Abstract
Article history: Received October 15, 2012 Received in revised format 4 December 2012 Accepted 8 December 2012 Available online December 1
Highlights
Two recent decades have been the golden era of financial capitalism and there are different evidences for such changes such as intellectual capitalism and economic power
One primary concern is to learn more on how to price state-owned companies in Tehran Stock Exchange (TSE) but there is one important question, which is how long an initial public offerings (IPOs) pricing could last on TSE and how good it is in long-run
This study investigated the performance of Iran stock in long-run pricing of the stock of the newly admitted companies
Summary
Two recent decades have been the golden era of financial capitalism and there are different evidences for such changes such as intellectual capitalism and economic power. One primary objective of privatization is to increase productivity and to improve economic efficiency of the previous state-owned companies. One primary concern is to learn more on how to price state-owned companies in TSE but there is one important question, which is how long an IPO pricing could last on TSE and how good it is in long-run. Is long-run buy and hold return of the stock of state-owned companies privatized in TSE different considerably with the long-run buy and hold return of the market during the definite period? It is attempted to investigate the validity degree of initial stock pricing of state companies admitted in TSE and for the first time their stock shares are distributed in the stock market. First some important concepts of privatization is explained, the review of literature and research methods and hypotheses and the results of hypothesis test are presented
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