Investigation of Structural Factors on Unconventional Earnings Returns in Tehran Stock Exchange

This research aims to investigate some structural variables such as industry type, age of firm at time of supply, market cost, type of supply by government or nongovernment, and also Market conditions in terms of HOT & COLD were based on the unconventional efficiency of the initial offerings on the Tehran Stock Exchange.In this research, first the studies in the field were studied and after selecting the appropriate explanatory variables, the main models were selected to test the hypotheses.Among the explanatory variables used, only the industry variable had no effect on unconventional efficiency of the initial supply in different periods (first day, third day, and first month).Also, the age of the firm is negatively correlated with the Unconventional efficiency on initial supply, When the initial supply market falls from its initial fever and buyers pay attention to structural factors. The older the company has been since its inception, the more unconventional its performance is, given the more specific operating conditions it has.Similar to company age, the same result holds for the variable of size. Regarding the type of supply variable, it was found that government supply is generally lower than its unconventional returns or, in other words, the government (privatization) has not made the company so cheap. .

کلیدواژه ها:

Initial supply ، Abnormal Return ، Structural factors.