期刊名称：International Journal of Academic Research in Business and Social Sciences
电子版ISSN：2222-6990
出版年度：2013
卷号：3
期号：2
页码：69-84
出版社：Human Resource Management Academic Research Society
摘要：This paper surveys some effective factors on long-term and short-term returns of initial public offerings (IPO) of public and private companies in Tehran Stock Exchange (TSE) market. We use panel data approach to compare determinant factors of returns of IPO either in public and private firms. The results show that P/E ratio, volume of transactions and size of companies are the main factors of determinant of abnormal long-run returns of IPO in both private and public companies. In the short-run, the IPO's returns of private enterprises related to size, and volume of transaction. Although in the public companies, size, P/E and individual firm's specification are the determinants of short-run IPO's returns. Results of research pointed to conclusion that the corporate ownership has no significant impact on returns of IPO in short-run and long-run. And both private enterprises and public companies might retain the profit and release the loss by set share retention/offering rate and over/under pricing of IPO companies
关键词：Initial public offerings; abnormal returns; corporate ownership; Tehran Stock ;Exchange
