The Relationship of Under pricing with IPO Aftermarket liquidity in Tehran Stock Exchange

Subject Areas : Financial Knowledge of Securities Analysis

حسن قالیباف اصل ¹ , رحیم صادقی دمنه ² , مهدیه کلانتری دهقی ³

1 - ندارد
2 - مسئول مکاتبات
3 - ندارد

Received: 2012-05-19 Accepted : 2012-08-09 Published : 2012-12-15

Keywords: IPOs underpricing, initial return, aftermarket liquidity, initial public&#x0D, &#x0D, offering,

Abstract :

This article deals with study of the relationship of Underpricing with IPOAftermarket liquidity in listed companies on TSE.To achieve this purpose, required financial data from 80 qualified initial publicoffering in nine-year period between the years 2001 and 2009 were gathered. Afterdetermination of initial return period, relationship between underpricing andaftermarket liquidity, have been examined in sections 30, 120, 240 trading days afterinitial public offering by multivariable regression tests. Significant of model andcoefficients have been examined by F fisher and T-student tests.The results indicated that underpricing (initial return) is positively related toturnover ratio and negatively related to illiquidity measure. These relation aresignificant after controlling for other factors.