فصلنامه مطالعات تجربی حسابداری مالی
پیاپی 4 (زمستان 1382)

The Performance Evaluation Models that developed from Middle of 1960s was used in many researches. Between three Models that were developed by William Sharp, Jack Treynor and Michael Jensen, many researches used differential excess return of Jensen Model. Some of researches that were previously done showed that investment company with active management usually obtain gross excess return. However this return almost was not important and after deduction of operating expense would be eliminated or negative. This article shows results of research that investigate the performance of 14 Iranian investment companies between 1374 -1380. Sharp and Jensen models were used respectively in determining portfolio Risk and Return and evaluating performance. This research tested eight hypotheses. The result demonstrates 26.9 percent average gross excess return. This excess return will become 25.8 percent after deducting operating expenses. Shortening the calculation Periods almost confirm above results. In summary, the results of testing eight hypotheses demonstrate that active management in Iranian investment companies for Marketable securities performed better than passive management and could obtain important excess return. Of course investment holding companies had a much better performance than mutual fund.

This study examines the predictability of accounting profit of the firms accepted at the Tehran Stock Exchange by adjusted Random Walk with past changes of Economic Leading Indicators. In random walk model, actual profit numbers of past years are independent variables. This model is based on assumption that behavior of accounting profit is a random Process. Since the economic lead indicators produce accurate signals about future changes of target variables (e.g. accounting profit and stock price of firms), adjustment of actual profit by proportion of change of this indicators in profit forecasting models like random walk model, can produce better forecasting. The result suggests that adjusted random walk model by proportion of change of two lead indicators, broad money supply and aggregate loans paid to governmental and non-governmental sectors by banking system of Iran including the three-year lag, can produce better forecasting.

The Committee to Prepare a Statement of Basic Accounting Theory defines accounting as "the process of identifying, measuring and reporting economic information in a way that facilitates judgment and informed decision - making for the users of such information". This definition is a beginning in recognition of the essence, extent, and subject of auditing. Auditing is often an inseparable part of transmission of economic information; therefore it plays an important role in reflection of recognition and measurement of the aforementioned information. The Ever-increasing development of communities and the complexity of their particular problems have created a demand for relevant economic information, and thus an increasing demand for systems and processes that can help to meet this demand. These factors have resulted in an increasing need of auditing as a vital part in the whole process of transmission of information. In recent years, there have been a lot of debates and discussions about the changes in and about future of the profession of auditing. This fact indicates tentative confirmation of the need of this profession to adapt itself to the needs and demands of the current economic communities. Before realization of the changes, a clear understanding of the function of auditing by each user is of great importance in order to decide about expediency and effectiveness of the proposed changes. Therefore the primary aim of the research is finding out the viewpoints of users of auditing services about the importance and effectiveness of auditing. To do this research, we came up with four hypotheses. The necessary data for testing the hypotheses were collected through questionnaires. The first two hypotheses were tested by statistical method of normal distribution, the second two by chi2 statistical analysis. The tests were conducted at meaningful level of 0/05, and the results indicated that the participants in the survey thought auditing services are important, and are carried out effectively.

There are two readily identifiable areas of a business firm’s operations that require the use of professional auditing services. These areas parallel the organizational forms that the audit services take. In the first area, there is a need for external financial reporting which consists of a set of financial accounting statements certified by an outside agent. Second, there is a need for management information and auditing within the firm beyond the need for an independent financial statement audit. The main goals of this research are identifying fees for external and internal auditing, recognizing the effect of existence of internal auditing on reducing the auditing expenses of the firm, and studying the effectiveness of raising the management levels whom internal auditors report to in the quality of their work. And eventually the usefulness of internal auditors as substitutes for external auditors. Bearing in mind the models used in previous researches including the one done by Simunic (1980), another done by Palmrose (1986) to measuring the costs of auditing services, and experimental relation between the costs of internal and external auditing, we contrived a comprehensive model for auditing expenses of the firm, including two simultaneous equations to test our hypotheses against. The final result of the research indicates that increased amounts of internal audit resources in the firm lower the external audit fee, and internal audit resources which report to the levels in the firm above the controller will exhibit a greater decrease in the external audit fee then internal audit resources which report to the controller, ceteris paribus. Also the rate of usefulness to external auditors of reports provided by internal auditors in the firm in which they report to the board of directors and the managing director is similar to that rate for firms in which the auditing division reports to the director for financial and administrative affairs or lower levels of management.

Now a days, the size and trend of price indices i s one of the most effective factors of the investors, decisions in financial markets. Bearing i n mind the variety of investment sty les, Blue chip indices which reflect the behavior of a specific segment for the market are introduced in developed stock exchanges. In this research, we study the methodology of measuring indices generally used in developed stock exchanges, and selecting qualified companies. Then we scrutinize the T.S.E. indices to identify its shortcomings and afterwards introduce the new index, entitled Bindex, using normative research method.

Most of the financial managers believe that financial leverage is one of the most important leverage concepts. This concept has a key position in capital structure. Management capital structure of a firm is a combination of debt and equity holders. A firm which has not any debt is a firm without debt in structure. As capital structure in more firms is consist of debt and equity holders, financial managers are very sensitive and minute about loan delivery and its effects. But there is a question that how much debt should a firm use? Is there any marked criterion for debt measure in the firm capital structure? In most countries which have efficient capital market, leverage ratios provide for different conditions and industries, so the firms in determination of capital structure, investors in securities and banks and financial institutions when investment and giving loan to a firm consider these standards. But there aren’t any standards in our country. This research analysis the relationship between the firms’ financial leverage and the industry type, the firm's size, business risk and operation leverage and their relationship. We search for some information for the financial managers use to make the best financial decision. On the other hand, one of the conditions of liberty investment market is giving correct, clear and subtle information to the whole people. In this market, the security price indicates al I information about those securities. In Tehran stock exchange, using this information is not common for investors to use it as a criterion to measure a firm financial risk and desirability of dividend. If one may determine the relationship of four above factors with the firm financial leverage, not only we can use of this information in stock market, but also in determination of validity of a firm for banks. In this research, we considered the financial information which is related to 88 firms i n two periods. After the information analysis using different statistical methods, it was distinguished that the hypothesis of direct relationship between financial leverage and financial measure, is confirmed only in some of the industries, but the other three hypotheses in two period are rejected.