فصلنامه بورس اوراق بهادار
پیاپی 12 (زمستان 1389)

Transparency is one of the most important titles in accounting and Financial reporting contexts. This paper investigates Accounting Transparency in TSE corporations. Accounting Transparency proxies in this paper are Parataxis of four TA dimensions: Accrual Quality (AQ), Income Conservatism(IC), Income Non-Smoothing (IS) and Income Predictability (IP). In this paper, transparency investigated in two Particular fields: relation between accounting transparency dimensions & relation between accounting transparency and economical condition. In the first field, this paper shows that there are significant relations between AQ and IC (-), AQ and IS (-), AQ and IP (+), IS and IP (-). But statistically, relation between IC and IS & IC and IP, was not confirmed. Furthermore, in the second field, this paper found that accounting transparency in financial constraint firms and losing firms is smaller than others. In this field, however, the relations between accounting transparency and firm value & accounting transparency and operational cash flow volatiling were not confirmed.

In this research, we studied the effect of managers’ professional experience on their risktaking and also overconfidence and herding as important behavioral biases which have influence on managers’ risktaking and investment decisions.Our final goal of this research is to find out whether managers’ professional experience influences the return of their investments or not. The result of analyzing data with Univariate and Multivariate Ordered Probit and Tobit Regression Models in Eviews, identified that there is a negative significant relation between managers’ experience and their risktaking and there is a positive significant one between managers’ experience and herding behavior. Also, the relation between experience and overconfidence is different depending on the kind of overconfidence. But overally we can say that there is a significant negative relation between experience and overconfidence. These results mean that inexperienced managers in comparison with experienced ones have more overconfidence and less herding behavior and are more risky that yield higher returns. So, we can conclude that there is a negative relation between return and professional experience of managers in investment companies in Tehran Stock Exchange. However, it should be mentioned that one of the main findings of this research is presenting a conceptual model that identifies relation between all variables and the impact of each one on managers’ returns.

Transparent financial information has got a more important role during recent year. Low transparency and low quality in financial information face investment with opacity. In this situation premium risk increases and from the view point of users, if financial reporting has a low quality, information risk Is high. most of the stockholders need transparent information about firm’s performance. Complete disclosure with transparency in financial reporting lead to certainty and increase trust in investment. If financial reporting is transparent equity cost of capital will decreas. Therefore, we investigate the effect of earnings transparency on equity cost of capital for 90 firms in Tehran Stock Exchange from 2004 -2009. The result shows that there is a significant and negative relation between earnings transparency and equity cost of capital.

According to the policies of the principle 44 of the constitutional law, some goals such as promoting economic enterprises’ efficiency as well as the productivity of material, human & technological resources and changing government’s role from direct ownership and management to policy-making and directing are being taken into account by Iranian statesmen. The purpose of this research is to study the impact of the enforcement of the general policies of principle 44 of the constitutional low of the Islamic Republic of Iran on financial development with emphasis on capital markets of executing the policies of 44th article on financial development in Iranian capital market. Therefore, we have designed a quantitative index consisted of financial development sub-indices of capital market. Financial development in a comprehensive definition is defined as “factors, policies, and institutions that lead to effective financial intermediation and markets, as well as deep and broad access to capital and financial services”. Designing financial development index for Iranian capital market is performed for the first time in this research using similar researches as well as experts’ viewpoints. According to the designed index for financial development, the impact of the enforcement of principle 44 are measured for two periods: before the enforcement of these policies (years 2001 to 2005) and after the enforcement (years 2006 to 2009). The findings of this research show that the policies have had a significant positive effect on the level of financial development in Iranian capital market.

In most value – relevance studies, regressions of stock prices or returns on accounting earnings are used to inferen the informativeness of earnings. There is substantial evidence to suggest that the market may not be completely efficient in the processing of public information. This study examines the effect of market inefficiency on the value relevance of earnings in Tehran Stock Exchange (TSE). We used a sample of active investment companies during 1379-1385. Hou and Moskowitz (2005) method has been used to compute measurement of market efficiency then by use of Collins and Haribar (2000) approach, primary and developed models for testing of research hypothesis were estimated. Our findings indicate that market inefficiency have negative effects on the value relevance of future earnings, and future operating; and no effects on future accruals and current profits.

In this research, in addition to examination of the relation between fundamental variables derived from financial statements and stock returns, we want to detect the impact of macroeconomic variables on this relation. The results show that there is a significant relation between stock returns and composite score which are derived from combination of eight fundamental variables. In next step, we examine the impact of some relevant and important macroeconomic variables on the above relation. The results show that six macroeconomic variables, including stock price index, GDP, gross domestic expenditures, oil revenue, inflation rate and GNP have statistically significant impact on the relation and the others have no significant impact.

Bankers should analyze solvency for liquidity management, with regard to their financial situation, in specific periods of time. So, a special process should be designed for assessing and supervising cash balances. Emery’s Lambda is an easy to use model based on winner process and is suitable for cash sufficiency analysis. The purpose of this paper is to apply Emery’s Lambda for approximation of liquidity risk and to find the best situation for correct cash forecasting by this model. The study has been done by data gathered from a branch of Bank Melli Iran. Cash balance at the beginning of the day, mean and standard deviation of cash flows in a specific horizon of time are used for Lambda calculation and determination of cumulative probability distribution. The results show that with the past 3 and 4 days, 4 and 5 next day liquidity risk can be calculated with confidence coefficient of 100a% and Lambda should be 2.4 to 2.6. So, if Lambda would be lesser than 2.4 with the past 3 or 4 d ys data, cash inadequacy can be occurred during 4 or 5 days later.

Prospect theory and reference point are the main issues of behavioral finance which describe the situation of the investors in time of decision making. According to prospect theory, loss has more severe psychological effect in compare with the same amount of gain. Empirical evidences suggest that the investors consider some points as reference points in their trading decisions. This means that they postpone their selling orders if the price is lower than the reference point, therefore the trading volume reduces, and they sell the stocks if the price is above the reference point which causes the trading volume increase. Considered reference points in researches are the high and low prices in a year ago and cost of buy positions. In this paper, for finding reference points, the relationship between these points and the trading volume has been examined. This research has been done by panel technique containing week observation of 21729 firms. The results show that trading volume increases as the price goes higher than the maximum price in the last year. But there will be no significant change in trading volume as the price goes lower than the cost of buying and minimum price of a year ago. Therefore, this paper suggests that the maximum price of a year ago is an investors’ reference point in TSE.