فصلنامه دانش مالی تحلیل اوراق بهادار
سال پنجم شماره 16 (زمستان 1391)

Field of behavioral finance because of the focus on cognitive factors in decision making, judgment and information processing have been important. So by using the described behavior in financial decision making and basic techniques, more precise criteria for buying and selling shares to investors are developed. This study examines the impact of emotional investment decisions (ARMS) and the variables fundamental techniques on stock returns from 1384 to 1389. There is a significant relationship between three variables of the variables studied, ARMS, the rate of return on assets and current assets to current liabilities percentage change with stock returns. Based on the expected relationship between the three variables mentioned above (ARMS, rate of return on assets and the percentage changes in current assets to current liabilities) at the Tehran Stock Exchange with stock returns, agrees with the relationship documented in financial literature.

In this paper, the effect of Product Market Competition on Agency Cost is investigated. In this regard, the effect of size is controlled. For measuring the Product Market Competition, the Herfindahl-Hirschman Index of sales and entry barriers is used. For measuring agency cost, two criterion is used. The first criterion is the interaction of the firm’s growth prospects and its free cash flows. We used Tobin’s Q as a proxy for the firm’s growth prospects. The other criterion is the assets turnover ratio.To test the hypotheses and data,multiple linear regression was used. findings of investigating 62 firms in the 2003 to 2011 show that as the firm competition power increases and on the other hand the degree of the product market competition decreases, the agency cost would significantly increase. Moreover, the strength of the research results using annual data were also exmined.

One of risks which relevance with firm’s stock is stock liquidity. Stock with high liquidity for stockholders and investments have been attractive and increase demand for it. Increasing in demand and attractive for firm’s stock, leads to easy and inexpensive financing and increase in firm’s expanding. More over decrease expected returns of stockholders. Therefore in this article investigate relationship between stock liquidity and investment opportunities which liquidity measure with bid- ask spread, the period from 1383 to 1389(Iranian calendar). Results show that there is a positive and relation significant between stock liquidity and investment opportunities. More over There is a negative and significant between stock liquidity and expected returns. On the other hand liquidity is one of ingredient which increase firm’s opportunities and decrease cost of equity capital.

It is of crucial importance to identify and measure the factors influencing the holding period in order to examine the various structures of the capital market. The results of some foreign studies indicate that there is a relation between stock return volatility, market value, bid-ask spread and the holding periods. The present study also aims at surveying the relation between stock return volatility, market value, bid-ask spread and the holding periods in Tehran Stock Exchange. To do so, among the companies which were accepted in Tehran Stock Exchange and whose required data during a nine years period of research (1381-1389) were available, 110 companies were chosen. In the present study, the holding period is dependant variable and bid-ask spread, Stock return volatility and market value are independent variables. The hypotheses were examined using multi-variable regression and the data were analyzed using the panel data method. The results of the study indicate a positive correlation between market value, and the holding periods. The results also indicate that there is no significant relationship between stock return volatility, bid-ask spread and the holding period of the selected companies.

With the increasing knowledge in today's world, companies in order to comply with environment variable conditions have to use communication technologies and investing in technology are rapidly increasing. In this study using grey theory and according to the indicators identified, telecommunications companies are ranked. Recently to evaluate performance application of Grey theory has been highly regarded. In this theory, is broken many of the limitations of regression and new approach has before to assess the performance of researchers. In this paper, Financial performance evaluating provincial telecomm unction companies are reviewed and evaluated based on the indicators identified and telecommunications companies. In this study, was used of grey theory, the final ranking of the provincial telecommunications companies are achieve fiscal year ending 1388. Results of this study suggest that telecommunications companies provinces of Yazd, West Azerbaijan and Ghom are the most efficient.

Due to importance of financial status of corporate and accounts manipulations, we decided to investigate the relationship between corporate financial failure (bankruptcy) and earnings management that are amongst the main issues in companies grouping and accounts manipulations, respectively. Therefore, income smoothing as a part of earnings management was partitioned and relation each part of it separately was studied on three levels (net income, operation income and gross profit) to companies status. For this study, data was collected for 33 bankrupt companies (subject to article 141 of commerce law) and 33 non-bankrupt companies active in Tehran exchange in 1380-1387. The research hypothesizes have been tested using the chi-square, t-test and logistic regression. Hypotheses test results showed that there is a direct and fairly strong correlation between research variables in real income smoothing, and for artificial income smoothing no meaningful relation between research variables was noted.

Because of very large frequency and volatility in Financial markets Indicators, a certain type of non stationary is created that it refers to the fraction non stationary. This causes, provides Long memory in this type of time series. Hence, this study has in addition to examine the existence of the long memory in both mean and variance equations in the return series of Tehran stock exchange, Pays to forecasting the volatility of this index. For this purpose, the daily data from fifth Farvardin 1388 to eighteenth Ordibehesht 1391 is used. Our results confirm the existence of Long Memory in both mean and variance equations. However, among others, based on the information criteria and MSE, ARFIMA (1,2)-FIGARCH(BBM) model has been selected as the best specification to model and forecast the volatility of Tehran stock exchange’s return. As well, in order to Forecasting the volatility of this series, was used Combination of the above model with Level and decomposed data. The results show that, according to the forecasting error criteria (MSE and RMSE), the result of model’s based on decomposed data (with wavelet technique), more acceptable.

Stockholders made decision on the amount of dividend which will be paid. Common sense about the relationship between percentage of legal stockholders ownership is negative correlation, it means that the higher the percentage of legal stockholders, the lower the amount of dividend payout. Also, Common sense is that the higher the percentage of natural person stockholders, the higher the amount of dividend payout, because they need more cash for their consumptions. Anyway, this common sense is compatible with some theories such as birds in hand. Now the question is whether this common sense is acceptable for Tehran Stock Exchanges (TSE) Listed Companies or not. In this research we applied panel data regression analysis; cash Divided to identify the relationship between ownership structure and Payout Ratio among 171 TSE Listed Companies for 5 years beginning from 2006 to 2010. On the basis of our findings, there is significant and direct relationship between payout ratio and nature stockholders ownership and significant and negative relationship between payout ratio and Cases person stockholders ownership and also significant and negative relationship between payout ratio and free float.

In this paper the effects of industry's mean employment and mean capital have investigated on survival of manufacturing firms in east Azerbaijan province. The dataset of Ministry of Industry, Mine and Trade has used for data gathering and a nonparametric Cox regression has used for data analyzing. The results of this study shows that there is a negative meaningful relationship between industry's mean capital and firms survival, but the industry's mean employment has no meaningful effect on survival rate of new firms.

Due to the importance of innovation in the development and improvement of the financial system and economy¡ present research check the development of financial and trading innovation in capital market with emphasis on the role of Iranian OTC market. This study is a descriptive - survey research and examined the viewpoints of the institutional investors and OTC brokers a census by making use of a questionnaire. Results implies that from the perspective of statistical research community¡ Iran''s OTC market with providing structural innovations¡ Play an important role in the trading and more participation in capital market and increase the diversification of financial instruments and portfolio decision regarding to investors prospect and market risk. Also¡ increased the desirability of trading costs and improve the information disclosure Mechanisms in capital market that its considered a good platform for investors and companies for entrance. Furthermore¡ there is no significant difference between institutional investors and brokers visions on the examined variables.