فصلنامه بورس اوراق بهادار
پیاپی 39 (پاییز 1396)

Assumption governing the current literature of researches related to the information content of accounting variables is that market prices are good alternative for the stock value, the claim that according to a number of researchers may create wrong perceptions conclusion based on research related to value relevance. In fact, due to inefficiency in the market, it is possible that the impact of accounting information on stock price is not done immediately and without delay. In this case, measuring the relationship between the mentioned variables is not suitable, because market values have been adjusted yet due to the presentation of financial information and the association between information and market variables is considered irrelevant. In this study, the effect of market inefficiency on the estimation of coefficients in conventional models to assess the value relevance was evaluated analytically and empirically based on data from 100 companies in Tehran Stock Exchange during the years 2008 to 2015. It was found that market inefficiency has a negative impact on the value relevance of accounting information.

The aim of this study is to assess the characteristics of hot and cold IPO markets in Tehran Stock Exchange. To examin the hypotheses, logit regression and multiple linear regression are used. The sample of the study consists of 118 TSE’s listed companies which have been offered initially during 2001-2013. The results reveal that there is no meaningful relation between hot issue and underpricing. The findings indicate a reverse relation between hot issue and market performance before IPO and a direct relation between risk of IPOs and hot issue. The results exhibit, although the hot issue phenomenon is not related to underpricing, a lead-lag relation between underpricing and hot issue can be understood and it shows a relation between high initial return and the future IPO volume. Additionally, the study concludes that companies which are offered in hot markets, are more risky and underperformance. Moreover, the cross sectional variance in long run abnormal returns is lower for firms going public in hot market. Finally, the findings of the study are sensitive toward the definition of hot issue.

One of the discussions regarding common financial instruments in capital markets whose feasibility need to be studied is the implementation of options as the most important instrument for the right to rescind the equity (securities) transactions. In this research, with considering shares as a deed specifying the joint ownership of a definite object, the implementation of options as a preventive and compensatory principle, which is perceived as some means to promote market transparency, has been examined and recommendations have been put forward for the purposes of policy-making concerning the method of regulation within the equity transactions in the Islamic capital market. Through the bases and criteria of options presented by the jurists and lawyers, the “No-damage Rule” and the “Dominion of Will” have been mentioned as the two main bases for most options. If in any given transaction, such these criteria exist, there originates the initial source for implementing the option in that transaction. In addition, based on the suggested analysis, it’s been concluded that lesion, deception and loss are formed along with the transactions by means of insider trading and market manipulation, which regardless of any of these issues, in case there is a lack of executive obstruction, we could affirm the existence of the right to rescind the equity transaction and the final conclusion is that there exist only five options that are capable of being implemented in equity transactions namely as lesion, deception, separation of some goods, breach of condition and the option of defect.

Today the stock market is considered as one of the important pillars of economic growth. The identification and analysis of the various factors involved in the market in order to improve the quality and appeal for market participants to increase investment and subsequent growth is very important. In recent years, attention has been paid to the investment in the stock market. Apart from the impact of economic factors on the stock market, a change in the attitude of investors and increase their participation in the stock market (in order to increase confidence and optimism to the market) does not change in supply and demand for shares, the change in the composition of the portfolio financial and sales will be even formed queues.
In this study, the relationship between the attitudes of investors and the liquidity of the stock market and economic growth have been studied in Iran. Changing attitudes of investors, annual changes in stock trading volume and market liquidity indicator, the turnover ratio . In this study, changes in exchange rates was used as a covariate. In order to achieve this objective, the two methods of ordinary least squares (OLS) and the Auto Regressive Distributed Lag Method (ARDL), in Iran, in the period 1375 to 1394 was used. The experimental results of the survey there is a significant relationship between changes in trading volume, liquidity and exchange rate changes, changes in economic growth shows. The study also examines the relationship between economic growth and the exchange rate is has been confirmed that the results of this answer.

Due to the limited resources, in addition to the level of investment, it should be considered investment efficiency in decision making. The inefficiency of investment undermines the company's good performance and ultimately leads to a reduction in value creation for the shareholders of the company. The purpose of this study was to investigate the effect of the weakness of domestic controls on the inefficiency of investment in accepted companies in Tehran Stock Exchange. In this regard, data about 106 Tehran Stock Exchange members were used for the period from 2011 to 2015. To test the hypotheses, multivariate regression technique was used by using panel data. The results of the research hypothesis test indicate that weakness of internal controls has a negative and significant effect on the investment level of companies. Other findings suggest that the weakness of internal controls has a positive and significant effect on over-investment and lower investment (inefficiency). Therefore, managers need to implement measures to increase the quality of internal control of the company in order not to face the lack of financial resources and the use of investment opportunities.

Foreign portfolio investment (FPI), known as investment in equity and debt securities (not ʻderivativesʼ), that is intended only for financial gain and does not create a lasting interest in or control over an enterprise. Although the merits and demerits of FPI is highly controversial and have remained unsettled, most investment treaties have used a very broad definition of investment (eg ʻany kind of participation in companiesʼ) that includes what is referred to as FPI, therefore the reference to interests in companies typically does not require that the investor’s interest or participation in the company be a controlling one. Indeed, minority shareholdings are generally protected under international investment agreements and arbitral tribunals have supported this approach. As far as the ICSID arbitration is concerned, there is a growing consensus that the characteristics of investment notion are contribution of capital, duration and risk (known as ʻinherent common meaningʼ of the term investment) and FPI could be qualified as an investment under article 25(1) of ICSID Convention (even if it was not FDI). The recent arbitral awards (Abaclat v Argentina; Ambiente Ufficio v Argentine; Giovanni v Argentine; Poštová banka v Hellenic) give rise to an increasing concern of international law about the protection of foreign investment in the form of securities instruments (especially sovereign bonds), also referred to as financial instruments. The main conclusion to be drawn from this article is that (I) FPI should be excluded from bilateral and multilateral investment treaties by restricting the asset-based approach to direct investment only; (II) Clear benchmarks as to what is an ʻinvestmentʼ must be developed by including objective criteria for the definition of an ʻinvestmentʼ to be covered by bilateral and multilateral investment treaties (based on contribution of capital, risk, duration and contribution to development).