فهرست مطالب احمد مدرس

The purpose of this study is to identify strengthening factors of auditor independence against the displacement threat of clients. In order to achieve a consensus, regarding prior literature, a list of affecting factors on auditor’s independence was extracted and then, thoughts of the experts gathered through questionnaire. The findings showed that all factors extracted from the literature and prior research, including reputation, growing audit firms, the allocation of current audit market by legal authorities, establishing appropriate punishment system in turn of auditors faults, peer review, increasing the knowledge of users of audits service in financial reporting, transparency about the responsibility of independent auditors, requiring auditors to communicate with former auditors partners, mutual responsibilities of partners and audit firms, restriction of the ratio of fees received from a specific client, requiring client to disclose the reasons for auditors change and periodically change of auditors and the lack of change possibility during a period by the clients, affect the independence of auditor’s opinion against the displacement threat of clients, but these factors haven’t been applied properly in the current state of Iranian CPAs yet.

Predicting stock return is possible with discovery generating process of stock price behavior patterns. The success rate in the discovery of these patterns، indicate the efficacy of the prediction. In other words، stock price generating process can be studied as a dynamic model. This process may be obtained in linear model forms، nonlinear model forms or stochastic model forms. This study describes linear predictor structures in the form of capital asset pricing model and Fama and French three factor model and nonlinear structures in the form of artificial neural networks.

Among the topics which have been neglected or paid less attention in our country, is the consideration of relative information resulted from the difference between the expressive and definite taxes of the companies. This research intends to investigate the scale of correlation of the difference related to expressive and definite tax of the companies and the value of the stock market and the output of the stocks. Also in this research the scale of correlation of the difference related to expressive and definite tax of the companies with the low earning quality and the value of its stock market are going to be examined. The research results show that there is not a significantly relation in this regard. Also in the companies with the low earning quality, the reason of difference related to expressive and definite tax does not play an important role in the judgment of the companies’ work. The reason which can be mentioned for this lack of impression on the value of the stock market is that between the expressive interest by the tax clients and the income inclusive tax designated by tax foundation

In this study, value-added role of internal audit in companies admitted in Tehran Stock Exchange were investigated. Based on research framework of Roth, existence of seven Properties include: Departmental organization, Staffing and work environment, Risk assessment, Services provided, Performance measures of the internal audit function, Marketing the internal audit function and Reinventing the internal audit function in the internal audit units were studied with answers from 164 questionnaires completed by internal audit staff and senior managers of companies in 1389.Results shows that except "Performance measures of the internal audit function", other Properties there are to some extent and this unites havent valueadded role.

The purpose of this study is examining and determining the personality profile of the accounting students and professional accountants. The Five-Factor Model of Personality (NEO) is used for that purpose. The sample was consisted of 97 accounting students and 80 professional accountants. A descriptive and inferential analysis is used for analyzing the data. In order to test the hypothesis، Independent Samples t-Test and one sample T Test is used. The results suggest that about 70. 52% of accounting students، 55. 69% of professional accountants، and 63. 79% of overall accountants have conscientiousness personality profile (C). Also، there are not any significant differences between the personality profile of the accounting students and professional accountants. Furthermore، at the level of 5% significant، the accountants'' personality profile is conscientiousness personality profile (C). These results can be used in accounting education context.

The main aim of this current research is comparing ability of predicting operationalcash flow in Iran’s Banking Industry by applying such information:1-The incom before tax of Prior Periods (First Model)2-Operational Cash Flows of Prior Periods (Second Model)3- Operational Cash Flows and accrual items of Prior Periods (Third Model).Using the accessible statistical population around thirteen testable banks has beenrelated during 1380 – 1387. Ability to predict each of the models and their accuracy ratein a two by two comparision method were tested. The method used in this research hasbeen based on Panel data models to compare the average mean of absolute deviations.Findings of this research show the significant possibility of predicting operational cashflows in banking industry by using all three models above and that there’s no significantdifference between them. Also, considering the average mean of absolute deviations, thethird model is the most suitable; the second model is of the second priority; and finallycomes the first model.

In this article, the effectiveness of eight different technical indexes including simple moving average, weighted moving average, exponential moving average, relative strength, commodity channel, stochastic, money flow and demand are examined by comparison between indexes returns with buy and hold returns. The results shows the return of Buy and Hold strategy is more than technical indexes in the year 2004 and is less than that in the years 2004 and 2006. This matter can be referred to the change in the market situations. The result of the repeated measures test indicates that there is no significant differences between the average returns of technical indexes and buy and hold strategy during studding years. Finally we show the coefficients of variation of some technical indexes used in this paper are lower and coefficients of variation of some other indexes are greater than coefficient of variation of buy and hold strategy. JEL

Abstract In this study, the qualitative characteristics of financial reporting were used for evaluating earning quality. We examined 91 firms accepted in Tehran stock Exchange 1999-2007 periods. According conceptual frame works in Iran, the primary determinants of accounting information quality are relevance and reliability, and these two dimensions make accounting information useful decision making. In this study we develop a measure of earning quality that encompasses various components of both dimensions of earnings quality, reliability and relevance. Then, the firms with factor analysis, was classified, and firms with high and low earning quality was segregated. Finally, ohlson’s price- earning regression for test hypotheses was applied. The results show that earning response coefficient and explanatory power of earnings are not significantly higher in portfolios of firms with high quality earnings compared to firms with low quality earnings. The result shows that users, in general, prefer the reliability to the relevance dimension. Finally we show that the earnings quality does not reflect decision usefulness to users.

In the present research, the impact of the off balance sheet activities (with twoindexes of noninterest share income and sum of the off balance sheet activities) on thebank’s returns (with two indexes of return on asset ratio and return on equity ratio) wasanalyzed using the data of 10 commercial banks including 6 governmental banks and4 private banks within the period of 2001 to 2008 and the results showed that the offbalance sheet activities have generally a significant impact on the bank’s return.The impact of the off balance sheet activities on the total banks’ risks index (withthe index of sum of net interest income variance and noninterest income variance) wasevaluated, as well and the results showed that this relation is completely considerable.The results of this research generally show that the off balance sheet activities havea significant impact on bank’s return which is caused bank’s growing trend toward theseactivities, although these activities increase the banks’ risks because they are unstable,despite the traditional banking activities.

In this paper, by using of discretionary accruals and working capital discretionary accruals, the incentives of earnings management are reviewed in Tehran Stock Exchange during the period of 1379-1384. The investigated incentives are firm size, debt ratio, profit ratio (ROI), deviation in operating activities, and earnings variability. To investigating the relationship between earnings management and each of incentives, multiple variable regression analysis with accumulated (pooled) data is used. Discretionary accruals model, introduce the profit ratio as the only incentive to earnings management but, working capital discretionary accruals model, introduce the profit ratio, firm size and earnings variability as the incentives to earnings management in Iran. Comparison the results of two models, proved that, the working capital discretionary accruals model is efficient than discretionary accruals model.

Recent studies provide evidence that aggregated cash flows and accrual components persist differently from aggregated cash flows or accruals in predicting future cash flows. We examine the role of cash flow components in predicting future cash flows beyond that of accrual components for Tehran Stock Exchange (TSE) listed firms during 1379-1386. We find that core and non-core cash flows defined in our paper enhance the in-sample predictive ability of cash flow prediction models, but these are not differentially persistent in predicting future cash flows.

In this study the existence of abnormal return in initial public offerings of Tehran Stock Exchange and some effective probable factors on which were examined. The results show that there is positive short term abnormal return during 24 months after the acceptance of sampled corporations in the exchange. Among nine variables of age, size, horizon, leverage, margin of profit, market general condition before the offering of stock, forecast error of earning per share, audit firm and Industry type, only size, audit firm (reversely) and forecast error of earning per share (directly) had a relationship with abnormal return; however, multi-variable regression analysis demonstrated that all variables can simultaneously justify approximately 20% of the abnormal return.

The purpose of this study is to investigate whether the earning component accuracy in predicting themselves can lead into earning prediction and /or explain the earning durability and the relation between earning and cash flows. The research hypothesis suggest that there is a positive relationship between the prediction power of stronger accruals and current cash flows and the prediction of future earning and earning persistence. The research results show that (1) it is possible to predict future earnings with minimum errors based on previous earning report. Also, including either of cash or accrual items into the model improves the prediction. The results also indicate that (2) there is a positive relationship between the earnings function and prediction power of earning components and their stability. In other words, the earning components which enjoy more stability and/or high quality can predict earning in a more appropriate way. The finding of the study illuminated the fact that the effect of cash flow item in prediction models is much more than the accrual item. This is in concordance with Sloan (1996) who believes that earning return ability which can be broken down into earning accrual item is less endurable than the cash flow item: that is, items of cash flow components of current earnings are more stable than the accrual components. Also, the results indicate that (3)cash flows are more powerful in predicting earnings so it is possible to predict cash flows based on earnings and vice versa.

Globalization, through linking companies to international markets and increasing competitive space, has necessitated the restructuring of companies. Combination of companies, ownership and development of target markets are  among  the  efforts  made  by  companies  in  order  to  continue  their economic lives. These companies are also forced to utilize domestic and international capital markets to obtain their financial resources.  In this regard, corporate governance is a criterion which plays a fundamental part in decision making process of investors and leasers.
In order to investigate the role of institutional stock holders and percentage of non-Executive managers as some criteria of corporate governance on firm value, the 4-year data of 97 firms were studied. The findings of this study show that there is a significant relationship among institutional stockholders and company value, as well as presence of non-Executive managers and company value. The findings of this study, in line with similar researches, support the view that presence of institutional stockholders in the board of directors of companies increases company value.

Selecting a portfolio is one of the most critical issues in investment. In this process, the investor faces numerous alternatives and he must choose the most optimized one. Determining which shares are most suitable to be put in the portfolio and capital allocation between them, are complex issues. Theoretically, assuming constant return, we can minimize the risk by applying a quadratic equation, but experimentally and with respect to the Diverse investing tools and different investor's utility functions, the mathematical approach for solving this model requires vast calculation and planning. The main object of this research is applying genetic optimization algorithm in selecting a portfolio from Tehran Stock Exchange, listed companies, In away that the chosen portfolio minimize the investment risk while maximizing the return. In order to do this, we choose 40 companies shares from the population. After calculating the main variables – monthly risk and return for an eight year period- and preparing the required algorithm, the results are compared with Markowitz and the Random choice models ones in different levels of portfolio and with respect to hypotheses. Relevant statistical tests on 1st and 2nd hypotheses showed a meaningful difference; furthermore the genetic algorithm results defeated the Markowitz and the Random choice models.

This paper is to review the relationship between financial reporting quality and investment efficiency in Tehran stock exchange companies. Recent papers have suggested that financial reporting can have important economic implications such as improving investment efficiency. However, despite the existence of a solid theoretical support for such a relationship, there is little empirical evidence supporting these claims especially in Iran. This paper shows that, there is a positive relationship between the financial reporting quality and investment efficiency and better quality of financial reporting improves investment efficiency. Also, this paper indicates that proxies for financial reporting quality are negatively associated with both firm underinvestment and overinvestment. So, it is suggested that financial reporting quality can improve investment efficiency by declining overinvestment and underinvestment.