مجله پژوهش های کاربردی در گزارشگری مالی
پیاپی 1 (پاییز و زمستان 1391)

Assessing value relevance of accounting information is one of the matters that has attracted much attention in the accounting literature. An interesting question in this regard is whether measures of value relevance are materially affected by market efficiency. Using the procedure introduced by Aboody et al. (2002), we examine the impact of market efficiency on the estimation of coefficients in value relevance regressions. We apply the introduced procedure to two types of studies that have attracted much attention in the accounting literature: 1) the value relevance of earnings and book values, and 2) the value relevance of accruals and cash flows. In doing this, we used a sample of 121 firms listed in Tehran Stock Exchange during the period of 2004-2010.
We compare coefficient estimates obtained from conventional value relevance regressions with those from regressions based on the procedure introduced by Aboody et al (2002), and find statistically significant differences in both price and return regression coefficient estimates. The result indicates that the market efficiency has affected value relevance of accounting information.

In accounting studies, researchers use some models for determining earnings management at companies. The main concentration of these models is on discretionary accruals. In this paper, five common models, including DeAngel (1985), Jones (1991), Modified Jones (1995), Subramaneam (1996), and Gomez et al (2000) are compared. Data that are used relate to the 110 companies listed in Tehran Stock Exchange from 2004 to 2009. Researches assumptions are tested based on regression analysis, t student, pair t test. The result indicates that, for determining earnings management, at Iranian corporations, the modified Jones model is the most powerful.

This paper examines life-cycle theory and free cash flow hypothesis and their impact on the dividend policy in Tehran stock exchange. In particular, in this paper we test the free cash flow hypothesis by examining the relation between free cash flow and dividend payout in over the period 2004-2011. This paper also tests the life-cycle theory of dividends proposed by Anthony and Ramesh (1992).The results show that larger and more profitable firms (Maturity stage) with higher free cash flow and retained earnings to equity tend to pay lower dividends. In addition, the evidence indicates that firms with higher growth opportunities (Growth stage), tend to pay lower dividend. In addition, the evidence indicates that firms in the decline tend to pay lower dividends. Collectively, the findings from this paper provide, except for the second hypothesis, support for the life-cycle theory and free cash flow hypothesis. Further, it is found that, firm size, growth of sales, and return on assets are positively related to dividend payout.

Conservatism and disclosure quality reduce information asymmetry, uncertainty and cost of equity capital. Thus, we expect an inverse relation between conservatism and cost of equity capital. Further, we expect that the strength of this relation is diminished for firms in the highest information environment.
To do this, we use a sample of 84 listed companies at Tehran Stock Exchange (TSE) over an eight years period (2003-2010). In this study, we use the Givoly and Hayn (2000) measure and the market-to-book ratio (Beaver and Ryan, 2000) as proxies for conservatism, and disclosure ratings data published in the Securities and Exchange Organization reports as a proxy for firm disclosure quality. Further, we use the Easton (2004) PEG measure, Capital Asset Pricing Model and the one year ahead forecast of accounting earnings per share-to-price per share ratio as cost of equity capital estimates.
The results indicate that there is an inverse relation between firm level conservatism and the cost of equity capital, but that this relation is diminished in environments of high disclosure quality. Furthermore, the results show that the market-to-book ratio (Beaver and Ryan, 2000) and the Easton (2004) measure have a much higher ability to estimate the research models.

The goal of this research is to study the comparative evaluation effects of board of directors on bankruptcy models of Altman and Ohlson in listed companies of Tehran Stock Exchange. To achieve this goal, three characteristics of board of directors including size, non-executive director percentage and whether a CEO serves as chairman, were chosen and their relation against Altman and Ohlson’s score were explored.
In order to attain the research goals, six hypotheses have been examined. The research sample includes 90 listed companies of Tehran Stock Exchange during the period of 2001 to 2010. Results of research hypotheses suggest that there is no significant relation between board of directors’ characteristics and Altman and Ohlson’s score.

The effort for explaining the relationship between risk and return has a long history in finance. One of the most common models in this field is capital asset pricing model. Most of finance models, including CAPM, are based on the existence assumption of the Mean Variance Behavior, while most of studies have shown that investors are risk neutral for returns which are more than expected returns and risk averse for upper risks and in their utility function loss is more important than benefit. According to this, the purpose of this research is to compare the CAPM explanatory ability with DCAPM. In DCAPM model beta is modified by downside risk and the expected return is estimated by using that.
This research examines the subject by monthly data gathered from 95 companies from 2001 to 2010 in Tehran Stock Exchange, and by using some upside and downside risk measures such as beta and standard deviation. The results show that although the expected return calculated with downside beta can better describe the real return than the expected return calculated with beta, there is no strong evidence for superiority of the downside measures against upside measures. Also, there is no evidence to prove the superiority of portfolio with high downside beta against portfolio with lower downside beta.

There are various models used for measuring earnings quality. This study investigates the relationship between measurement methods of earnings quality. The research sample are taken from 63 listed companies in Tehran Stock Exchange, including 22 pharmaceutical companies, 20 chemical companies and 21 car companies during the period from 2003 to 2010. Results show that there is a relationship between the benchmark measure of earnings quality of Leuz and benchmark measure of earnings quality Barton at the three industry level as well as in the chemical industry but there is no relationship in the automotive industry and the pharmaceutical. The type of industry has not impact on the relationship between benchmark measures of earnings quality.