Effective factors on abnormal return of IPO in Tehran stock exchange

Subject Areas : Financial Knowledge of Securities Analysis

منصور گرکز ¹ , حمیدرضا وکیلی فرد ² , اکتای یمرعلی ³

1 - ندارد
2 - ندارد
3 - مسئول مکاتبات

Received: 2011-05-05 Accepted : 2011-07-01 Published : 2012-03-10

Keywords: abnormal return, Initial Public Offering, multivariate regression,

Abstract :

In this research, the effective factors on abnormal return of IPO companies inTehran Stock Exchange from 1990 until 2007 have been studied. So, for this westudied 73 qualified companies according to elimination method and studied them forperiods pf 12 and 24 months after entrance to stock exchange. Amazing six variablesof firm size, ownership type forecast error of earnings per share return on equity netprofit margin ratio and debt to net assets ratio , just return on equity (adversely) anddebt to net assets ratio (directly) had a meaning full relationship with abnormal return.But, in general, the analysis of multivariate regression showed that every sixindependent variable have the ability of justifying the 13.7 percent of abnormal returnat the time.