Investigate Public Stock Offering Abnormal Returns with respect to the company characteristics

The Purpose of this study is initial to investigate Public Stock Offering Abnormal Returns in Listed Companies of Tehran Stock Exchange (TSE). Then, in this study to investigate the impact company characteristics include company size, leverage and growth opportunities on Public Stock Offering Cumulative Abnormal Returns. For this purpose, data from 70 companies in Tehran Stock Exchange that have been Public Stock Offering in the years after the initial Public offering during the period 2002 to 2012, is investigated Using panel data and multiple regression analysis method. Results represents an average rate of cumulative abnormal returns are 9/8 and 12/1 percent respectively for one week and two weeks after Public Stock Offering, and the existence of information asymmetry hypothesis was confirmed in the Tehran Stock Exchange. also the result show there is a significant and negative relationship between company size, Public Stock Offering size and growth opportunities to cumulative abnormal returns. also the result show there is a significant and Positive relationship between company leverage and cumulative abnormal returns.