فصلنامه دانش مالی تحلیل اوراق بهادار
سال دوم شماره 2 (تابستان 1388)

Liquidity management is one of the most important functions of financial management in economic firms. In the case of financial and credit institutions especially banks, it has a more important role. Banks require to maintain a portion of their assets in the form of cash in order to be able to respond to their customer’s needs. However, it has an opportunity cost for the bank. In other words, keeping cash in current accounts or maintaining it by Central Bank or other banks decreases the risk of bank liquidity while it deprives banks of investment opportunities and declines the bank returns. In this study, therefore, we tried to design a model in order to forecast the cash amounts of EN-Bank kept in current accounts or maintained by Central Bank or other banks which is totally called “Bank Liquidity”. Thus, forecast was done based on input cash flow during a specific period. Then by comparing this with the goals and strategies of the bank, it has been planned to eliminate the budget deficit or surplus consumption in order to reach the equilibrium at the end of the period. In this method, current accounts, interbank accounts and funds are considered as liquidity. ARIMA and Minitab software are used in order to estimate the model. At the end, forecast was done for the next 52 weeks by this model. As a result, it was observed that bank will be faced surplus liquidity.

This paper investigates the effect of interest rate and investment rate on Iran economic growth using data from 1376 (1997) to 1386 (2007).,At first we calculated the Interest rate, Investment rate and Iran economic growth, the related result is analyzed by SPSS14 and Eview3 software. The result suggested that there is a positive correlation between interest rate and economic growth but there is no positive correlation between economic growth and investment rate .this paper also suggested that there is no relationship between interest rate and investment rate.

Our aim in this paper is to investigate the effect of financial development variables on investment and growth. Financial development variable are:1- Ratio of private sector deposits in banks to gross domesticproduct.
2- Ration of liabilities of private sector to banks to gross domesticproduct.
3- Ratio of stock trade in stock exchange to current value of stocksissued.
4- Ratio of current value of stocks issued to gross domestic product.
5- Ratio of private sector liquidity to gross domestic product. To test our hypothesis we use panel data fixed effect method and countries in our sample are: Bahrain, China, Indonesia, India, Iran, Pakistan, Turkey, United Arab Emirate.

This study examines the relationship between Economic Value Added and Degree of Operating Leverage. The main target of this study isintroducing Economic Value Added as a performance appraisal and value assessment index, thus the relationship between EVA and DOL , sale’s growth and profit’s growth , for companies at Tehran Stock Exchange, was examined , for the period 2002 through 2007 ,in order to find the most suitable index. For testing the hypothesises of this research , Multiple Regression Method was used for cross – sectional data. The results show that EVA has meaningful relationship with both DOL and profit’s growth .But EVA has no meaningful relationship with sale’growth. The results also indicate most powerful relationship between EVA and profit’s growth compare to relationship between EVA and DOL.

The assessment of performance is a considerable subject for the users of financial statements. Investors; creditor and users want to know that the company how much successful in achieving the aims. Many of managers and investors and creditors use some difference performance measures. The information asymmetry between internal and external users is led to find the best measure of performance. The subject that which measure should select need to investigate. This research investigates the association between various earning and cash flow measures of firm performance and stock returns. The companies of the security exchange were selected between 80-86. The result of this research shows that there is no correlation between in depended variable such as various earning and operating cash flow, free cash flow, accrual and stick returns.

With the emergence of knowledge-based economy and changes in the corporate nature of work, intellectual capital is an important foundationof a company to create value and return. According to importance of intellectual capital (IC), in this study we investigate the relation between IC and modern variables for performance measurement with creation value emphasis such as Economic Value Added (EVA), Market Value Added (MVA) and Shareholder Value Added (SVA). The first stage in the analysis involves calculation of IC with 6 methods, which have been examined in prior researches. In order to achieve the aim of this study the data related to IC, EVA, MVA and SVA are gathered from companies which have been listed in Tehran Stock Exchange through 1382-1386 by random sampling procedures. Regression and panel methods is used in order to test the hypothesis of this research. The results indicate a relation between MVA and IC but according to the different results of sixth model we can’t achieve to a unique result about relation between EVA, SVA and IC. Moreover the forth method that used in this research has highest R2, so it’s the best model that we can use for calculation of IC.

These days by progressing the relationship technology, financial markets are developing. Because of increasing the demand of loans and emerging financial crisis, the importance of identifying, calculating and risk management of financial entities is increased. In this paper is tried that some kinds of financial entities risks introduce and by designing a model can be help to users for decision making. Therefore 105 files of legal customers of Tejarat Bank were chosen and a model was designed and examined. As a result the equity factor is the most important factor for recognizing the proper or improper customer.

This research is about the consideration of the relationship between the external corporate financing and the stock return. It represents and analyses whether there is a relation between external corporate financing and the real return of the companies or not. Besides the present research has been done in different industries in Iran,s capital market for six years (from1381to1386).According to its method it is a kind of correlation research and according to the aim it is a kind of applied ones .The result of this research show that there is a weak relation between external corporate financing by equity financing and the stock return. There is a positive relation between external corporate financing and return stock in drug industry. Its other result show that a positive relation between external corporate financing by getting long term loans and stock return in cement and tire industries.