فصلنامه دانش مالی تحلیل اوراق بهادار
سال شانزدهم شماره 60 (زمستان 1402)

The most important goal of every investor in the stock market is to increase returns and reduce investment risk. Therefore, the purpose of this research is to analyze the effectiveness of meta-heuristic algorithms in stock portfolio optimization. Considering that in this research, the past performance of Tehran Stock Exchange companies is examined in past studies from 1390-1399, therefore, in terms of the research design, this research was post-event using Delphi and meta-analysis techniques. The statistical community of this research Academic researchers in the field of finance and active in the Tehran Stock Exchange, and the sampling method in this research was targeted with a volume of 30 people. The data collection tool was a researcher-made questionnaire. The method of collecting information was structured interview of researchers and review of the results of various studies in the field of determining the optimal stock portfolio in Tehran Stock Exchange. In order to analyze the data, Spss software version 23 and Laserl version 5.7 were used. The results showed that among meta-heuristic algorithms of genetic algorithm, ant colony and bee colony are the most suitable tools with the aim of not stopping at local optimal points and not premature convergence. Finally, after evaluating the appropriate algorithms, a comparison of the average risk and returns of the stock portfolio in genetic algorithms, ant colony and bee colony was done in the study unit, they showed that in terms of the criteria of reducing the risk of genetic and bee algorithms and in terms of increasing the return of the optimal portfolio Stock bee algorithm has worked more efficiently.

This study has aimed to examine the dynamic correlation between oil price, financial transparency and stock crash risk and PVAR model for oil and petrochemical companies in 2014 to 2022. Based on the estimation results of the PVAR model, an impulse from the oil price and the exchange rate on the risk of falling stock prices up to the first two periods; It goes down and then up. In terms of whether they are oil importers or exporters, countries have different effects on oil price changes. Oil producing countries are forced to secure their foreign exchange income due to their economic structure, and when prices fall, they try to increase production to increase their income. In oil exporting countries, any increase in oil prices is expected to lead to an increase in income in these countries. The increase in the government's income and wealth causes future cash flows to increase, as a result, it has a positive effect on the capital market and, accordingly, the stock index, and the risk of falling stock prices is reduced. Since the stock market returns are one of the most accurate tools shown in the economy and has a high sensitivity to economic conditions and can have a direct effect on the interest rate and people's trust, policy makers always adopt policies for financial transparency and the quality of information disclosure to provide the basis for the development of this market as much as possible.

This study was conducted with the aim of designing the financial legal model of capital changes (increase) of public companies in Iranian and British law. The research method of the present study is mixed and it is done with two types of qualitative and quantitative (mixed) approaches. In the qualitative part of the research, in order to collect data, interview questions were developed. In the following, the ISM questionnaire was used. The statistical population of the research included 10 qualified experts who were selected using non-probability and purposive sampling method, and in-depth and semi-structured interviews were conducted with them. The first step of the current study was using the qualitative analysis method (interview editing approach, summarizing them and interpreting concepts and words) to identify the main and subcategories of the research. Then, in the second and quantitative part of the research, the modeling method was used. Structural-interpretive and MICMAC software were used to identify the causal relationships between the main research categories. By extracting the main and sub-categories of the research using the results of the qualitative analysis of the theme and the ISM method, the final model was presented. In total, the pattern obtained consists of 10 main categories. The results of the research showed that the capital structure has an effect on short-term debt, equity and long-term debt. The aforementioned variables also affect the company's behavior in financing operations. The behavior of the company affects the lease and bank loan, long-term debt and bond issuance and further affects the risk management. Risk management also leads to the increase of capital of public companies. In the same way, the amount of influence on the next levels is reduced and the variables of the same level, that is, have mutual interaction with each other.

In this article, the goal is to design and present a model to determine the effect of macroeconomic and banking variables on the occurrence of asset freezing in the country's banking system using meta-heuristic models. The current research is applied in terms of purpose, in terms of research method, correlation analysis type and in terms of overall research design, post-event and retrospective. In order to answer the research questions, the annual data of macroeconomic and banking variables, during the period of 1399-1390, were collected and using the test of regression models in EViews, Smart PLS software and also the neural network model. It was estimated in SPSS Modeler software. The estimation results of the regression model of the first hypothesis in EViews software showed that the economic variables of GDP, unemployment rate and interest rate, consumer price index, currency strength at the error level of one percent and the economic growth rate variable at the error level of ten percent have a significant relationship. They have a dependent variable (asset freezing). Also, the estimation results of the structural model of the first hypothesis in the PLS software are significantly aligned with the output of the Eviuse software. So; The first research hypothesis is confirmed. Also, the results of the regression model estimation of the second hypothesis in EViews software showed that the intra-bank variable of the bank size ratio, return on equity, and the amount of liquidity at the error level of ten percent, and the variables of capital adequacy, return on assets, bank capital, at the error level of one percent. The percentage has a significant relationship with the dependent variable (asset freezing). Also, the estimation results of the structural model of the second hypothesis in the PLS software are significantly aligned with the output of the Eviuse software. So; The second research hypothesis is also confirmed.

This research aims to investigate the mechanism of systemic liquidity risk transmission of corporate stocks in capital market of Iran. For this purpose, 486 listed companies in Tehran stock exchange and OTC from 2011 to 2022 were sampled and the companies were divided into ten deciles according to the Amihud illiquidity ratio, Then by using “Diebold & Yilmaz” approach which is based on forcast error variance decomposition in the framework of the generalized VAR model, spillover mechanism and systemic liquidity risk transmission among the formed decimals was investigatd.The preliminary results indicated the existence of spillover effect and systemic liquidity risk among all deciles, with difference intensity and weakness. In such a way that the fifth decile had the highest net transmission of liquidity risk spillover effects to other deciles, and the seventh & third deciles, respectively had the highest net effects of received spillover from other deciles. The general results of the total spillover index (TSI) indicated that risk transmission processes, change and increase after the occurrence of shocks and financial crises.

The development of capital markets has increased the pressure on companies for better performance by increasing the awareness of shareholders. Shareholders, as the owners of the business unit, seek to increase their wealth, considering that the increase in wealth is the result of the desired performance of the business unit. Stakeholders of organizations are always interested in being informed about the news and status of companies and are looking for ways to act more accurately and quickly in predicting the future situation, one of them is voluntary disclosure.
The purpose of the research is to examine the relationship between the risk of financial turmoil and the wealth created for shareholders with voluntary disclosure. A sample of 91 companies from the Tehran Stock Exchange during the period 1395 to 1400 was used to conduct the research. The statistical method of research is multivariate regression. The results of the research showed that the wealth created for shareholders and the voluntary disclosure of information have a significant direct relationship. And financial turmoil risk and information disclosure index have an inverse relationship.
Keywords: risk of financial turmoil, wealth created for shareholders, voluntary disclosure
Thematic classification: G14, G35, M41

The purpose of this study is to identify and rank the strategies and consequences of using financial technology in the Iranian electronic banking industry. In order to achieve the objectives of the research using non-random judgment method, the opinions of 10 banking experts up to the stage of theoretical saturation used. The present research has been carried out using the exploratory mixed research method in two parts: qualitative and quantitative. In the qualitative section, using content analysis and line-by-line analysis of interviews, initial coding performed first. During the initial coding, 36 items were obtained as basic concepts from the text of the interviews, which were classified into 9 sub-categories and two main categories, including strategies and outcomes. In the quantitative part of the research, through the questionnaire, experts' views collected and then the data were determined using the best-worst method, analysis and priority of components in each of the main categories. The results showed that the emphasis on policy orientation based on the development and growth of fintech services in banks, have the highest priority among better and more appropriate strategies and services, have the highest priority among results and consequences.

Financial resilience seeks to reduce the probability of failure or reduce financial losses and risks before and after the occurrence of economic and environmental shocks. The primary goal of resilience is to prevent bankruptcy and guarantee the activities of the relevant businesses to overcome the conditions and continue the company's activities. The nature of the current research is survey-applied. The statistical population of this research includes experts familiar with financial resilience, entrepreneurs and managers of entrepreneurial businesses, among them, 10 experts identified and considered as the statistical sample of the research. The data collection tools are in-depth interviews, using expert questionnaires and paired comparisons. The findings indicate that 5 components of environmental factors; efficiency; strategic capabilities; Competitors and stakeholders and strategies are the main dimensions affecting the financial resilience of entrepreneurial businesses. In addition, based on the results of fuzzy ANP, among these factors, environmental factors, efficiency and strategic capabilities have had the greatest impact on financial resilience and risk management.

Various factors affect the company's financing patterns. The purpose of this research was to investigate the factors affecting the financing model through capital increase and its impact on the market value of equity. Companies to achieve goals such as continuity, growth and development of activities, greater presence in domestic and foreign markets and many other reasons. , need financial resources. There are different ways to finance companies, the most important of which are capital increase, obtaining bank facilities, and issuing debt securities. The method of carrying out this research was chosen from a mixed type and according to the results of interviews with the experts of the data analysis of the foundation used, it determined the purposes of capital increase, the methods of capital increase, the difference in the rules of the Tehran Stock Exchange and the phenomenon of stock dilution after the release of important new shares. The most important components affecting the pattern of capital increase. In addition, the results of the foundation's data analysis evaluated by using the questionnaire tool and soliciting opinions from 400 financial managers and university professors using the structural equation analysis method. The results of the quantitative analysis stated that the purposes of capital increase, the methods of increasing the shareholders' cash flow and the use of shares and the dilution of shares have a significant effect on the increase of capital and consequently the changes in shareholders' equity.

The main purpose of this article is to present the revenue financing model in Tehran municipality.A combined method with the priority of the qualitative stage over the quantitative has been used. In the qualitative approach, in order to meet the objectives of the research, interviews were conducted with 15 experts on the subject and by correcting the indicators identified from the qualitative content analysis of the interviews, the Delphi method was used. The data was determined using SPSS 22 and Lisrel 8.5 software and the confirmatory factor analysis technique for the analysis and weight of the variables.The findings show that seven dimensions of justice, transparency, local independence, thrift, income adequacy, sustainability and practicality, non-shifting of the tax base were extracted for the revenue financing model. The indicators of these dimensions include charges on official documents, charges on added value, charges on buildings and lands, charges on communications and transportation, charges on professional business licenses, charges on parking, charges on centralized collection, charges on property. Real estates are income from municipal services. Experts have a positive consensus about the proposed dimensions of this research.The results of this research can help the municipality of Tehran metropolis in advancing the goals of financing and making use of existing financial resources, which is one of the most important concerns of that organization, and this synergy and participation leads to the satisfaction of citizens.