Evaluation of the Factors Affecting Initial Public offering Underpricing by Newly-accepted Companies into Tehran Stock Exchange
Journal Title: International Research Journal of Applied and Basic Sciences - Year 2014, Vol 8, Issue 7
Abstract
Previous studies have reported three unusual features for initial public offering: underpricing (short-term return), variability of initial offerings from year to year, and negative long-term performance. The aim of the resent study was to examine the factors influencing the underpricing by newly-accepted companies into Tehran stock exchange. New resources are provided for the development of the company on arrival at the stock exchange, that’s why companies like to be traded in stock exchange. In this study, the relationship between the independent variables (age of company, type of industry, and type of ownership) and underpricing were analyzed to evaluate the factors affecting the underpricing of new shares. The statistical society included newly-accepted companies into Tehran stock exchange from 2004 to 2008. The findings indicated no significant relationship between the variables of the study and underpricing during the study period. This indicates that the activity of Tehran stock exchange is similar to that of other countries.
Authors and Affiliations
Mashaallah Randideh| Department of Accounting, Kermanshah Branch, Islamic Azad University, Kermanshah, Iran.
Keywords
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