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Investigating of Long-Term Performance the Stocksinitial Offeringin Tehran Stock Exchange

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Investigating of Long-Term Performance the Stocksinitial Offeringin Tehran Stock Exchange Special Issue INTERNATIONAL JOURNAL OF HUMANITIES AND January 2016 CULTURAL STUDIES ISSN 2356-5926 Investigating of long-term performance the stocksinitial offeringin Tehran Stock Exchange Mohammad Ali Molazadeh Department of management Kerman branch islamic Azad University,Kerman,Iran Valiollah Shahbazkhani Department of economic Kerman branch Islamic Azad University, Kerman, Iran. Abstract The aim of this research was to investigate the long-term performance the stocksinitial offering in Tehran Stock Exchange. This research was a kind of study of library and analytical reason and it was based on the ordinary least squares method (analysis of data compilation).In this research the financial information of 24 companies listed on the Tehran Stock Exchange during the period 2010 to 2015 that they had been initial offering were investigated (144 companies - year). To analyze the obtain results of research was used the 12 Stata software. The research results relate to confirming the first hypothesis have shown that the warm and cold type of market in the relationship between the volume of shares offered with the lower valuation of fact have the significant positive impact.Also according to the analysis made in relation to reject the second hypothesis of research reached to this result that there is not a significant relationship between the number of companies that are initial offering with the valuation less than in fact of the Stocks in the previous period. In the following the research results in relate to confirming third hypothesis indicate that there is a significant relationship between the number of companies have Initial offering, with the kind of warm and cold market.Also according to the analysis conducted in relation to confirmation the fourth hypotheses of research conclude that there is a significant relationship between the grouped companies in the same industry in the initial offering with the kind of warm and cold market. In thefollowing the research results related to the confirmation of fifth hypotheses showed that the kind of warm and cold market on the relationship between risk stocks initial offering and short-term returns have positive and significant impact. Also according to the analysis conducted in relation to confirmation of sixth hypotheses of research reached this conclusion that the companies with initial supply in the warm market compared to those in the cold market have the initial offering have poor performance in the long term.Finally according to the conducted analysis in relation to confirmation the seventh hypotheses of research to reach to this conclude that the cross variance of the long-term abnormal returns of companies that in the hot market have initial offering are significantly less. Keywords: Market type of warm and cold, the stocks volume of initial offerings, classification companies, stocks risk and short term returns, poor performance. http://www.ijhcs.com/index.php/ijhcs/index Page 1814 Special Issue INTERNATIONAL JOURNAL OF HUMANITIES AND January 2016 CULTURAL STUDIES ISSN 2356-5926 1. Problem Statement For many years the financial literature in the various aspects of initial stock offerings have been concentrate the different researchers and theorists but about the cold and hot IPO markets have been done few researches.Hence the aim of this research was to investigate the properties of hot and cold IPO markets in the Stock Exchange of Tehran. The decision to become a publicly traded for each company, it is an important step in the growth processand there are various motives behind this decision and the companies to increase famous and remarkable for the fact that they can obtainthe important competitive advantage or valued to become publicly traded.In fact the companies have tend to offer new shares for the purpose of raise capital, the mainly of the market.Zingales(1995), argued that the companies because they feel they can obtain a higher price in the public market compared to the private sale to become the public joint stock.Companies that have the initial supply it seems that they have been in the period that have the range of very low initial prices and in this available periods that have high volume the initial supplythat is associated with higher initial returns,in the term to this periods say"hot release" .Lucas and McDonald (1990), stated that companies their IPO on the market decline and low boom (the so-called cold market) to delay and in growing and thriving market (the so-called hot market) to get a favorable price are become to the publicly traded.These terms have need to understand and the precise definition,because have a direct impact on decision-making and make changes in the portfolio of the investors and it will be basis for determine the strategy of buyers and sellers. Determine the time initial offering of stock are related simply with a large number of companies during in the hot and cold period that have initial offering and in the hot market the managers have tend to reduce the necessary time to become the publicly traded in order to take advantage of the benefits of high-valuation more quickly than might and if in the process of initial offering of stock the market was decline managers decided to delay its IPO in the hope that market conditions will soon come good in fact, the situation is not quickly comeback what they have imagined, due to tendency of managers to sell the shares which have risen in the price and is holding the assets whose the value has declined(poltnicki, et al, 2013). Szyszka (2013) state that the hot markets with high valuations are tempting for managers of companies that are become to the publicly traded. Those who take advantage of investment opportunities due to the capital needs of his company are make decisions. The shares that in the first time offered on the stock exchange;valued lower than their real value and therefore most of the time is irrefutable the unusual high return of that stock (in the short term).Since the investors, buyers of initial offering shares and publishers of this stock are seeks to identify the best position for offering their shares, because their goal are offering shares to the possible highest price that there is the necessary demand for them, so the best situation for investors, it is they can purchase the shares at a low price, with the increase in stock prices and sell at the highest price obtain benefit.In total since in the hot market the imagine of the investment community are to creating an the uptrend and the growth of prices,so gain a profit in this market is much more probable from the cold market and in the cold market the probability to face with capital loss is much higher of the gain profit,in this market the investor activity are reducedand their concerns about the future of market are drive the downtrend in pricesand the investment and buying the stocks with more likely will be to lead to losses in the capital.It is natural that the investors who have the higher degrees of risk aversion or have less hope to relative the increased growth in the market future prefer to with accept the small profit but reliable are protected their own of the investment losses due to cold market.This research is in attempt to identify and explain the high rates of valuation less than fact of the initial offering of stock http://www.ijhcs.com/index.php/ijhcs/index Page 1815 Special Issue INTERNATIONAL JOURNAL OF HUMANITIES AND January 2016 CULTURAL STUDIES ISSN 2356-5926 and companies that over time have initial offering in the hot and cold market and categorizing them in the similar industries, risk and return and performance them in the long term in the stock Exchange Tehran.So we decided that given the importance of this issue from the perspective of the investors and companies and reduce their concerns about the future of the market and activity of investors in these markets pay to investigate in the initial offering hot and cold markets on the Stock Exchange Tehran, so that can take steps to solve this problem and offer a solution. 2. Research background Ghaemi (2013) pay to investigate the short term return of stock the companies that new enter in the Tehran Stock Exchange and to investigates the relationship of variables such as the volume of offered shares, company size, market conditions and the existence of companies similar with abnormal returns of new stock. The obtained results of the 153 sample companies are indicated there is relationship between of variables such as the market conditions and existence the similar company with the abnormal return (Ghaemi 2007 P.19). Zahra Bostani (2007), the behavior of newcomer companies in Tehran Stock Exchange known similar worldwide country and has stated that there is not the statistically significant relationship between the firm size, age, type of ownership and type of industry and financial leverage with the long-term returns. FadaiiNejhad and Chavoshi (2006) to investigate the behavior of returns the stock are accepted for the first time in the Tehran Stock Exchange and its relation to market particular conditions (cold and hot) are considered a symbol for returnsand its relation with influencing factors such as the price of open shares, Indicator changes and the market hot or cold conditions that explained by virtual variable, by using information from the Tehran Stock Exchange in the years 1997-2006 and for the sections according 5 and 15 days - one month - two months and a season of the offering shares can be investigate.The results of
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