فصلنامه پژوهش های تجربی حسابداری
سال دوم شماره 3 (پیاپی 7، بهار 1392)

Price to earnings ratio is commonly used by analysts for assessment of stocks. Failures to consider the time value of money and growth prospective of companies are the main limitations of applying this method to estimate the value of shares. Recently, another ratio named PEG is used for identifying desired stocks. PEG ratio defines as quotient of PE ratio on expected growth rate. This ratio is based on P/E ratio based on PE ratio and considers stock’s growth perspective. The goal of this research is investigating the predictability of PEG ratio in comparison with P/E ratio for determining the stock price. The first hypothesis compares stability of P/E and PEG ratios and the second compares forecast accuracy of PE and PEG pricing methods. Financial information from215 firm-year during the period 1381 (2002) to 1389 (2011), indicated that PE ratio has more stability than PEG ratio and forecasting stock price by PEG method is more accurate.

This paper investigates the relationship between the board size, non-bounded board members and agency costs in companies listed in Tehran Stock Exchange. A sample of 77 companies during 1384 to 1389 in the total level and the level of industries were examined. In this research, asset utilization ratio and expense ratio as dependent variables are used as proxy of agency costs and board size, non-bounded board members are Independent variables. Linear regression has been applied to test the research hypothesis at α= 5%.The results indicate no significant relationship between board size, non-bounded board members and agency costs

Abstract The aim of this research is to investigate the relationship between the Conservatism in the Financial Reporting and the Cash Holdings of the Listed Companies in TSE. In this study, Givoley & Hyan (2000) model was used for measuring of the conservatism and Ozkan & Ozkan (2004) and Opler et al. (1999) models were exerted to determine of the cash holdings magnitude. To do of this research, 54 listed companies in TSE during 2007-2011 via pooled regression models (fixed effects) were investigated. Findings indicate that the conservatism doesn’t affect the cash holdings. Also, results show that larger companies hold more cash, however, the companies with more opportunity cost and substituted assets hold less cash.

This study is to investigate the impact earnings timeliness on Public Stock Offering Abnormal Returns in Listed Companies of Tehran Stock Exchange. In this regard, the earnings timeliness is used as an indicator for information asymmetry, and if the earnings timeliness is timelier, information asymmetry is less. For this purpose, first earnings timeliness was estimated using a panel data Analysis for the period 2001 to 2011. The result show there is a negative relationship between earnings timeliness and cumulative abnormal returns, but this relationship isn’t significant. Also the result show there is a significant and negative relationship between Company size and stocks Offer size with cumulative abnormal returns.

Price Limit is a type of circuit breaker which is applied in future markets and also some of stock exchanges in emerging markets. In this research we try to examine the relationship between price limit and information asymmetry before earning announcement in TSE(Tehran Stock Exchange) The time extent of this research is from 1383 until 1390. Statistic sample the all of company in Tehran stock exchange. our sample are the 116 companies. Statistic information is obtained from the tadbir and rahavard novin software. statistic tests that were Used are correlation and multi variable regression and ordinary least Squares(OLS). Results show that there is a significant between the price limit and information asymmetry. we found either the trade price has Significant effect on information asymmetry. In fact decreasing in price limit could be lead to increasing in informational market efficiency and decreasing in information asymmetry.

Generally investors invest in a mutual fund by considering capital appreciation, better liquidity and less risk. So this study makes a comprehensive evaluation of equity-linked schemes. The return computed on the basis of the Net Asset Values of the different schemes and returns in the market. Research’s Hypotheses about the variables collected and analyzed for the units has been calculated based on theoretical principles and research findings. Our database is composed by 26 mutual funds and 27 investment companies acting in the Tehran stock exchange with monthly returns data from March 2005 to February 2009. The tests of hypotheses are based upon regression analysis, t- student and correlation coefficients. In this research, it has traditionally been supposed that a manager’s success is determined by his/her ability to choose a stock that outperforms other securities with a similar level of weight and return investment units in the market.

This study is designed investigate the investors reaction to corporate social responsibility disclosures. The reaction of 240 investors divided to two groups of sophisticated and less sophisticated was surveyed using questionnaire. The sophisticated investors involved market analysts and less sophisticated investors involved financial management MA college students. The purpose of the study was to compare the reaction of two groups of investors to 4 types of social responsibility behaviors. In order to test the hypotheses, ANOVA was used. The purpose of the study was to compare the impact of 4 types of social behaviors on investors and to compare the sophisticated and less sophisticated investor's reaction to social behaviors. The results of the study revealed that investors react to social responsibility behaviors, but there is no significant difference between sophisticated and less sophisticated investor's reactions.

ABSTRACT: in This paper, examine accrual quality of restating firms during the period 2001 – 2010.The sample include 70 restatement event for of listed companies in TSE and we compare accrual quality from before and after the restatement year. This firms have only once restatement in two years pre and post restatement year. Our measure for accrual quality is based on the Dechow and Dichev (2002) model. We find that the accrual quality increases significantly from the period of misstatement to the period following the restatement year. We also examine factors of associated with changes in accrual quality that is determinant of earnings quality including corporation governance, Firm characteristics and audit quality. The results show that changes in size, change in sales, change in cash flows from operations, Leverage ratio, the ratio of market value to book value, the percentage ownership of institutional investors and CEO tenure are significant relationship with accrual quality.

In this paper, it has been compared three main categories of cash flows statement (operating activities, investing and financing) with corresponding accrual information (operational earning, accrual based investing activities, accrual based financing activities) to forecast return in each of corporate life cycle (growth, maturity, and decline) to answer the question that which of two indices of cash flows and accrual accounting can best forecast return taking into account corporate life cycle. The findings of this study based on a sample consisting of 540years -firm of the firms listed in Tehran stock exchange during 85 to 90 indicate that in all of life cycle stages there is a significant relationship between cash flows information and return as well as between accrual financial information and return. However, it was identified by using statistic test of Vuong that in growth and decline periods of life cycle, cash flows information is more robust for forecasting return than accrual financial information and the opposite is true for the maturity period.