نشریه چشم انداز مدیریت مالی
پیاپی 1 (بهار 1390)

The purpose of this study is diffusion of the fuzzy logic, as a significant tool for dealing with the ambiguity and imprecision of the human being systems and decision making process, and presenting its application in accounting. Thus this study is an ex-post research design and utilizes the “archival approach” and “content analysis” for discovering accounting applications. The period of the study is confined to 1980-2010, and fuzzy accounting researches appeared in this period is collected by important national and international web sites. The results of this study indicate that the major applications of the fuzzy logic have been in the area of management accounting (74.5%), auditing (17.6%), and financial accounting (7.9%). The major applications in management accounting have been in the domain of management decision making, performance evaluation, and costing. The least application areas of the fuzzy logic have been in the realm of the financial accounting. Overall, despite of the vagueness and imprecision nature of the accounting information, it appears that accounting profession and researchers have not utilized the fuzzy logic sufficiently. Lack of exerting fuzzy logic could lead to a decrease in precision and value of the accounting information. This would affect auditing particularly, since it is based upon human judgments, sampling, and collecting inexact information. The studies conducted in the fuzzy auditing, have not been complete and do not reflect all domains of the auditing.

Various groups have regard to performance measures of companies and managers. The essential effort of institutions management in today’s competitive world is creating value for the company and maximizing wealth of shareholders. Whereas Stock Return has a direct effect on theshareholders’ wealth, it is considered as one of the most important aspects of financial performance of companies. The purpose of this research is the examination of relative information content of economic value added, and traditional performance measures, including Net Income, Net Operational Profit after Tax, Residual Income, Operation Cash Flow and also the examination of Incremental Informational Content of Economic Value Added components in explanation of Stock Return changes. The examined statistical sample consists of a number of companies accepted in Tehran Stock Exchange (TSE) during 2006-2008. The way of examination of research hypotheses is the analysis of Pearson Coefficient of Correlation and the Panel. The examination of research hypotheses shows that there is no meaningful relation among Economic Value Added, Operation Cash Flow and Stock Return.But there is a meaningful relation among Net Income, Net Operational Profit after Tax, Residual Income and Stock Return. Also, most components of Economic Value Added have Incremental Informational Content. The results of this research showed that Economic Value Added has Incremental Informational Content rather than Net Income.

Today knowledge as the most important capital is replaced for physical capital especially in comparative and technological environments. Therefore the conception of intellectual capital has important and wide usage. Intellectual capital is appeared in customers, processes, information, brand, human resources, and organization systems and plays an extreme role in creation of constant comparative advantage. This research studies about the relationship between intellectual capital and financial performance. For this purpose at first, five key indices of companies performances and index of intellectual capital by using of Public model in statistical society of accepted companies on the Iran Stock Exchange for five years (2005 to 2009) are measured and then experimented the influence of intellectual capital and its components on five financial performance indices by using of linear regression model. The findings indicate that intellectual capital and ROE, EP MV/BV, ROA and EPS are positively related.

Nowadays risk management is as vital as receiving the maximum return. Therefore researches on risk management area and its models are very useful for the investors. This research is relied on finding the portfolio's optimal weights with the aim of minimum risk by using a local (fmincon function) and global optimization (simulated annealing) algorithms based on three risk management models; Markowitz, Value at Risk (VaR) and Conditional Value at Risk (CVaR) in various levels of return, and consequently drawing and comparing of the three mentioned model's efficient frontiers. With this target we used TEDPIX index data from the Tehran Exchange Stock from 1997 to 2008 (11 years) and based on parametric approach (normal distribution of loss and profit); we have built three nonlinear programming models. These models have been optimized by two independent optimization algorithms and finally it was concluded that with parametric assumption all three models have the same results and there is no difference in using them. Also it was concluded that beside the local optimization algorithms, the investors use the global optimization models. Although the local optimization algorithms are recommended for optimizing in a short time.

One of the motivations for management to utilize earnings management is the time frame during and surrounding management changes in an organization. The reported profit and earnings management are important financial information and activities which are identified by researcher as important factors in the study of organizations and their comparisons. This study investigates earnings management during management changes by highlighting companies that were listed in the Tehran Stock Exchange (TSE) between 1383 and 1387. By utilizing a modified Jones model, a set of discretionary accruals were estimated and were used as inputs for compare means (t-test), ANOVA (F-test), and regression coefficient methods. Changes of the CEO or changes in the majority of the board of directors used as factors identifying change in management. These tests showed that although positive earnings management occurred in the year preceding the management change, this would shortly be followed by a negative earnings management in the year which the change took place with a final upward trend in the year after the change occurred. This study also showed that earnings management is not affected by firm size and dependant upon the industry which firm operates in.

Despite the fact that one of the main hypotheses of the efficient market is that the investors react rationally to the market announcements, researches show the investors’ reaction might be irrational. Many observations show over-reactions while many other show under-reaction behavior of investors. However, in this paper we research investors’ over-reaction and under-reaction toward positive and negative announcements in Tehran Stock Exchange. In the next step we check firm’s size effect on investors’ reactions. Our research sample is consisted of Tehran Stock Exchange firms from the year 1382 to 1388. In this research we used Cumulative Average of Abnormal Returns for measuring investors’ reactions. Results show that investors under-react to firms’ positive EPS announcements and overly there is observation which indicate investors’ under-reaction to the negative EPS announcements.

Today globalization has affected all aspects of human's life. Capital market is not an exception in this field. Surviving, accession to growth and development, and competing in international level entails changing current situations and adaptability with globalization. Therefore our stock exchange should be prepared for entering to world's markets. This research wants to identify the opportunities and threats of globalization. This research methodology is based on applicable and descriptive objectives. Main tool for gathering the data is questionnaire which distributed between financial experts of capital market of Tehran. Results indicate that globalization leads to development of stock exchange, cheaper and easier financing, increasing liquidation, increasing efficiency, improving sub-constructions, and develop technical knowledge that are known as opportunities. In addition, globalization can result in more investment risk in stock exchange which is known as a threat.