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In this thesis, performance of share stocks after Initial Public Offering has been investigated. According to the findings, underpricing and long-term underperformance phenomena have been witnessed in Tehran Stock Exchange and this conforms with the findings of researches in other markets. This study also showed that there is no meaningful difference between private and state-owned offerings in terms of short-term and long-term performance and, in disagreement with the results of similar studies in other stock markets, long-term return of state-owned offerings is less than market return in the same period. Furthermore, this study revealed that amongst various characteristics of offerings,... 

In the present study, the factors that affect the IPO underpricing in the Tehran Stock Exchange are investigated. We define the variables of IPO percentage, age and size of companies, dummy variable for rounded IPO prices, market return in a month before the initial public offering, average return of IPOs that had been done during one month before the IPO of each ticker and the dummy variable for industrial group in which the company is located. We had to calculate the initial return of 246 companies that were offered in the years 1380 to 1395. In this study, due to the existence of a daily stock price volatility constraint, a new algorithm was introduced to calculate the dependent...