Accounting and Auditing Studies

Accounting and Auditing Studies

Measuring the Effectiveness of Market Making Activity in Tehran Stock Exchange

Document Type : Original Article

Authors
Khadijeh Rabiee 1
Hasan Jabbari 2
1 Assistant Professor, Department of Accounting, Payame Noor University(PNU), Tehran, Iran
2 Ph.D. in Accounting, Tehran University, Tehran, Iran
10.22034/iaas.2024.211395
Abstract
One of the important features of the stock market is its high liquidity compared to other investment markets. The high turnover of this market has reduced its liquidity risk. In order to solve the problem of continuous queues for buying and selling companies' shares in the capital market, Tehran Stock Exchange Organization has required companies and their major shareholders to choose and conclude contracts from 20/06/2019 He did with the bazaar. The present research was conducted with the aim of measuring the effectiveness of market making activity in Tehran Stock Exchange. The statistical population of the research includes some of the companies admitted to the Tehran Stock Exchange, which have a market manager and have entrusted the market making of their shares to special investment funds for market making. The time period of the research is one year before the date of the obligation of listed and over-the-counter companies and their major shareholders to market making (10/09/2020) and one year after that. The results of the research showed that the market making activity in the Tehran Stock Exchange was not effective during the research period, so that the number of sales queue days increased in one year after the market making compared to the previous year. Of course, the amount of fluctuation in the stock price of companies with market making has decreased after the companies were required to manage the market. The results of the research did not confirm the existence of a positive and significant relationship between the resources at the market operator's disposal and the amount of stock liquidity, and the existence of an inverse and significant relationship between the number of resources at the market operator's disposal and the stock price volatility. Also, it was not confirmed that the marketing activity was unprofitable.
Keywords
Market Making Activity
Stock Liquidity
Market Making Funds
Capital Market
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Wyss, R.N. (2004). Measuring and Predicting Liquidity in the Stock 

Accounting and Auditing Studies
Volume 13, Issue 51
Autumn 2024
Pages 101-118