فصلنامه بورس اوراق بهادار
پیاپی 26 (تابستان 1393)

Systemic risk expresses the breaking down possibility of a financial system in the time of distress. In many cases, investors are concerned to loss the value of a stock or a commodity, whereas in systemic risk the focus is on the whole market. This falling down commonly occurs when the value of a leading company starts to drop in an existing system. The fear of bankruptcy will be spread out in a wavelike motion and will had a negative effect on other companies, thus they will decline quickly. These chain reactions cause market to encounter stress and fall into crisis. Generally, systemic risk measures are categorized into two classes; the first class is related to the risk of the financial system when a key company suffers economic distress, and the second class is associated with a company risk while a financial system is in distress. In this respect, a number of measures have been defined by researchers and market participants to assess financial system risk.Using twenty companies in Tehran Stock Exchange (TSE), this paper evaluates systemic risk of the sample market with CoVaR and MES approaches.

Institutional investors have large holdings, so they have more influence over management. They demand high quality financial information and prefer audits conducted by large audit firms because they perceive that these firms, on average, provide relatively higher audit quality. This study investigated the relation between auditor size and level of institutional ownership. In this paper, auditor size is dependent variable and dichotomous variable. This variable is set equal to one if the firm is audited by big audit firms, otherwise zero. The test based on a logistic regression for the companies listed in Tehran Stock Exchange during 2001-2007. Our findings support this idea that institutional ownership is positively associated with the auditor size and show that institutional investors monitor actively over management.

Indirect investment is the way by which, professional investment managers, far away from cognitive and emotional biases, select stocks and form portfolios on behalf of public investors. But, researches show that even those managers have challenged with these biases based on many reasons. Herding behavior that can tend markets toward failure could be seen among individual investors and even among investment managers.In this paper, herding behavior among investment managers in Iranian capital market has been measured by Lakonishok, Shleifer and Vishny (1992) and the relation between that and market return and market trading value has been tested. To do this, all active investment companies during the period of 2007 up to 2010 in Iranian capital market are investigated. Findings show that based on LSV indicator, institutional herding is 8.59%, which is significantly different from zero. So, the presence of herding behavior could be approved. Also, significant negative relation between trading value and herding was found. No significant relation between Market return and herding was seen.

The amount of intangible assets has increased in all companies during the past decades. Trade marks, concession or copyright, inventions, contractual obligations, goodwill and other intellectual assets are considered as intangible assets that today are reflected in financial statements of corporations and have a very high financial value; thus because of higher importance of intellectual assets in creation of economic value added for transaction of these assets, such markets are formed as intellectual asset markets. In general, market mechanism because of creating competition and partly by eliminating monopoly, help create transparency, elimination of collusion and fair price and provide supports for mental findings of researchers and inventors.In Iran, there exists an intellectual property informal market; but organized market for sale and purchase of these assets is not formed. One of prerequisites in formation of this market is studying jurisprudence aspect of intellectual assets and contractual format of transaction for these assets. In this article, first, intellectual assets and their types are analyzed then we point to the transaction methods of these assets. On this base, the questions of this research are: what are the Juridical nature of intellectual assets? How is the contractual nature of these assets? The results of this research show that we can trade these assets on different methods such as Baiˈ,Swap, Solh, Ijarah and Musharakah.

Paragraph 3 of Article 49 of the Securities Market Act explains two crimes with the same punishment: "violation of legal regulations in the process of preparation of documents, registration declaration and prospectus for offering to the SEO" and "violation of legal regulations subject to study or preparing financial statements, economic statements or each verification documents and information." In this article, we are studying about physical and mental elements of the first violation. "Violation of legal regulations about preparation of documents, registration declaration … offered to SEO "Is the physical behavior of this crime. “Administrative and expert relationship with the capital market" and "legal responsibility in the preparation of document and information" and "occurring the violation after the protocols of registration" are also the most important circumstances of the crim. This is the absolute crime and intent to commit and knowledge about subject is the cause of creation of this offence.