Performance Analysis for Initial Public Offerings in Tehran Stock Exchange – Comparison of Public and Private Offerings

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Yari, Ali | 2012

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Type of Document: M.Sc. Thesis
Language: Farsi
Document No: 42894 (44)
University: Sharif University of Technology
Department: Management and Economics
Advisor(s): Zamani, Shiva; Abdih Tabrizi, Hossein
Abstract:
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, size and industry group of the offered company do not have a meaningful correlation with short-term and long-term returns. However, younger companies have had better performance in long run
Keywords:
Privatization ; Tehran Stock Exchange ; Initial Public Offering ; Underpricing ; Initial Return ; Long-Term Returns

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