tehran Stock Exchange", Quarterly Journal of Securities Exchange, 2, 5, 2009, 77-103.
HARVARD
. (2009). 'Identify Effective Factors on Long Term Abnormal Return of Initial Public Offerings (IPOs) in Tehran Stock Exchange', Quarterly Journal of Securities Exchange, 2(5), pp. 77-103.
CHICAGO
, "Identify Effective Factors on Long Term Abnormal Return of Initial Public Offerings (IPOs) in Tehran Stock Exchange," Quarterly Journal of Securities Exchange, 2 5 (2009): 77-103,
VANCOUVER
. Identify Effective Factors on Long Term Abnormal Return of Initial Public Offerings (IPOs) in Tehran Stock Exchange. Quarterly Journal of Securities Exchange. 2009;2(5):77-103 (In Persian).
