Somayeh Ghochzadeh; Oktay Yamrali
Volume 1, Issue 2 , March 2012, , Pages 83-92
Abstract
The goal of this study is to investigate the effect of stock offering (concentrated on stock price) on private investment during 1989-2012. The differentiation of the present study to other studies is using the total stock price index in exchange to assess stock offering and the volume of transactions ...
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The goal of this study is to investigate the effect of stock offering (concentrated on stock price) on private investment during 1989-2012. The differentiation of the present study to other studies is using the total stock price index in exchange to assess stock offering and the volume of transactions in exchange. To do this, we have used self explanatory econometrics model with widespread intervals (ADRL) to evaluate the relations among variables. The results showed that stock offering has a negative significant effect on the private investment which is inconsistent with theoretical issues, as the stock price (value) increases, high liquidity lead to inappropriate allocation and sources loss in negative NPV projects, capital waste and ultimately decrease private enterprising. Moreover, a large volume of transactions in exchange market relate to firms and enterprising funds which are not secured through public savings , directly monitor stock activities, although they appear private, but investigating in their nature shows that they are public enterprises. Though, retail or public stockholders are much, but have low transactions volume and fewer maneuvers. Therefore, exclusiveness and publicity of stock firms, limited activity in exchange market as well are regarded other reasons of this variable negative effect on the private investment.
Oktay Yamrali; Mohammad Reza Aboujafari; Ali Aliyani Nezhad; Somayeh Ghochzadeh
Volume 1, Issue 2 , March 2012, , Pages 100-109
Abstract
The purpose of this study is the investigation of variations in equity returns of shares holders and firm size on abnormal return created in IPO. For this case, the firms which entered to Tehran Stock Exchange from 1999 to 2011 were investigated by means of regression analysis. Therefore, 92 firms were ...
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The purpose of this study is the investigation of variations in equity returns of shares holders and firm size on abnormal return created in IPO. For this case, the firms which entered to Tehran Stock Exchange from 1999 to 2011 were investigated by means of regression analysis. Therefore, 92 firms were selected randomly by removal method. The results show that there is a meaningful relationship between equity return of stock holders and abnormal return in IPO and there was no meaningful relationship between firm size and abnormal return in IPO.