فصلنامه بورس اوراق بهادار
پیاپی 37 (بهار 1396)

The objective of this research is to design and suggest an instrument for financing the infrastructural road transportation projects in Iran through the capital market, because at the time the government’s already high fiscal deficit and existing problems in the country’s banking system, has made it necessary to think of an innovative way for infrastructure financing.
This study uses a mixed method. To distinguish the current needs, as one of the slamic financial engineering strategies, a systematic review was done and several half-structured interviews were undertaken by experts. According to outcomes of the studies and theme analysis of the answers in interviews, the primary pattern was designed. To approve the primary pattern and ensure its suitability, the Delphi technique was applied. 41 questionnaires were filled, 28 interviews were carried out and 9 group meetings were held By the experts in the fields of roads, capital market and higher education. Subsequently, the qualitative and quantitative results were compared and concluded according to the triangulation method. The conclusion provided support for the development and use of Project Ju’alah, Manfa’ah and ABS. Finally, the operational model of Project Ju’alah securities as a new slamic sukuk was designed and approved by experts.

This study examines whether the length of the relationship between a company and an audit firm (audit-firm tenure) is associated with financial reporting quality. Using two proxies for financial reporting quality. The population of this study is that the companies accepted the Tehran Stock Exchange, according to the definition of the study for The period of audit-firm tenure which is at least five consecutive years.
Time domain of research is 1381 – 1390 (2002-2011) and the data evaluated in this study is extracted from the audited financial statement of The company’s stocks. It is explained that the Pearson correlation test and multiple regression to investigate the relationship between independent and dependent variables and also determining the direction and extent of these relationships are considered. We found a relationship between short audit-firm tenure of one to two years and quality of financial reports. In contrast, we found no evidence of relative financial reporting quality for longer audit firm tenures and medium audit firm tenures.

Target leverage is one of the challenges of capital structure studies. Some researches proof targeting behavior, while some others estimate random financial leverage. This study examines the leverage behavior based on four leverage measures for 108 companies in Tehran Stock Exchange over the observation period 1380–1393 (2001-2014). In this paper, we analyze four different models, including stationary target ratios model, time-varying target ratios model and target zone model to study the stochastic nature of leverage behavior. We apply simulation methods with leverage measures to evaluate the ability of random financing and a variety of leverage targeting models. Target leverage models with little or no emphasis on staying near a particular target provide a good explanation for leverage behavior. Target leverage models explain total book leverage more precise than other leverage measures.

Capital market as a part of financial market in the economy depends on justly disclosure of information. According to the Securities Market Act, issuers are obligated to disclose important information to the market through the SEO and all kinds of investors, actually or potentially, may be informed equally for transactions. Those who are aware of this information because of their business and legal relationship, may transact in reliance on that information or disclose the information and commit an offense and have both criminal and civil liability. This article examines these acts and compares them with Figh and Sharia standards so we can conclude that some Islamic orders prohibit these kinds of behaviors.

Nowadays, a significant part of economy of developed countries is based on small and start-up companies, and this has been one of the reasons for the rapid technological advancement in decades. Financing small and newly established industries, especially technology-based industries, differs from common businesses and it has its own specific mechanisms, among which, companies and venture capital funds are of considerable importance. Although this type of investors assume risk economically, they legally seek reasonable secure for their capital. In this regard, preferred stock with its special features is one of the best methods to finance corporate companies, especially start-up companies as a device for venture capitalists.

Using structural equation modeling approach, this research aims to explore the effect of agency costs on stock price crash risk. For this purpose, 110 publicly listed firms from Tehran Stock Exchange for the period 2002 to 2014 are selected as final data set. As an independent variable, the observable variables such as firm size, leverage ratio, profitability ratio, Tobin's q, assets utilization ratio and free cash flow ratio are used to proxy the agency cost. In addition, stock crash risk based Hutton et al. (2009) and Kim et al. (2011, 2014) models are used as depend variable and disclosure quality, CFO opacity and earnings opacity are entered to the model as control variables. The results showed that agency costs have a negative and meaningful effect on first index of stock price crash risk but there is no significant relationship between agency costs and other indices of stock price crash risk. Also, the results show That disclosure quality has a negative and meaningful effect on stock price crash risk but CFO opacity and earnings opacity have not significant effect on stock price crash risk.