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The Relationship between Liquidity and Stock Price in the Accepted Companies in Tehran Stock Exchange
Journal: Iranian Journal of Business and Economics
Issue: Iranian Journal of Business and Economics (Volume: 3, Issue: 1)
Author: Somayeh Akhavan Limodehi , Ali Najafi Moghadam , Mohsen Hamidian
Keywords : Liquidity , Tehran Stock Exchange , Stock Price , Accepted Companies
Abstract:

The main objective of this study is to investigate the relationship between liquidity and stock price in the accepted companies in Tehran Stock Exchange based on the cash flows during 2003 to 2013. In the proposed models, the effect of exchange rate volatility on the factors related to liquidity including number of buyers, frequency of purchase, transaction volume, the percentage of traded shares to total shares, number of traded shares and traded companies are investigated that this impact on three variables – number of buyers, number of traded companies and frequency of purchase was relatively moderate and in the relation with other factors is relatively low. After specifying above relationships, effectiveness value of factors related to liquidity on average of stock price is investigated. According to provided models, the impact of number of buyers and frequency of purchase variable is relatively high; the impact of number of traded companies, transaction volume and number of traded stock is relatively moderate and the impact of other variable is relatively low.In this study, according to the type of data and existing methods of analysis, panel data method is used. In this study, the relationship between independent and dependent variables is investigated in terms of two aspects. On the one hand, these variables among different companies, and on the other hand, during 2003 until 2013 will be tested.The interesting point in this research is the inverse investigation result, stock exchange market variables on exchange rate and gold market variables. Determination coefficient of models was low and moderate but in the models in which stock market variables were independent variables. Determination coefficient was moderate and relatively high.so we can say that effectiveness of currency and gold market from stock market is higher than effectiveness of stock market from this market.

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