نشریه چشم انداز مدیریت مالی
پیاپی 14 (تابستان 1395)

In each industry brand value is one of the most important intangible assets that can be well-managed in a way to get more market share and profitability. Since, brand value can have a significant impact on sale and also subsequently on profitability of the firm, this study aims to investigate the relationship between profitability and brand value of the firm. Brand value can be studied from two perspective contains of marketing and financial aspect. So that, in this research Q-Tobin, as one of the measure of calculating the brand value from financial aspect, is used. The sample includes firms from Pharmaceutical, Food, Metals, Petrochemical and Cement industry between the years 1384 to 1393. In order to test our hypothesis, panel data method (by Eviews software) is used. Our results show that brand value has meaningful and positive impact on Pharmaceutical and Food industry firms’ profitability but there was no evidence of meaningful impact on Metals, Petrochemical and Cement industry.

Following the business environment changes resulted of global competition and technological evolution, banks same as other modern entities face increasing demand for varied goods and services. Thus the necessity of meeting customers’ needs and survival in this dynamic, complex and deeply varied environment make banks force to turn to the modern technologies and introduction of non-traditional goods and products. Clearly, the ability of resistance in this path requires constructing of more precise tools for managers’ performance evaluation in compared with past. Consequently without determination of “profit zone” and awareness toward profitability of services, products and customers, making decision in appropriate to be success is impossible. So, for being success and getting to the more precise and economical way for services, products and customers’ portfolio management, ABC is introduced to the banks as a system which is able to valuation, providing correct and timely information about value added activities and defining of non-value added activities and as a tool for promoting performance and profitability. The importance of this system requires us to study the current status of costing in Iranian banking industry, scrutiny status of requirements of implementing of ABC in mentioned industry and answer to this question: is it possible to design and implement ABC in banking industry of Iran? Thus, in this research, following to making perception toward the status of costing and confirmation the possibility of ABC implementation in Iranian banks from point of view of banks’ experts, we present a model for implementing ABC in Iranian banks.

The aim of this paper is to investigate the relationship between transaction's volumes and return volatility with focusing on transaction's volume components including the average size of transactions and number of transactions. Transaction's price and volume intraday data for thirty largest companies listed on the Tehran Stock Exchange Index between 2011 and 2015 are used in this paper. This sample has been choosed based on market value that is equal to 67 percent of market value of Tehran Stock Exchange. Therefore, this sample can be a good proxy for stock market. In order to investigate the volume and volatility relationship, this paper uses the auto regressive moving average (ARMA) and conditional heteroskedasticity methods. Firstly, it confirms the negative relationship between volume and volatility. Secondly, including volume in the conditional variance of stock returns increases the persistence of volatility in most stocks. Thirdly, it shows that the negative relationship between volatility and volume is generated by the size of trades. These results are robust, even after elimination the impact of the intraday patterns.

The present study sought to test the efficacy of the Ohlson model (1995) combination with Piotroski index (2000) to predict stock returns in Stock Exchange and OTC companies in Iran. The dependent variable is stock returns in the next period, and the independent variables are changes in net profit, changes in equities, changes in Piotroski index in both current and prior periods as well as the first lag in dependent variable which is using data from the Panel during the years 2007 to 2013 and Eviews software and Generalized Method of Moments (GMM) statistical technique, to test research hypotheses. The results indicate that considering significance of all other independent variables and the results of the Wald test, combination of the Ohlson model and Piotroski index, is efficient in predicting stock returns. Piotroski index changes in the current and prior period is significantly correlated with stock returns, as well.

Financial ratios have been one of the strongest sources to evaluate the financial performance of Tehran Stock Exchange companies. One of the methods used to predict the performance is data mining algorithm. In this study, four decision tree model used to compare evaluate the performance, implementation and evaluation criteria with models. A sample of 21 of the 534 companies listed on Tehran Stock Exchange between 1390 to 1393 as the independent variables and ratios return on assets and return on equity has been selected as dependent variables. Among models, C5.0 decision tree model in all methods has higher accuracy in predicting the performance was evaluated.

Nowadays, information is the most part of the investment process. Information causes different decisions made by different people. Investor’s lack of knowledge about the effective factors on investor’s reaction could lead to overact or underact which ultimately would result to investor’s loss. This study examines the relationship between unexpectedProfit and the firm size on Profitresponse coefficient in the companies listed on the Tehran Stock Exchange about which the measurement of Profitresponse coefficient raised from cummulative abnormal returns, the amount of companie’s sales, unexpected profit raised from real and estimated profit and calculating the expected return, Fama and French Models were taken into consideration. For this purpose, about 135 typical companies in various industries listed in Tehran Stock Exchange for the period of 9 years (between 1385-1393) were analyzed (total 1215 firm-year) to study the relationship among variables to test the hypothesis of the study. The results showed that unexpected profit had significant positive correlation on the profit response coefficient on the companies under study and it had negative and meaningful correlation on the Profitresponse of the examined companies.

Institutions, organizations and agencies with every mission, goals and vision act finally on a national or international territory, and they are needed to be responsible for customers and stakeholders therefore companies that are seeking for profitability and customer satisfaction and companies that are seeking for Complete and accurate implementation of the legal obligations and contribute to the excellence of its research and development goals for the country can be responsible. Therefore investigating of Performance results is a process considered to be strategically important. The purpose of this paper is to evaluate the performance of financial intermediation companies (leasing) that are listed in the Stock Exchange. AHP and MORA method is used for ranking. For this purpose, criteria weights are calculated using AHP method. These leasing companies were evaluated and ranked using financial ratios and MORA of the firms.