نشریه چشم انداز مدیریت مالی
پیاپی 20 (زمستان 1396)

Portfolio selection is one of the vital financial challenges. This study seeks to apply the multi-objective water cycle algorithm (MOWCA) to find efficient frontiers associated with portfolio. This problem is non-linear multi-objective problem including maximiaing return and minimizing risk of portfolio. The inspired concept of WCA is based on the simulation of water cycle process in the nature. At the first time, it was applied by Moradi et al. (2017) for optimizating portfolio. Computational results are obtained for analyses of daily data for the period 2013 to 2015 including TSE 30. The performance of the MOWCA for solving portfolio optimization problems has been evaluated in comparison with other multi-objective optimizers including the MOGA and MOPSO. Four well-known performance metrics are used to compare the reported optimizers: GD, MS, S and ∆. Statistical optimization results indicate that the applied MOWCA is an efficient and practical optimizer compared with the other methods for handling portfolio optimization problems.

Determining the firm value is one of the important factors in investment. One of the effective factors on the shares value is financial decision-making. The main task of any CFO, is maximizing shareholder wealth and increasing the value of the company, and it is possible when the company is running well. The purpose of this paper is to examine the relationship between free cash flow and diversification with firm performance. Performance evaluation factors are return on equity ratio, return on assets ratio, the proportion of sales, Q Tobin's ratio and net working capital. The statistical population is 21 listed companies in Tehran Stock Exchange from pharmaceutical industry in the period 2006- 2013. In order to determine the relationship between variables, panel data econometrics approach and Eviews software has used. Results indicate that free cash flow does not have a significant relationship with any of the factors of performance evaluation. Also diversification has significant relationship only with Return on assets ratio, and this relationship is negative.

The Purpose of this study is to investigateThe Impact of Corporate Governance on Working Capital Management Efficiency of Firms Accepted in Tehran Stock Exchange. In this context, the impact of corporate governance mechanisms (board size, percentage of institutional shareholders, non-executive directors) on the efficiency of working capital management (including the accounts receivables, accounts payables, inventory, cash conversion cycle) is investigated. The research The sample consists of 98 companies in the period 1387 to 1391. The Excel software to perform calculations and to test the hypotheses, multiple regression method and software Evewis are used in this study. Findings: The result of statistical analysis showed that the percentage of institutional shareholders with a cash conversion cycle is inversely related with the accunts receivables, and is directly related with accounts payables and inventory. And there is no significant relationship between the board size and the variables of working capital management. There is not no significant relationship between the percentage of non-exec utive directors as well as the cash conversion cycle and accunts receivables and has a direct relationship with the accounts payables and inventory. this study is to investigate particular the association between several features of corporate governance and the efficiency of working capital management. The findings may be useful for financial managers, investors, financial management consultants, and other stockeholders.

Corporate transparency is one of the key subjects in stock market transparency. Securities and Exchange Organization (SEO) uses punishment and punishing rules to increase market transparency but this approach is somehow minimalistic and traditional while using utilizing rules as a modern approach creates great improvement in Tehran Exchange Market transparency. In this paper utilizing rules designed and extracted from legal documents and Agent based Simulation predicted number of transparent corporations in ten years of simulation with top ten rule with stochastic rules. Simulation model simulated for 10 times and Results Showed that with implementation of each top ten rule 13 to 27 percent of corporations expose their information voluntarily without any force in the market. 41 to 68 percent of corporations will be transparent if all the top ten rules implemented. The results showed that using utilizing and persuasive approach with punitive approach can create great improvement in market transparency.

In the recent decades, Corporate Social Responsibility has become the main attention of many firms and managers, because, in addition to direct stakeholders, it considers the indirect stakeholders, too. The main purpose of a firm is to improve their financial performance and creating market value, so that, today it's become the main priority for investors and shareholders. So it is expected that the implementation of Corporate Social Responsibility, affects financial performance and CSR affects Market value-added through financial performance. The main purpose of this study is to check the mediating effect of financial performance on the relationship between corporate social responsibility and Market value-added for the five periods from 1390 to 1394 and it contains 99 firms. We used Barzegar (1392) corporate social responsibility Checklist to measure Firm's CSR. This means that these scores have taken from content analyse of board annual reports of companies. In order to analyse and data classification, we used Excell and Eviews 8 Softwares. The finding shows that Earning per Share and Q-tobin have full mediating effect on the relationship between Corporate Social Responsibility and Market Value-Added. Corporate social responsibility has negative effect on market value-added through qtobin, but, its effect is positive through Earning per Share.

In recent years, studies have been conducted about the performance of some analytical methods to detect the abnormal return on the earnings announcement date. Two of the most important approaches that always are bold in the intellectual literature of capital market are technical and fundamental analysis. The purpose of this research is investigating the prediction power of the information content of the earnings announcement by technical analysis signals in Tehran Stock Exchange. Type of Technical strategy used is simple moving average with volume confirmation. The results indicate that during the period 1390-1394, Technical analysis strategy able to predict information content of earnings announcement, because this strategy could produce abnormal return and positive adjusted return before earnings announcements date.

Venture capital has a direct effect in qualitative and quantitative growth of knowledge-based products and national and international entrepreneurship. Iranian Innovation ecosystems will not be successful without the right financing. The main objective of this study was to identify factors affecting the underdevelopment of venture capital in Iran. In the first stage using a library method and the most important factors in the venture capital development were identified.Then, using the Delphi method and implemented a three-stage agreement. The results indicate that the reasons for the venture capital investment industry underdevelopment are the low number of patents based on market demand, the timing of the process of establishment and dissolution of companies, the lack of familiarity with the indicators of due diligence, Absence of arbitration mechanism, non-professional contracts, exit strategy restrictions, lack of scientific and executive policies of this industry in the government, lack of financial and legal incentives, administrative bureaucracy, grants and low-interest facilities are ongoing and also Developing : the country's economic system, the country's financial system, the innovative business environment, the cultural system and the weakness in the index of human resources include the migration of elites and knowledge holders, the shortage of quality workforce and professional advice, less familiarity with supervisory and executive organizations involved with the venture capital investment literature, knowledge holders and entrepreneurs less familiarity with finance literature.