The purpose of this paper was the analysis of share prices of
the firms offered in "TSE" under the privatization program, with
consideration of Theoretical and Scientific models, in order to
specify the extent of comparability of these prices with the
The criterion used for the assesment of the comparability of the
bas-price with the theoretical price is that; market price in creases
should be supported by the firm's profitability.
The research has been conducted en the basis of inductive
& deductive analysis, with a statistical sample of 40 firms, which
their stocks has been accepted and traded by the end of 1370.
The results indicate that the share initial pricing of the firms is
not based on the scientific grounds and has no compatibility with
further market events. The present pricing mechanism, from the
economic, social & accenting viewpoints, does not reflect accurate
valuation of the shares.