Survey the influence of stock liquidity on the stock return listed at the Tehran stock Exchange
Subject Areas :Younes Badavar Nahandi 1 , Mehdi Zeynali 2 , Azhdar Maleki 3
1 - استادیار و عضو هئیت علمی دانشگاه آزاد اسلامی واحد تبریز
2 - دانشجوی دکترای حسابداری دانشگاه آزاد اسلامی واحد علوم و تحقیقات تهران و عضو هئیت علمی دانشگاه آزاد اسلامی واحد تبریز
3 - کارشناس ارشد مدیریت بازرگانی گرایش مالی دانشگاه غیرانتفاعی الغدیر تبریز
Keywords: Stock Return, Liquidity, Bid-ask spread, Turnover,
Abstract :
The speed of liquidity of the asset is an important factor of dicision makings ai the capital market.investors consider the amount of liquidity in choosing investment options besides their risk and retum.the impact of this attribute of the securities on the variables of capital market is the subject of many financial researches.the purpose of this research is surveying the influence of stock liquidity on the stock return corporations listed at the Tehran stock exchange.In this research Bid-Ask spread and share Turnover were considered as the criteria of liquidity and the size of the firm&the ratio of book value to market value and finance leverage were taken as the control variables.In this way,89 firm of the statistical population were selected as the research sampel from 2005-2009.This study is descriptive-comparative with applied goals and Research hypothesis were tested using combined regression method.The results of the research showed that,there is a positive relationship between Bid-Ask spread and share turnover as the criteria of liquidity with stock return corporations listed at the Tehran stock exchange.
