In this research, the relationship between stocks' closing price and bid-ask spread as a liquidity factor was investigated during the period 2003-2009 using Eviews software. To do so, time-series data were collected annually and applied as panel data. In order to remove the heteroscedasticity, Generalized Least Squares (GLS) method was used. The results showed a positive and significant relationship between stocks' closing price and bid-ask spread. In addition, due to the reverse relationship between Bid-Ask spread and liquidity, there is a negatively significant relationship between stocks' closing price and liquidity.
Yahyazadehfar,M. and Zarei,H. (2013). On the relationship between stocks' closing price and liquidity in Tehran Stock Exchange. Accounting and Auditing Research, 5(17), 108-124. doi: 10.22034/iaar.2013.104556
MLA
Yahyazadehfar,M. , and Zarei,H. . "On the relationship between stocks' closing price and liquidity in Tehran Stock Exchange", Accounting and Auditing Research, 5, 17, 2013, 108-124. doi: 10.22034/iaar.2013.104556
HARVARD
Yahyazadehfar M., Zarei H. (2013). 'On the relationship between stocks' closing price and liquidity in Tehran Stock Exchange', Accounting and Auditing Research, 5(17), pp. 108-124. doi: 10.22034/iaar.2013.104556
CHICAGO
M. Yahyazadehfar and H. Zarei, "On the relationship between stocks' closing price and liquidity in Tehran Stock Exchange," Accounting and Auditing Research, 5 17 (2013): 108-124, doi: 10.22034/iaar.2013.104556
VANCOUVER
Yahyazadehfar M., Zarei H. On the relationship between stocks' closing price and liquidity in Tehran Stock Exchange. Accounting and Auditing Research, 2013; 5(17): 108-124. doi: 10.22034/iaar.2013.104556
