Long-run and Short-run returns of Intial Public Offerings (IPOs) of public and private companies in Tehran Stock Exchange

Abstract

This study examines the short-and long-term stock returns of initial public offerings of state enterprises transferred (under Article 44) and the private company of enhancing Exchange and identify factors affecting the year from 1385 to 1390 has been discussed. The sample is selected using census sampling multiple regression model of panel data are used. Initial findings indicate that of the country as well as providing an initial stock offering short-term return granted to public companies and private companies, 19.5% and 8% abnormal returns (adjusted for market return) have created. such variables as the state variables are transferred the size of the company and the private company the size and variables, the P / E of monetary transaction volume are the most important variables affecting the short-term returns. The most important variables affecting the yield of long-term equity offerings Initial public companies the variables firm size, volume of local trade and relative P / E and Private Single P / E ratio is the most important variables Asrgzarbrbazdh stock offerings and initial public 1385 - 1390 been. overall findings confirmed the predictions of theory based Brdm information asymmetry favors

Keywords

• Initial Public Offering
• short run and long run return
• Information Asymmetry
• based theories
• private and public organization under articlr44