The Effect of Stock Liquidity on Firms Value: Evidence from an Emerging Market
The purpose of this study is to examine the relation between stock liquidity and firm value. Using data from 142 firms registered in Irans Tehran Stock Exchange in 2008, the results show that stock liquidity does not have impact on firm value. Our findings are inconsistent with previous studies which have been done on the NYSE, Amex, Nasdaq, and in the same market. It may be due to the prevailing economic conditions and the volatility of politics in emerging market. The results of this study have some implications for domestic and potential foreign investors.
Liquidity Bid and ask spread Firm performance Firm value
Ebrahim Bazrafshan Hassan Gholipour Fereidouni Mohammad Mehdi Abbasian
(Corresponding Author) Student of Management School Azad University of Arak Arak, Iran Management School University Sains Malaysia Pinang, Malaysia Faculty of Accounting Azad University of Ghaemshahr Ghaemshahr, Iran
国际会议
上海
英文
466-469
2011-03-11(万方平台首次上网日期,不代表论文的发表时间)