آزمون پديده ارزان قيمت گذاري عرضه عمومي اوليه سهام و عملكرد بلند مدت آن در بورس تهران

Test of The Initial Public Offer Underpricing Phenomenon and Its Long-run Performance in Tehran Stock Exchange.

The purpose of this Study is to testing the Initial Public Offer (IPO) underpricing, to investigating the factors affects on IPO underpricing and its long-run return performance. This research has investigated 78 IPOs offered in Tehran stock exchange during the years of 1999-2003. Results of testing the short-run return adjusted with market index using one-sample T test, demonstrate that IPO underpricing Phenomenon exist in Tehran stock exchange and IPO long-run return is higher than the total market index. Findings demonstrate that standard deviation of weakly return during 2 months after IPO, number of the IPO offered before any new offer and total market index return rate in the short-run period before IPO have significance influence on the IPO underpricing. But offered stock volume had not significance in fluence on the IPO underpricing.