The Performance of IPO in Iran: Empirical Test of Some Related Factors
Author(s):
Article Type:
Research/Original Article (بدون رتبه معتبر)
Abstract:
This study has investigated the IPOs’ long-term performance, in Tehran Stock Exchange. The purpose of this study was to examining if IPOs underperform in long-term. Furthermore, this study has investigated the effects of some features of IPO firms on IPOs’ long-term performance (e.g. size and profitability of the firm before the IPOs, ownership structure and IPOs' short-term returns ). The sample included 143 IPOs in Tehran Stock Exchange from 1376 to 1386. The results show that IPOs in Tehran Stock Exchange under-performs in long-run. There is a negative and significant relationship between size and the profitability of the firms before the IPO and IPOs' long-run performance. State-ownership and structure of ownership have no effects on long-term performance. Finally, there is no relationship between short-term return and long-term performance of IPOs.
Keywords:
Language:
Persian
Published:
Journal of Empirical Studies in Financial Accounting, Volume:6 Issue: 22, 2008
Pages:
73 to 96
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