فصلنامه بورس اوراق بهادار
پیاپی 20 (زمستان 1391)

The aim of this study is to determine the impact of news (good or bad)، of earnings per share released by directors on the cost of capital (with emphasis on the cost of equity capital) in listed companies of the Tehran Stock Exchange. In this study، using data from 90 companies of Tehran Stock Exchange for the five year period from 1384 to 1388 (2005-2009) to evaluate the effects of predicting earnings per share released by directors of the cost of capital for the companies listed in the Tehran Stock Exchange. The data segregated in two part (good news and bad news)، and we used Abnormal Earnings Growth Models (PEG) for measurement cost of equity. This paper analyzed the effect of actual and prediction news released by directors of the companies on the cost of capital in the Tehran Stock Exchange. The results show that bad news in forecasts of earnings per share، increase capital costs; forecasts earnings per share compared actual earnings per share with good news aren’t affected on capital cost. So، investors change their return based on bad news and they were indifferent compared to good news.

Corporate governance is a set of rules، law and structure، which helps directors achieve a firm objective. There is relation between corporate governance mechanism and performance of the company. However، prior researches is show different results. Therefore، this article tries to retest this relation in an emerging market like IRAN. In this research، we gathered financial data of 140 companies during 1387-1383 (2004-2009) and tested by use of Panel data analyses. The finding shows a direct relation between insider ownership and independence manager ratio and performance of the company. There is negative relation between institutional shareholders with performance of the company and finally there is not any relation between duality and performance. This finding is very useful for decision - makers of Iranian stock exchange fulfill corporate governance rules in Iranian companies.

The aim of this research is the study of the debt structure effect on conditional conservatism of listed companies in Tehran Stock Exchange. For the measurement of debt structure we used debt to assets ratio and long–term debt to total debt ratio and conditional conservatism is measured using Basu’s (1997) asymmetric timeliness and persistence earnings measures and Ball & Shivakumar’s (2005) asymmetric cash flow-accruals measure. To test hypothesis of this research، 81 listed companies of Tehran stock Exchange were Tested with pooled multivariate regression models from 2002 to 2008. The results of research show that based on the first hypothesis، debt to assets ratio on conditional conservatism has positive impact in model of earning-return، neutral impact in model of earning changes and negative impact in model of accrual-cash flow operating. Also، findings of research about second hypothesis indicate that the ratio of long-term debt to total debts (in three models) did not have impact on conditional conservatism which is indicative of neutral impact of feature of debt maturity on conditional conservatism.

The purpose of the study is investigating the impact of Block holders and earning variation on earning smoothing in Tehran''s Stock Exchange. In the present study، the pool data from 108 companies analyzed by consolidated regression system for years between 2004-2008. The first hypothesis analyses earning variation compare to last year and earning smoothing. The result of the first hypothesis show that if the company''s earning decrease (increase)، the company smooth down (or up) the earning by the use of accrual items. The second one analyses the role of block holders in earning smoothing. The result of testing the second hypothesis imply that the present of block holders has no significant effect on earning smoothing process.

Article 99 of the Law for the Fifth Development Plan، along with the Securities Market Act of the Islamic Republic of Iran، ratified in Nov. 2005 and the Law for Development of New Financial Instruments and Institutions ratified in Nov. 2009 were predicted to complete the regulatory instruments of the securities market by which substantial revisions were accomplished within the process of the SEO''s supervision on issuance and trading of securities، the method of supervision on financial institutions، registration of the records of regulated entities'' directors، and trading of goods in the commodities exchange. This is to elaborate the relation between recent regulations and those rules and regulations of the past and illuminate the current regulations and indicate that article 99 is to cover the weaknesses of the past regulations and expand the regulatory competence sphere of the SEO.

This paper، we tried to consider the definitions of “Self-regulation” and “Self-regulatory Organizations” (hereafter called SROs) put forward in the viewpoint of the encyclopedias and dictionaries، applicable laws and the lawyers and economists as well، in order for scrutinizing them with a legal-economic approach. On the other hand، we made an effort not only to clarify the bases of the non-governmental supervising authorities- that of course include government’s representatives- in Iran and the US capital markets، but also to analyze the relation between SROs as the private sector and these authorities in the capital market As a result، it was found out that the actual and right place of the SROs are in the capital market of a given country، or to be more precise in the economic activities; however، these SROs or the method of controlling and regulation by “Self-regulation”، are used in psychological and criminological studies، medical science and the press as well. In adition، the result of comparing the Iranian and the US SROs was that both in Iran and the US’s capital market، SROs are not in fact self-regulatory in all their functions and at least for the two aspects namely، forming and establishing and approving instructions and bylaws، are strictly supervised by the non-governmental authorities. We also attributed the philosophy behind this fact to the need of supervising non-governmental authorities with the presence of government representatives in economy، in view of the bases that we enumerated here.

Based on extensive research of accounting and finance literature، financial reports are among most important sources of information in capital markets. Consequences of poor accounting quality are reduction in the quality of the firm’s information environment and exacerbate market frictions such as asymmetric information، incomplete information، illiquidity، short sales constraints and noise trading. In this study، we investigate that (i) poor accounting quality is one source of market frictions that contribute to stock price delay، and (ii) the portion of price delay due to poor accounting quality is associated with a stock return premium. We proxy for accounting quality variables such as accrual quality، loss frequency and earnings surprise. We use the price delay measure of Moskowitz. Our sample consists of 165 listed companies in Tehran Stock Exchange for the period of 1381 to 1387 (2002-2008). In order to study the relationships، multiple linear regression and panel method analysis have been used. We found that firms with small earning surprise and large accrual quality measure have significantly higher price delay. But losses frequency have not significant relation with stock price delay measure. Our finding says that high delay firms have not significant return premium relative to low delay firms.