نشریه چشم انداز مدیریت مالی
پیاپی 12 (زمستان 1394)

Financial statements play a significant role in capital markets. They show flexibility and performance and represent the company's financial situation and the business unit Management is responsible for providing this information, so Managers may be motivated by the pursuit of short-term profits by managing discretionary accruals to exaggerate or hide the true performance of their company. This research Studies the relationship between managers social capital with earnings management of accepted companies in TSE In. this research for the measurement of social capital is used questionnaire and for measurement of earnings management is used Jones adjusted model (presented by Dechow, Sloan & Sweeney, 1995). In this paper, the number of 112 accepted companies in TSE investigated in period 2007-2011. In this research for testify hypothesis is used Chi-Squared regression model in software SPSS. Based on the research results there is a Positive and significant relationship between managers social capital with earnings management of accepted companies in TSE.

In this research we propose and implement a fusion model by combining the Hidden Markov Model (HMM), Genetic Algorithms (GA) and Markov chain concept to forecast financial market behavior. The developed tool can be used for in depth analysis of the stock market. We draw on GA to optimize the initial parameters of HMM. The trained HMM is used to identify and locate similar patterns in the historical data. The price differences between the matched days and the respective next day are calculated. Finally, by using Markov chain concept the price differences of similar patterns is obtained to prepare a forecast for the required next day. Forecasts are obtained for a number of shares of Tehran stock exchange and are compared with a conventional forecast method.

Information asymmetry is one of the main challenges that managers are dealing with today. Despite the rules relating to the disclosure of financial information by business unit, all this information will not be distributed in a balanced way in the financial markets having many adverse consequences. On the other hand, the philosophy of the secondary market development is the efficient transfer of funds between providers and users. To achieve this goal, the companies’ stock should have trade potential and the necessary quality. According to many experts in the financial field, the most important factor that affecting the quality of the stock market, is the information asymmetry. The aim of this study is to investigate the effect of information asymmetry on the companies’ quality stock market listed on Tehran Stock Exchange. To answer the aforementioned question, statistical population including 154 firms listed in Tehran Stock Exchange, in the period of 1384 to 1392 was selected. Also, aspects of this impact were investigated using structural equation modeling techniques PLS. The results showed that information asymmetry and its aspects on the companies’ stock market quality listed in Tehran Stock Exchange had a negative impact.

Fraud is as one of the most important issues that arises in accounting and auditing financial statements. The aim of this study is the prediction of fraud in the financial statements using financial ratios in companies listed on the Tehran Stock Exchange between the years 2006 to 2014. For this purpose, 181 companies were selected in accordance with limitations. To estimate the fraud, Provisions contained in the independent auditor's opinion and the opinions of experts Company classified these provisions, ranked and the percentages for each year is allocated using fuzzy AHP model. In addition, according to the literature, the financial ratios derived, and finally using statistical tests, 7 ratios are selected such as: working capital to asset, accounts receivable to sales, cash to current debt, Inventory to current assets, debt to equity, gross profit to asset, the absolute value changes in current ratio. Finally, the results show 64.04% predictability of the estimated model using the logit model.

The funds of capital-intensive projects are not just provided within the organization. The major parts of the funds are provided outside the organization as debts. Since achieving the financing is a multi-layer process of different interactions among the components involved in this process, and these interactions are interpreted through the project governance, therefore, this article is studying two ways of project finance techniques in terms of project governance in the oil and gas projects in Iran and Qatar. The methodology of this article is the qualitative strategy in the two projects of South Pars Field. The methods of collecting research data are based on semi-structured interviews. The sampling and choosing the aware for the projects have been done with the available sampling and snowballs sampling. The findings showed that the project finance with the legal independence of the project from shareholders, the long term detailed and binding contracts between the financers and buyers of the products of the project, led to vertical integration and reduction of the holdup problem, and increasing the long term, non-recourse financing motivation. But in corporate finance, with the lack of financing independence, and defining the structure of decision-making out of it, and the asymmetry of information between the employer and the financer during the implementation and operation, the probability of refusal problem has increased and the financers have caused forming the vertical integration out of the project, made the obligations of the borrower costly.

Diversification is one of the risk management tools and its important advantage is when the diversification increased, nonsystematic risk is reduced without reducing return, but well-diversified portfolios associated with the costs of trading, maintenance, and regulatory. Besides traditional risk measures, such as standard deviation and beta, failing to distinguish between risk and downside risk from the perspective is not appropriate metrics to measure risks and reflect the risks of what the human mind understands. But downside risk measures give downside volatilities investor's aim. This study aims to determine the relationship between diversification and downside risk in order to reduce nonsystematic risk on the Tehran Stock Exchange Market. The data used the time series of daily returns of 104 firms in the 3.5 years period. Using this data, portfolios with 1 to 20 stocks is formed based a simple strategy, downside risk measures such as semi-variance below the target, the target semi-SD, value at risk, expected shortfall and Lower Partial Moments were calculated for each portfolio, the relationship of each of these criteria and the number of stocks in the portfolio were tested. The result of this study indicates that the negative correlation between diversification and downside risk.

Optimum assignment of deposits and facilities is as one of the most strategies of banks. The optimum assignment of deposits is led to target of deposits of banks and the optimum assignment of facilities will be led to more return than deposits gather cost and fast responding to bank customers. Target of this research is presentation of linear programming models for determining the optimum portfolio of banks deposits and facilities with approach of decreasing monetary actual cost. The applied tool in this research is linear programming models and data used are quantitative. Three scenarios have been considered in this research. In one scenario, is proposed a linear programming model in order to optimize deposits portfolio of bank. In second and third scenarios, is proposed two linear programming models respectively, for optimizing the deposits portfolio and the deposits and facilities portfolio of bank with approach of decreasing monetary actual cost. The one scenario and the second and third scenarios respectively, are surveyed under static and dynamic situation.