فصلنامه پژوهش های تجربی حسابداری
سال دوم شماره 4 (پیاپی 8، تابستان 1392)

This paper investigated to relation between disclosures quality and conservatism in companies listed in Tehran Stock Exchange. To measuring the disclosures quality use rating firms by Security and Exchange Organization regarding the disclosures quality and then investigate it relation to earning management and conditional and unconditional conservatism. The study sample included 102 companies listed in Tehran Stock Exchange during years 1384 to 1389 and use linear regression to test the hypothesis. the results of the tests revealed that is negative relation between disclosures quality and earning management and positive relation between disclosures quality and conditional conservatism. In additions result show that increase in disclosures quality along with decrease in unconditional conservatism.

This paper is based on the performance of mutual fund in the Tehran’s stock exchange criteria based on modern portfolio theory consists of (Sharp ratio, Modigliani,Standard Deviation, Systematic Risk, Treynor, Jenesen alpha) and Post Modern portfolio Theory includind (Sortino Ratio, Upside Potential Ratio, Down-Side Risk and Down-Side Beta); study and compare the relationship between ranking.In this regard, considering the period since march 2008(beginning fund iran) until the end of the june 2012 using the software spss version 15 to check the results of the ratios computed for mutual funds in terms of their performance have been different. Funds Ranking results based on the criteria base on Modern Theory & Post Modern Theory Contact Learn there is significant. In the other hand, considering the non-normal distribution curve of Mutual Funds returns, this study comes to conclusion that applying the Post Modern Portfolio is more beneficial in comparison with Modern Portfolio.

This study addresses persistence of non-operating items and market reaction to them. The increasing of concurring of items that presumed non-concurrent, may imply to management view to change or move concurrent expenses in temporary items; or indicate an environmental factor where naturally these items are occurring frequently. However each scenario indicates that concurring of items have valuation implications for investors. The results of this study indicate that in sample companies, non-operating items are persistent, but the market doesnt reaction to it.

Purpose- The purpose of this research is to examine the relation between earnings transparency and cost of equity. Also the relation between earnings transparency and abnormal return is examined. Design/methodology/approach- Financial data of 121 listed companies quoted in Tehran Stock Exchange is examined for the period of 1384-1388. To measure the earnings transparency, the contemporaneous changes of earnings and returns are used. Cost of equity is calculated based on Fama-French three-factor model. To calculate the dependent and independent variables and to test the hypotheses, the multi-variation regression model is used. Findings- The findings show that there is a negative and significant relation between earnings transparency and cost of equity. That is, firms that have more transparent earnings, experience lower cost of equity. Also there is a negative and significant relation between earnings transparency and abnormal return. Firms that have more transparent earnings, experience lower abnormal return. Originality/value- Emphasizing the importance of financial information transparency (especially earnings) as an important qualitative characteristic in financial reporting and introducing a model for calculating it.

This paper by using adjusted model of biddle et al (2009), conditional relationship between conservatism and accrual quality on investment efficiency has been tested in Tehran stock exchange (TSE) during 2006-2009. Investment efficiency can be defined as identifying, funding and implementing all positive NPV investment projects. Underinvestment is defined as rejecting positive NPV investment projects and undertaking negative NPV investment projects is defined as overinvestment. In this paper we use khan and watts (2009) model of conservatism. AQ is the deferential amount of cash income and accounting income. The research hypothesis’s is tested by multivariable simple regression using OLS estimator on panel data base. The result shows that firms report more conservative, make more efficient investment decisions. But there is no evidence that AQ significantly reduces either under or overinvestment. Our results add to a growing stream of literature suggesting that eliminating conservatism from accounting regulatory frameworks may lead to undesirable economic consequences. And can be benefited to accounting standard sitter and stock exchange market.

Relevance and usefulness of accounting information can be measured by simultaneous relation among accounting information, stock returns and market capitalization. This Subject is a basis for the activities in the field of “Value Relevance”. The main purpose of this research is to examine any relation between earnings per share data and stock returns of the companies. To do this, a sample 155 companies listed in Tehran Stock Exchange over the years 1380 to 1388 has been used. This research analyzes the value relevance of accounting information, using the price based models and return based models. In this regard, the both cumulative and buy and hold forms of stock returns are calculated. The results from the return based models show a positive and significant relation between stock returns and earnings per share information, and also confirm the value relevance of accounting information. The results from price based models show a positive and significant relation between current period earnings per share and book value per share, and market value per share. The price based model has much more value relevance than the return based models.

The impact of asymmetric information on cost of capital is issue that many researches have resulted in financial literature. This study examines the impact of information asymmetry on cost of capital of the firms listed in Tehran Stock Exchange. For this reason, we investigate 4 different criteria of cost of capital including cost of equity capital, capital cost of retained earnings, capital cost of liability and weighted average cost of capital. The study sample includes 94 companies listed in Tehran stock exchange for a period of 7 years (2005-2012). We used panel data simple and multiple analyses to examine the Hypothesis. Based on the results we find that there are significant relationship between Information Asymmetry and two criteria of cost of capital (cost of equity capital and capital cost of liability). But there aren’t any significant relationship between Information Asymmetry and other two criteria (weighted average cost of capital and cost of retained earnings). Given the above results, it can be stated that the operational definition of cost of capital is affecting on the presence or absence of the relationship with information asymmetry.

In this Research, we investigate accrual reversal and the effect of good and bad accruals on the persistent of accruals, also the accruals predictability for earnings and stock return. For this purpose, we applied Johns model (1991) and Dechow and Dichev (2002) as modified by Bushman et al. (2011), also pooled data. The Research sample contains 91 active companies on Tehran Stock Exchange for period of 1381 to 1389. The results indicate statistically relation between good accruals and sales growth and volatility of working capital, also between current bad accruals future bad accruals.

Abstract The aim of this study is to investigate relationships among financial constraint, cash value and investment. Financial constraint which most of firms struggle with is one of important issues for all companies in world-wide. The study samples consist of 86 firms listed in TSE for period of 1384-1388(430 year-firm). Three index WW, KZ and KZIR are used for determining whether firms have financial constraint or not. The method of this study is descriptive. Our research method is correlation type and uses backward method for investigating correlation among variables. The results from first hypothesis show that holding optimal level of cash is very important for firms and cash increases firm's value in constrained more than unconstrained firms. Increasing in firm cash value lead to increasing stockholders wealth. Results from second hypothesis shows that cash and investment have positive relationship. Also favoring to companies always is seeking to maximum their profit and return, one of ways to achieve this goal is investment. Third hypothesis suggest that changing in level of cash holding result in excess return in constrained firms more than unconstrained firms. This changing in level of cash holding can improve firm`s return and performance.