The Impact of Implementing Privatization Program in Tehran Stock Exchange Price Index (TEPIX)

In this study, by analyzing the quarterly data of Tehran stock exchange price index, liquidity, the transfer of state-owned enterprises to the non-governmental sector through the stock exchange and the total transfer of shares during the years 2003-2004, and collecting about 48 samples using the Vector Self-Regression Model (VAR), the assumption of the influence of the independent variables on Tehran stock exchange price index has been tested. In addition to the assignment of state-owned enterprises to the non-state sector by the stock exchange, two variables of the liquidity volume and total transfers can also be effective in evaluating these effects on the index.