Investigating the Relationship between refined economic values added and adjusted stock returns based on risk in the firms accepted in Tehran Stock Exchange

The aim of this study, determine the relationship between refined economic value added (REVA) and stock returns adjusted based on risk. To achieve this goal, this study has been done with tests a main hypothesis and three particular hypotheses.The main hypotheses is this: The refined economic value added (REVA) and based on risk-adjusted stock returns are related. And three particular hypotheses is this: The refined economic value added (REVA) and based on total risk adjusted stock returns are related. Between The refined economic value added (REVA) and adjusted stock returns based on the systematic risk there is a relationship. Between The refined economic value added (REVA) and differential stock returns there is a relationship. This study has been done using information from79 companies for a 5-year period, 1384 to 1388, has been done. Hypothesis testing has been done to examine year to year. In This study to collected data and information used the library – documents method. For the study of literature and research history library method is used. From Databases and Internet sites data about the variables have been extracted. Required financial data referring to the Tehran Stock Exchange, weekly reports, journal of stock exchange and also using the tadbyrprdaz, rahavardenovin and sahra software has been collected. Given that the distribution was not normal why for the Statistical analysis of data and tests the research hypotheses, the Spearman nonparametric test is used that is equivalent Pearson's coefficient. The results of the analysis of research hypotheses showed that there is not a significant relationship between refined economic value added and stock returns adjusted based on total risk. However, only in 1387 exist significant relationship between the refined economic value added and based on risk-adjusted stock returns. Also in 1387, between the refined economic value added and differential stock returns, there is a significant relationship. For the rest of the years there is not significant relationship between the refined economic value added with stock returns adjusted based on systematic risk and differential stock returns.