Document Type : Research Paper
Authors
Abstract
This research follow up the relation between conservatism and short term abnormal returns of IPOs in Tehran Stock Exchange and also infusing of asymmetry information among beneficiaries in IPO’s procedure in mentioned relation. The results of regression analysis for companies which their stocks offered in Tehran Stock Exchange for period of 1382 to 1391 shows the relation between conservatism and short term abnormal returns of IPOs is meaningful and reverse. In the other word by increasing the level of conservatism, verifiability of presented information has been gone up and by decreasing of asymmetry information among beneficiaries in IPO’s procedure; short term abnormal return of this stock will be decrease. In the other hand the relation between conservatism and short term abnormal returns of IPOs in companies with high level of asymmetry information is stronger than companies with low level of asymmetry information.
Also the results of research show the IPOs’ stocks have created averagely 26.07% Initial normal returns and 19.61% Initial abnormal returns (Returns adjusted by Market Portfolio) that confirmed the under pricing in Tehran Stock Exchange according to researchers in other countries.
Keywords
سهام عرضه های عمومی اولیه (IPOs) در بورس اوراق بهادار تهران. فصلنامه مدرس علوم
انسانی، سال پانزدهم، . شماره 1
.2 خوش طینت، محسن؛ یوسفی اصل، فرزانه. ) 1319 (. رابطه بین تقارن و عدم تقارن اطلاعاتی با
محافظه کاری. فصلنامه مطالعات تجربی حسابداری مالی . ، شماره 20
.3 سازمان حسابرسی. ) 1315 (. استانداردهای حسابداری، . نشریه شماره 160
.4 ظریف فرد، احمد؛ مهرجو، حامد. ) 1313 (. بررسی عملکرد قیمت گذاری سهام در اولین عرضه
سهام شرکت ها در بورس اوراق بهادار تهران. فصلنامه مطالعات تجربی حسابداری مال ، ی شماره
. 1
.5 علوی طبری، حسین؛ سادات اخلاقی، سارا. ) 1312 (. بررسی کیفیت سود در عرضه های اولیه
سهام در بورس اوراق بهادار تهران. فصلنامه مطالعات تجربی حسابداری مال ، ی . شماره 29
.6 مرادزاده فرد، مهدی؛ بنی مهد، بهمن؛ دیندار یزدی، مهدی. ) 1320 (. بررسی رابطه بین محافظه
. کاری حسابداری و نظام راهبری شرکتی. مجله حسابداری مدیری ، ت سال چهار ، م شماره 1
7. Aggarwal,R.,Leal,R.,&Hernandez,L.(1993).The after market performance of initial public offering in latin america .Financial management ,22(1), 42-53.
8. Aharony,J.,Wang,J.,&Yang,h.(2010).Tunneling as an incentive for earnings management during the IPO process in china .Journal of accounting and public policy,29(1),1-26.
9. Ball,R.,&Shivakumar,L.(2008).Earning quality at initail public offering .Journal of accounting and economics,45(2-3),324-349.
10. Basu,S.(1997).The conservatism principale and the asymmetric timeliness of earnings. Journal of accounting and economics,24(1),3-37
11. Beaver,W.,&Rayn,S.(2000).Biases and lags in book value and their effects on the ability of the book to market ratio to oredict book returns on equity Journal of accounting research,vol 38.
12. Boulton,T.J.,Smart,S.B.,&Zutter,C.J.(2011). Earning quality and international IPO underpricing. The accounting review,86(2-),483-505.
13. Bushman, R., &Piotroski, J.(2006).Financial reporting incentives for conservative accounting:the influence of legal and political institutions. Journal of accounting and economics,42(1-2),107-148.
14. Chaney,P.K.,Faccio,M.,&Parsley,D.(2011).The quality of accounting information in politically connected firms. Journal of accounting and Economics,51(1-2),58-76.
51 فصلنامه مطالعات تجربی حسابداری مالی، سال یازدهم، شماره 93 ، پائیز 2931
15. Givoly, D., &Hayn,C.(2000).The changing time series properties of earnings, cash flows and accruals : has financial reporting become more conservative? .Journal of accounting and economics,29(3),287-320.
16. Ibbotson,R.G.(1975).Price performance of common stock new issues. Journal of financial economics,2(3),235-272.
17. Ibbotson,R.G.,& Jaffe, J. (1975). Hot issue markets . Journal of Finance , 4, 1027-1042.
18. Kelin,A.(1996). The association between the information contained in prospectus and the price IPOs. Journal of financial statement analysis, 2,23-40.
19. Kim,B.H.,&Pevezner,M.(2010).Conditional accounting conservatism and future negative surprises : An empirical investigation . Journal of accounting and public policy ,29(4),311-329.
20. Jun Lin,Z.,& Zhimin,T.(2012).Accounting conservatism and IPO underpricing : China evidence. Journal of international accounting, auditing and taxation,21, 127-144.
21. Lafond,R.,&Watts,R.(2008).The information role of conservatism.The accounting review,83,443-478.
22. Ljungqvist,A.(2005).IPO Underpricing .Empirical corporate finance,vol 1 , chapter 12.
23. Loughran,T.J.,Ritter,j.R.,&Rydqvist,K.(1994)."Initial Public Offering: International Insights". pacific-basin finance journal,2,165-199.
24. Rock,K.(1986).Why new issues are underpriced. Journal of financial economics,15(1-2),187-212.
25. Su,D.,&Fleisher,B.M.(1999).The An empirical investigation of underpricing in chinese IPOs.Pasific-Basin Finance Journal,7(2),173-202.
26. Teoh,S.H.,Welch,I.,&Wong,T.J.(1998).Earnings management and long run market performance of initial public offering .The journal of finance ,53(6),1935-1974.
27. Watts R, L. (2003).Conservatism in accounting ,part i: Explanations and implications .Accounting horizons,17(3).
)