نشریه چشم انداز مدیریت مالی
پیاپی 23 (پاییز 1397)

This paper is aimed to explain excess return of stock price and style momentum (size, industry and book to market ratio) through time series regression based on Fama and French (1993) three factor model and Wang and Wu (2010) that incorporate beta changes of momentum portfolio. For this purpose, a sample of 104 listed firms in Tehran Stock Exchange examined from 2010 to 2014. Portfolio analysis approach is used to investigate the effect of adjusting risk on momentum excess return. The results show that in most of price, size and industry momentum strategies, adjusting return for risk by conventional way based on Fama-French (1993) model increase excess return while adjusted return based on Wang-Wu (2010) reduce excess return of these strategies. It can confirm risk based explanation because failure of risk based explanation partly related to how risk is adjusted. While in book to market ratio it cannot attribute failure of risk explanation to the way risk is adjusted.

The present study examines the impact of corporate growth and ownership structure on the relationship between the quality of information disclosure and the external financing of companies accepted in Tehran Stock Exchange. The statistical population of the research is the companies accepted in the Tehran Stock Exchange and the research period between 2010 and 2016. Screening method was used for statistical sampling. The research method used is a descriptive post-operative method. For analyzing data, the data panel method and the hypothesis test have been used by multiple regression method. The results of the research hypothesis test indicate that the quality of information disclosure has a positive and significant effect on financing through the sale of shares and financing by obtaining a loan.Also, according to the results, the company's growth variable has a positive and significant effect on the relationship between the quality of information disclosure and external financing. According to the research findings, the institutional ownership variable has a positive and significant effect on the relationship between the quality of information disclosure and external financing , and the variable ownership concentration has a positive and meaningful effect on the relationship between the quality of information disclosure and external financing meaningful.

The aim of this study is to investigate the effect of the market’s shock in parallel with the stock market on the return of this market. In the present research, the liquidity variable has been divided into two parts of money and pseudo money and the variable of state’s expenditure had been divided into the civil/developmental and current expenditures in order to explain the reality better. In this research, the seasonal data of 1-1992 and 4-2016 have been used by modified vector autoregressive dynamic models for time parameter change in MATLAB software. The results of the research show that shock of variables like exchange rate, oil price, state’s expenditures and pseudo money have positive and significant effect on return of the stocks, but gold price and investment of private section in housing have negative effect on return of current expenditures and amount of money has negative influence over stocks. It is noteworthy that the current expenditures of the government/state from time aspect has the maximum time to discharge all its effects on stocks return. In other words, increasing the state’s content and development ofgovernmental section in economy has led to deterioration of business in private section and as following, reduction of profitability level and returns of bourse companies. Moreover, the research results indicate that pseudo money has positive effect and money itself has negative effect on stocks return. Since the part of pseudo money is in long-term accounts and supports the production unit, it is able to make profitability for companies but the amount/mass of money which is commonly for needs of dealings and generally is consumed for promissory notes and trade in markets parallel with stock market have had negative effect on return of this market.

In recent years, studying the quality of accounting and financial texts and it’s relation to others financial and non-financial proxies has became one of the new important matters in academic and profession literature. The purpose of this research is to investigate the relation between readability of financial statement (readability) and the sensitivity of investors to use of accounting information in Tehran Stock Exchange. The results show a significant relation between readability and the sensitivity of investors to use of accounting information. Furthermore, this sensitivity is higher for companies which have more non-professional and non-major investors.

The purpose of the present study was to investigate the possibility of arbitrage opportunities, to identify the impact of these opportunities on the return on investment units, as well as to examine the durability and shelf-life of these opportunities, hence the exchange traded funds, whose information is in Available as a sample and their data were collected on a daily basis from October 2013 to March 2016. The results of this study indicate the effect of arbitrage opportunities on expected returns. The presence of negative arbitrage on the expected returns, positive effect and positive arbitrage has negatively affects. However, according to the evidence, the exchange traded funds in this study are more likely to be affected by the positive effects of arbitrage, and therefore the possibility of arbitrage in these funds generally leads to a reduction in the expected returns of investment units It will be in the future, indicating a correction in market pricing and the elimination of these opportunities. Therefore, based on the evidence, these opportunities are not lasting and disappearing. Also, in order to complete the research process, the sensitivity of the models to the size of funds and year was also measured.

Consideration of capital financing companies as one of the most important financial institutions for economic development of the country is very important. Considering the size of the activities of these companies, there is a need for a coherence and inter-organizational alliance and the design of a strategy map to achieve the overall strategy of the organization. In order to achieve the strategy map, first, by referring to the research literature and expert opinion of the professors, a total of 42 strategic objectives were identified in four perspectives. Subsequently, with the conduct of field studies, 27 the Daimalt technique, the causal relationships between the goals and the structure of the goals were analyzed for effectiveness and effectiveness.The results of the technique showed that each of the strategic goals of the company is effective and effective for all other purposes; however, the severity of the impact and the effectiveness is different. According to a ten-point analysis, the strategic goals were to increase the company's profitability, improve the final return on investment, increase earnings per share of the company, improve asset turnover, improve financial well-being, improve Capital structure, automation of company processes, growth of the market share of the company (number of customers), innovation in services and growth of profit from each of the company's services.

The interest-free institutions are public institutions in the context of Islamic culture, which holds up to 150 thousand billion of the country's liquidity, have an undeniable role in the government, While there is no clear information on their exchanges. To this end, the main objective of this study is to explain the role of IT in general and the integrated banking system in particular on the transparency of the transactions of interest-free institutions and the question of whether using the integrated monetary-banking system can ensure the transparency of monetary and financial information of institutions Improve this. According to the literature review, according to the experts' opinions, the criteria of the questionnaire were determined. Then, considering the dimensions in the conceptual model of the research, questions related to each subject were considered as the item for analysis in the modeling of structural equations. In the next step, 278 employees and managers of interest-free institutions were selected by simple random sampling method and distributed to them a questionnaire. The results of the analysis indicated that the impact of the dimensions of strategic factors, technical factors, organizational factors and cultural factors on the transparency of the transactions of the borrowing funds was significant.