بررسی اثر نقدشوندگی بازار ثانویه بر قیمت عرضه اولیه در بورس اوراق بهادار تهران

This study investigates the relationship between after-market liquidity and the initial public offering (ipo) price. we also examine effects of other factors such as firm size, belonging to a high-risk industry, ipo size, underwriter reputation and firm age on the ipo price. the sample consists of all ipos issued in tehran stock exchange during 2006-2012. the actual data cover the period from september 2006 to march2012.our findings indicate that the ipo price is positively related to after-market liquidity and there is no relationship between the ipo price and other factors such as firm size, belonging to a high-risk industry, ipo size, underwriter reputation and firm age.