Relation Between the Size of Enterprise and Calendar Effect on Active Enterprises in Stock Exchange of Tehran
Journal Title: International Research Journal of Applied and Basic Sciences - Year 2013, Vol 7, Issue 12
Abstract
Different factors affect the degree of risk and achieving return; one of them which has engaged researchers recently more than ever is the impact of behavior alissueson how and when to invest. This study is aimed to collect information and studies in order to achieve higher profit for shareholders who seek to gain desirable return on their investments means lower risk and higher revenue. In the study, we want to identify the relation between calendar effect of Time period March 20th – April 19th and size of business in the stock market of Tehran, and also, find the answer to the question of whether smaller businesses grow faster than similar largerones in Tehran Stock Market in Time period March 20th – April 19th ? The time span of the study is during 2002 – 2011 as there are examined totally 15461 observations for the whole year, 1414 for Time period March 20th – April 19th and 14046 for all months a year except Time period March 20th – April 19th . Meanwhile, in the study, selected businesses are ordered from smallest to largest according to size, i.e. the logarithm of the market value of the previous year. The study is considered as applied on basis of objective with a descriptive–correlation method. Inthisstudy,Fama- Mac-Beth regression and MSTAT software are used to test the hypothesis. The results showed that there is no significant relationship between Time period March 20th – April 19th and the size of business; as the size of business increases, the yield premium also increases.
Authors and Affiliations
Sima souzangarzadeh| Master’s degree student of mangment(commercial management) Department of economy and management Science and research branch, islamic azad university, tehran,iran, email: Simasozangarzadeh@yahoo.com
Keywords
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