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 (In Persian). doi: 10.22034/iaar.2013.104556
