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  • 标题:An Appraisal on the Effect of Share Issue Privatization on Tehran Stock Exchange Liquidity
  • 本地全文:下载
  • 作者:Reza Tehrani ; Hossein Abdoh Tabrizi ; Davood Jafari Seresht
  • 期刊名称:Financial Research
  • 印刷版ISSN:1024-8153
  • 电子版ISSN:2423-5377
  • 出版年度:2012
  • 卷号:13
  • 期号:31
  • 页码:23-40
  • 出版社:University of Tehran Electronic Journals Database
  • 摘要:Liquidity is the most important aspect of stock markets development. This research investigates the effect of Share Issue Privatization (SIP) on Tehran Stock Exchange (TSE) liquidity. Regarding the three assessable measures in SIP, three hypotheses based on the number of privatized firms, the volume and the value of the sold stocks were defined and tested. In this research, the TSE liquidity is used as dependent variable which is calculated by the use of turnover ratio and Amihud measure. However, the Amihud measure is calculated based on the return of TEPIX and TEDPIX. So, the dependent variable was calculated and used in final modeling by applying the three general measures, including turnover ratio, Amihud measure based on TEPIX and Amihud measure based on TEDPIX. It is generally concluded that SIP through the TSE has a considerable and meaningful effect on development and liquidity of this market.
  • 关键词:Privatization (SIP);Share Issue;Stock Market Liquidiy
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