مجله راهبرد مدیریت مالی
سال سوم شماره 3 (پیاپی 10، پاییز 1394)

Different types of financial institutions play an important role in financial intermediation and help to solve market deficiencies problems. Mutual funds are kinds of financial institutions that allocate investor's funds in different financial portfolios such as securities. In this mechanism profit or loss of investment divides between investors based on their portion of portfolios. Regarding to the importance of mutual funds for risk averse and non-professional persons, mutual funds manager's performance is very important. Regardless of all external factors that affect managers` performance, personal characteristics have significant effects on manager's decisions and performance. Therefore, this research investigates the relationship between Investment managers` risk aversion and the performance of financial institutions (specially mutual funds).In order to calculate the fund's performance, 4 indicators including return, portfolio risk, trading activity ratio and portfolio diversity were evaluated. In order to data analysis, first determine the effective variables through four indicators by principal component analysis method and then estimate relative OLS model. The results of this research indicate that there is a reverse significant relationship between the managers` risk aversion and mutual fund performance.

To be survived and also to continue the activities, firms need enough resources such as enough cash to pay debtors. If the firm does not have enough resources to respond its requirements, it will be frustrated and firms in facing with frustration, manipulate the accounting profit with one of the performance evaluation items. In these conditions, management manages the profit with accounts manipulation and his purpose is to provide good information and news to capital market to protect the firm value. In accounts manipulation, the existence philosophy of financial inventory would be tarnished and their reliance ability would be lost. The separation criterion of current research is the Z Altman's model which has been produced from 43 financial frustrated and 43 safe firms. The manipulation variables of earnings and production costs are obtained by (Ruchury, 2006) and the manipulation variable of production operational capital accruals is obtained by (Kasznik, 1999) model. Finally, the statistical results of research indicate that the firm management manipulated the actual items (earnings and production costs) a year before the bankruptcy but did not manipulate the accrual working capital.

Political stability is a necessary introduction for achieving economic growth and development. In this study, the impact of country risk index on the Tehran Stock Exchange price index rate of return was evaluated. To do so, the non-linear approach Markov-Switching was applied. Other variables used are: market exchange rate, OPEC oil prices, the rate of return on housing prices, the price of Iran Gold Coin (old design), and inflation rate in the period of 1380/01 to 1392/12 (Iranian Calendar) based on a monthly basis. The results indicate that the probability of transition from regime 0 to regime 0 (P_00) is high. Therefore, this regime (average country risk) is more stable than regime one (high country risk) and the regime 0 is the most stable regime. The result of MSIH (2)-AR (2) model parameters by using maximum likelihood estimates show most factors are significant at the level of 10%. And country risk index during both regimes (medium and high risk) have a negative effect. The effect coefficient, however, in regime 1 (high risk) is greater than that in 0 regime. Therefore, investors are suggested, before investing in the stock market, to pay attention to the position of Iran in country risk index.

This research investigates the impact of the agency problem and the corporate governance mechanisms on cost stickiness in firms listed in Tehran Stock Exchange. To do so, 125 listed firms of Tehran Stock Exchange are selected as a sample to be studied during the period 2006-2014. Free Cash Flow (FCF), CEO Tenure, CEO Horizon and CEO Bonus are proxies for agency problem in this study. The results indicate that none of Free Cash Flow (FCF), CEO Tenure, CEO Horizon and CEO Bonus affects (administrative, general, sale) cost stickiness. The result also shows that corporate governance has no effect on the relationship between agency problem and (administrative, general, sale) cost stickiness.

Many studies have been carried out to evaluate the effect of variables such as firm size, forecast horizon, financial leverage ratios, etc. on the earning forecast accuracy. The aim of this study was to identify Key Performance Indicators (financial and non-financial) and examine the effect of their disclosure on the earnings forecast accuracy in Tehran Stock Exchange companies. Financial indicators include disclosure of financial key performance of internal process, innovation, training and environmental perspectives and non-financial indicators include disclosure of non-financial key performance from investors’`, employees`, customers`, suppliers` perspectives and social performance. In this regard, the variables such as variance of return on equity, sales growth, firm size, systematic risk, leverage, liquidity, growth, profitability as well as the control variables are considered. The sample consists of 118 companies listed in Tehran Stock Exchange from the beginning of 1390 until the end of 1392 (Iranian Calendar). This research with regard to purpose is practical and for conclusion is descriptive - analytical. In this study, the level of disclosure of information connected to assessing the performance is measured by the sentence. The results of this study show that there is a significant relationship between the disclosure of key performance indicators and earnings forecast accuracy. Also, there is a significant relationship between the disclosure of non-financial key performance indicators and earnings forecast accuracy.

The purpose of this study is to compare financial ratios of companies listed in Tehran Stock Exchange and Istanbul Stock Exchange. To do so, 10 financial ratios including liquidity ratios, activity, debt and profitability in 7 different industrial groups were compared. 159 companies of Tehran Stock Exchange and 84 companies of Istanbul Stock Exchange were selected during 2010 to 2012. In order to test the hypotheses, first Kolmogorov-Smirnov was used to check the normality of the data. Then, T-test and nonparametric Mann-Whitney were used for testing two independent statistical populations. The overall results indicated that liquidity, activity, and debt ratios of companies in Istanbul Stock Exchange had a better condition than those in Tehran Stock Exchange. In contrast, profitability ratios of Tehran Stock Exchange companies were higher.

All of investors in the Stock Exchange face risks. Thus, the measurement of risk is among the most important matters to investors. This study deals with the measurement of risk by criterion of Value at Risk. VaR was measured by using a GARCH model. The stock of the listed companies in Tehran Stock Exchange for the cement industry and the time period of the study is the price of cement companies between the years of 1389 to 1391. The results show that the GARCH model has good performance in estimating VaR in stock of listed companies in Tehran Stock Exchange for the cement industry and it can be concluded that the GARCH (1,1) model with the t-student distribution for the majority of listed companies is optimal. The results of this research can lead to favorable outcomes for risk management decisions.