فصلنامه بورس اوراق بهادار
پیاپی 38 (تابستان 1396)

The prediction of financial distress as a way of preventing it has drawn the attention of firms’ managers. In this regard, the deployment of financial ratios and specifically firm’s cash flow statement is well-known in statistical models. The main issue in this study is to see whether there is a meaningful relationship between the firm’s financial situation and its cash flow pattern and can it help us in predicting a financial distress.
In this study, we investigate the impact of cash flow pattern for companies accepted in Tehran Stock Exchange during the period of 2006 to 2015 (focusing data gathered from 162 selected companies). Consequently, the inability of repaying bank debt for companies is considered as the criterion of financial distress and those without this inability are not financially distressed. For this purpose, financially distressed companies are separated from those which are not distressed for the period of 2006 – 2010 and by using the result of this separation we investigate the prediction power of financial ratios used in our research: current assets to total assets, total debt to total assets, sales to total assets, operating profits to total sales, natural logarithm of assets and interest to gross profit by implementing neural network method. After confirming the effect of these ratios on financial situation of companies, by the use of these ratios and using neural network, the financial situation of companies from 2011 to 2015 is predicted by Logistic regression. The results show that the mentioned ratios have the prediction power with %88 of observations, therefore, there is a meaningful correlation between financially distressed and non-distressed in terms of Cash Flow pattern.

The accounting and financial literature for the cost of equity capital is provided by several factors, including the predictability of profit, profit stability and timeliness profit. The predictability, stability and timeliness of higher profits, lower cost of equity capital is expected. Among other factors affecting the cost of equity capital is a company's life cycle. On average, companies in the early stages of the life cycle have a high growth and profitability.The purpose of this research to find the relationship between company life cycle and cost of equity in listed companies on the Tehran Stock Exchange. Three hypotheses were tested in this study and a six year study period is considered from april 2009 to the end of march 2015 and the population of this research are the companies listed in Tehran Stock Exchange and totally 112 companies were selected. This research is a systematic sampling method (filter table). Data were collected through the application of rahavard novin. To analyze the data , Eiews and Excel were used.The research results have shown that equity cost has been increased in growth stage but decreased in mature stage and there is not a significant relation between equity cost and falling stage.

Today, the survival of organizations and firms depends on the adoption of appropriate financing practices. Meanwhile, the inadequacy of some of the traditional methods of financing has made the trend of choosing new ways necessary. On this basis, cooperatives as socio-economic organizations are not excluded from this category and require the adoption of appropriate financing methods. In this regard, the present study aimed to develop a land-use model of modern financing methods in the cooperative sector of Iran. To achieve this goal, a qualitative approach was used, emphasizing the data theory. Using data access theory, inductive data from semi-structured interviews with experts was analyzed in three stages of open, pivotal and selective coding, and the relationship between data was formed in the form of a paradigm financing model. The statistical population of this study consisted of experts and experts in the field of cooperatives, of which 23 were selected through a spherical sampling method and up to theoretical saturation. The results showed that the co-financing limitations in the conventional way have led to a tendency towards native and diverse financing approaches. This requires the adoption of new financing strategies such as debt and interest and other combined financing methods. Also, the results indicate that paying attention to these new strategies requires attention to the requirements of the financing methods, the challenges and the contradiction between the cooperative nature and performance.

One of the most applicable optimization approaches used in different sciences is Meta-heuristic Algorithms. This study, by new Meta-heuristic Algorithms, Symbiotic Organisms Search (SOS), introduces the model for selection of optimum portfolio and then the result is compared with the result of older algorithm, Genetic Algorithm (GA) and Particle Swarm Optimization (PSO). Therefore, the ten-month information of operation of 50 top companies in the Stock Exchange is extracted and estimated an optimized portfolio with the objectives of maximum efficiency and minimum risk by Symbiotic Organisms Search (SOS), Genetic Algorithm (GA) and Particle Swarm Optimization (PSO) is estimated. The results of the algorithm showed that despite the ability of these algorithms to portfolio optimization, SOS algorithm has a higher ability to optimization.

Adoption of new approaches in the Islamic Penal Code (2013) (which amended the penal code 1991) has undeniably effects on punishment of the stock convicts. These new approaches which have been considered by legislator could eventually lead to decrease of punishment without deterrence. In this writer’s opinion, this new law gives rise to the problem in which the stock crimes become petty crimes with trivial punishment. This article (with libraries procedure) explains the impact of these new approaches on punishment of the stock crimes and finally (with critical view point) concludes that amendment of the securities market act to increase the punishment is necessary.