سعید صمدی

In this study, an attempt has been made to investigate the impact of psychological factors on the fluctuations of coin prices in the market. Psychological factors belong to a category of factors that have given rise to the subfield of behavioral economics. On the other hand, price fluctuations near certain numbers, are an example of market inefiiciency, which contradicts the foundation of classical economic theories. The period under study in this research ranges from 1392 to 1400, including a period of price stability (1392-1396) and a priodof high fluctuations due to international sanctions(1396-1400). The price range during this period has been from 800000 Tomans to 16000000 Tomans.The GARCH (Generalized Autoregressive Conditional Heteroskedasticity) approach is used to estimate the corresponding equation. Here, a 10-day period is considered, and four time intervals around the barriers are examined. To further investigate the hypotheses and the distribution of prices around random numbers, the Nikooyi fitting method is used. The research results confirm the existence of price clustering phenomenon for coins during the period of 1396-1400. The results indicate that the dispersion of numbers in prices is not uniform, and prices show reactions to random numbers. On the other hand, the existence of this psychological phenomenon leads to the creation of a coin bubble or the deviation of coin prices from the equivalent price of 10 grams of gold, which is considered as the real and intrinsic value of the coin. In bullish market conditions, the coin bubble is more significant, but in bearish and stable market conditions, this bubble decreases."

In Islamic financial markets, Sukuk is the most important Islamic financial securities. Sukuk is designed in a way that is compatible with Islamic laws. These characteristics of sukuk have made it an attractive source of capital for issuers outside the Islamic world who seek to access the liquidity provided by Islamic investors. The sukuk instrument is a partial ownership in an asset (lease sukuk) or property interests (benefit sukuk) or participation in a business or project (participation sukuk). Sukuk diversifies investors' portfolios and offers opportunities to invest in new assets, and on the other hand, issuers can benefit from additional liquidity resulting from growing demand among a large number of investors. Institutions and individuals benefit from Sharia compliant investment tools. The main goal of this research is the comparative analysis of the impact of sukuk market development on bank profitability in Islamic and conventional banks.

 In order to achieve the above goal, the information of 15 countries in the Persian Gulf was analyzed in the period from 2014 to 2021. To test the hypotheses of the research, the multivariate regression method was used using the combined data method.

The results of the research showed that the development of the sukuk market increases the profitability of Islamic banks. Also, the results showed that the development of sukuk market has no effect on the profitability of conventional banks. In addition, the results showed that the Covid-19 crisis does not moderate the impact of the development of the sukuk market on the profitability of Islamic and conventional banks.

In general, it can be said that with the development of the sukuk market, the private sector is increasingly interested in this market, and it is expected that this market will take a large part of the society's liquidity. Financial institutions will also be interested in this market. The sukuk instrument is a partial ownership in an asset (lease sukuk) or property interests (benefit sukuk) or participation in a business or project (participation sukuk). Sukuk diversifies investors' portfolios and offers opportunities to invest in new assets, on the other hand, issuers can benefit from the increased liquidity resulting from the growing demand among a large number of institutional investors. and individuals to benefit from Sharia compliant investment instruments. Therefore, many companies are currently waiting to enter this market due to the greater diversity of the sukuk market compared to traditional bank loans. Sukuk is a financial instrument that allows market participants to obtain a large amount of money and capital from investors, which is possible through the development of a diverse structure of sukuk. Also, according to the presented results, the development of the sukuk market has not played an effective role in the profitability of banks against economic shocks and crises. Therefore, due to the limitations of the research regarding the limited time period and the difficulty of accessing the information related to the variables, one should act cautiously in generalizing the results to the periods before and after the scope of this research.

The way of financing is also effective on other issues such as profit, efficiency and expansion of production. Managers have an effective role in this field, they usually have their own styles when making decisions about financing and are not completely rational (Bertrand and Schoar, 2003). Research shows that managerial traits such as behavioral biases are important factors for capital structure decisions (Hackbarth, 2008). In most of the conducted researches, the existence of behavioral bias in managers has been confirmed. On the one hand, bias in decisions related to financing causes non-optimality and wastage of financial resources, and on the other hand, the issue of financing in Iran has deficiencies such as disproportionate distribution of risk, lack of proper monitoring system, lack of connection between real and credit sectors of the economy and the existence of unused capacities are faced (Mousavi, 2016). Therefore, investigating the behavioral biases of managers under the field of financing in Iran is important to control and reduce these biases. According to the growing trend of behavioral financial studies in the last decade, it is necessary to conduct researches with a forward-looking approach for the growth and guidance of future researches in order to identify the gaps and neglected points in the researches. The purpose of this study is to analyze the methods of evaluating behavioral biases, especially in research related to financing methods. This article deals with the analysis and criticism of the methodology of the researches done in this field in the form of meta method. meta method is used in selected studies by using the analysis of statistical methods and monitoring methods of bias evaluation. Considering that so far, no research has been done in the field of pathology of behavioral bias evaluation methods, especially researches related to financing methods; The results of this research can be used by researchers for future studies.

This research is developmental in terms of its purpose, and since it examines the methodology of studies in the field of evaluating behavioral biases, it is of the content analysis type. To collect data, library study and document review were used. The statistical population of the present research is domestic and foreign articles in the field of behavioral finance, behavioral biases in financing methods, and evaluation of behavioral biases. The research method in this study is meta method. In the present research, according to the purpose of the research, the analysis of statistical methods, the monitoring of methods for evaluating biases in selected studies have been used. Considering that the purpose of this research is to investigate the methods of evaluating behavioral biases in research related to financing methods, keywords such as behavioral finance, evaluation of behavioral biases, and financing methods are used to select articles. After searching in reliable domestic and foreign databases, and after studying the researches, articles related to the subject of the research were collected. To investigate the methods of evaluating behavioral biases, more than 200 articles have been studied, of which 33 related articles have been selected because some articles have used similar methods. Due to the lack of a single method in the field of meta method, in this research, an innovative framework is used in the area of meta method. In this way, researches are reviewed in two parts. In the first part, the statistical methods for evaluating behavioral biases in selected researches are reviewed, and in this way, the available methods for evaluating each bias are presented separately. In the second part, the monitoring of the number of repetitions of the use of bias assessment methods in the researches is discussed. In this part, for two methods of statistical data analysis, i.e., descriptive statistics and inferential statistics in general and the subsections of this Two methods, i.e., descriptive indices, graphs and tables for descriptive statistics and parametric and non-parametric methods for inferential statistics, the number of evaluation methods are given.

In order to find different methods of evaluating behavioral biases in researches related to financing methods, selected studies were reviewed and methods of measuring that bias were obtained for each bias separately. In these studies, both descriptive statistics and inferential statistics have been used to evaluate biases. Among the 20 behavioral biases, the overconfidence bias was tested more than the other biases, and then the anchoring bias was tested. The biases of conformism, innovation and illusion of control have the least number of evaluations in these studies. To analyze the data in the selected studies, two methods of descriptive statistics and inferential statistics have been used; But the inferential method has been noticeably used to evaluate behavioral biases in research related to financing methods; Inferential statistics were used in 30 studies, but descriptive statistics were used in 14 studies. It should be noted that among the numerous studies, 33 related studies have been examined, some of which have used both descriptive statistics and inferential statistics in their research. In the selected studies to evaluate the biases in terms of time dimension, in the studies of the first researchers in this field, such as Kahneman and Tversky, the descriptive statistics method has been used more to evaluate and prove the existence of behavioral biases. In subsequent studies, especially in the last decade, more inferential statistics have been used in this field.

Paying attention to the results of the research, research problems and gaps are observed in this field. For example, some biases such as compatibilism bias have been neglected, and it is suggested that biases should be investigated more comprehensively in future. It was also observed that studies in this field have mostly used descriptive methods or the regression family, which indicates the low variety of statistical analysis methods in this field. Therefore, researchers need to use other up-to-date analytical methods. Reasons for these research gaps can be mentioned: deficiency in the teaching of research methods in universities, the reluctance of researchers to choose uncommon methods in research, and the procedure of journals to accept articles. It is recommended that research centers, universities and scientific and research journals provide grounds for solving these problems so that researches can benefit from more richness.

With the inclusion of Bitcoin in the portfolio of individuals, it is necessary to evaluate this asset from different financial aspects. In this research, first the relationship between the Bitcoin price, S&P500 and Nasdaq Composite is evaluated using VAR model. Since in VAR models individual coefficients do not lead to statistical inferences, IRFs are being evaluated. It was found that one standard deviation shock on the value of the Nasdaq Composite has a gradual incremental effect on the price of Bitcoin. Also, one standard deviation shock on the value of S&P 500 has a negative downward effect on the price of Bitcoin while one Bitcoin's standard deviation shock is ineffective on S&P500 and Nasdaq Composite. In addition, considering the Granger causality test, S&P500 and Nasdaq Composite cause bitcoin price changes, but the opposite is not true. Having concluded statistical causality of S&P500 and Nasdaq Composite in the previous steps, the price of Bitcoin based on diagnostics being done is regressed as a dependent variable and influenced by the S&P500 and Nasdaq Composite indexes and also needed dummy variable using the ARDL model. The short-term to long-term estimated adjustment coefficient in ECM model is -0.009 and is significant. The overall explanatory power of the model is 99%. Since the normality test and homoscedasticity test were not supported, considering the ability of Robust estimation method to adjust these conditions, this method was used to regress ARDL model. The explanatory power of the model is between 64% and 99%

Financial markets, including the capital market and the money market, generally have two important functions, the formation of physical capital and the provision of working capital in the economy. The purpose of this study is to identify and determine the impact of the main variables of money and capital markets on the formation of physical capital in Iran. For this purpose, the method of self-regression patterns with distributive intervals (ARDL) and using monthly data during the period 1387.1 - 1399.3 after applying some restrictions has been used. The findings of this study confirm the effect of capital market and money market performance variables on capital formation; In a way that in the capital market model, stock market value increases, mutual funds, bond issuance, gross domestic savings and inflation have had a positive effect on capital formation; Mutual funds have no significant effect on capital formation. Contrary to expectations, the inflation variable has had a positive effect on capital formation, the most important reason being the behavior of economic actors in terms of inflation expectations; Also in the money market model, increasing interest rates on bank deposits, loans to the private sector, gross domestic savings have had a positive effect on capital formation and changes in bank interest rates have a negative effect on capital formation. The results show that in general, both money and capital markets have played an effective role in the formation of physical capital, while the money market has a specific task of providing working capital; However, some major capital market variables have not been able to play a significant role in the formation of physical capital due to infrastructure problems

Decision-making on financing methods is one of the most important decisions of managers that can be affected by their behavioral biases. Behavioral biases can cause managers to make irrational decisions and select the optimal financing method with difficulty. Recognizing and evaluating biases is an important step to control them and improve decision making. Given the importance of this issue, the present study has analyzed the pathology of evaluation methods of behavioral biases, specifically in research on financing methods. In this study, for the first time, research onion is used to review studies on evaluation of behavioral biases by research onion. In order to select the articles, related keywords such as behavioral finance, evaluation of behavioral biases, and financing methods were searched in reliable databases and articles related to the research topic were collected. More than 200 articles have been studied and 33 related articles have been selected to examine the methods of evaluating behavioral biases. The study results showed the low variety of statistical analysis methods for evaluating behavioral biases in financing. The application of research onion shows that the methodology of these studies was mainly based on the philosophy of positivism, practical orientation, and comparative approach. Also, it was mainly conducted by the quantitative research and survey strategy, and the data was collected by the library documents.

Recognizing the effective factors in the formation and fluctuations of the exchange rate in the long run, as well as knowing how the exchange rate influents from economic policies to align with the desired goals are among the necessities of a successful economic plan. Accordingly, this study investigates the long-term and short-term factors affecting the real exchange rate of Iran and estimates the coefficients of the relevant variables using the vector error correction model (VECM) in the framework of behavioral equilibrium exchange rate model (BEER). Monitoring the trend of deviation of the actual real exchange rate from the long-term equilibrium exchange rate during the years 1973-2017, according to the selected quantitative goals of the Sixth Economic Development Plan of Iran, the real exchange rate and the equilibrium exchange rate of the country has been estimated during. The results of this study show that due to the failure to achieve the goals in the first three years of the Sixth Plan, the nominal exchange rate gap from the equilibrium exchange rate has reached an average of about 25 percent annually. In addition, the pressure of monetary inflation, reduced production growth and increased systemic risk of the country has led to a continuous increase in the nominal exchange rate in the parallel market.

In financial markets, the effect of profitability anomaly, distress anomaly, lotterynees anomaly and idiosyncratic volatility have been investigated individually. However, the potential relationship among these anomalies have not been analyzed yet. Recently it has been raised that growth options effect on the symmetry of the return distribution function and it can describe the potential relationship among anomalies and risk premium of anomalies. This relationship has been investigated in this research by use of the statistical properties governing over third order moments of return distribution function and isolating expected idiosyncratic skewness derived from growth options. For this purpose, data of 114 companies listed in Tehran Stock Exchange were collected during 2011 to 2016. Hypotheses were tested using portfolio approach and alpha evaluation of factor models. The findings shows that there is relationship between profitability, distress, lotteryness, idiosyncratic volatility and stock return, but the common capital asset pricing models cannot explain premium risk of these anomalies. These findings confirm profitability, lotteryness, distress and idiosyncratic volatility puzzle indirectly in the capital market of Iran and show that investors can earn extra return by using these anomalies.

Iran is located in the arid and semi-arid region of the world and is facing a severe water shortage. The share of industries and mines in the total amount of water consumption in this country is about two percent, which is very small as compared to developed countries. However, the geographical distribution and location of industries and mines are not been water-centered, and this has led to many obstacles in providing water resources for industry and mining, despite the low share of this sector compared to the global average. For example, an important part of Iran's mines such as iron and copper mines are located in low-water provinces such as Hormozgan, Kerman and Yazd. But there are two main strategies for managing water resources in industry and mining. The first option is to use saltwater instead of fresh water (desalted seawater), and the second option is to use water recycling processes. In recent years, the high share of the current budget in the country's public budget has made the government unable to complete the construction and operation of infrastructures in various areas, including the water industry. Moreover, despite the sanctions on the Iranian oil industry and the limited foreign exchange earnings, the possibility of financing such projects with the revenues from oil sale has decreased, and the government must inevitably rely on the revenues from taxes, service tariffs, the issuance of government bonds, or the capacity of the private sector. Of course, various methods of financing infrastructure projects sometimes have different effects on the economy. Therefore, it is necessary to study the effect of constructing these infrastructures on the economy according to the way of financing them. This paper aims to provide a dynamic financial computable general equilibrium model that can evaluate the public-private partnership by focusing on the water sector, the effects of building, financing and operating desalination centers and transferring the Persian Gulf water to the mines sector in the southeast of the country.

In order to investigate the trend of changes in the variables of this model, a recursive financial computable general equilibrium is used. After the model is specified, three different scenarios are simulated using the MCP technique and the GAMS software. In all these scenarios, it is assumed that the project will be built for seven years and operated for 15 years. The construction of this project has led to an increase in the supply of unconventional water to the mining sector by 650 million cubic meters. But the financing methods of the project are assumed to be different in these scenarios. In the first scenario, financing is done by the issuing of government bonds, in the second scenario, by the imposing of a tax on the water product, and, in the third scenario, by the issuing of equities and eliminating of water subsidies (in terms of the productivity index).

The results of simulations show that the project, if implemented by the private sector and financed by eliminating water subsidies and issuing equities in the capital market for the building and operation period, will have higher positive effects on the gross domestic production and social welfare than when it is implemented by the public sector and financed by issuing bonds or imposing a tax on water products. In other words, the building and operation of the project by the private sector by the elimination of water subsidies and the issuance of equities in the capital market without increasing productivity will lead to an increase of 0.0224% in the GDP, but it will not make a significant change in the household welfare. If an increase in productivity accompanies it, the GDP will increase by 0.0751 percent and social welfare by 0.0016 percent. On the other hand, if building and operating are done by the public sector and by the issuing of bonds, it will increase the GDP by 0.0175 percent and reduce the household welfare by 0.002 percent. If it is financed by imposing a tax on water products, the GDP will increase by 0.0108 percent, and household social welfare will decrease by 0.0004 percent.

The results show that the building and operation of the project in any way leads to an increase in the GDP. However, the GDP in the public-private partnership method increases more than in the other methods when productivity increases during the operation period (the second case of the third scenario). In the traditional method, if the project is financed by the issuance of government bonds, the increase in the GDP will be greater than that when the project is financed by tax revenues. Also, the change in the household welfare is negative in the first and the second scenarios, where the project is traditionally implemented by the government. In the third scenario, however, where the project is implemented using a public-private partnership contract, the productivity is zero when it is unchanged, but it is positive when it increases in the period of operation.

Significant fluctuations in the price of cryptocurrencies has led to the identification of effective factors on their prices, and it is important to understand this in the financial markets. In the present paper, the time series analysis method is used to study the determinants of Bitcoin and Ethereum prices. For this purpose, the stock price index on the New York Stock Exchange, the Standard & Poorchr500 Index, the world price of gold and the exchange rate of the dollar and the euro as economic factors, the difficulty of mining, the number of daily transactions, the daily number of circulating Bitcoin and Ethereum as technical factors, The variables of the number of daily tweets related to Bitcoin or Ethereum and the number of daily searches of Bitcoin or Ethereum in Google have been examined as social factors. The time period for Bitcoin is from 2014 to 2020 and for Ethereum from 2016 to 2020. The research method is applied and the statistical population of the research includes two cryptocurrencies, Bitcoin and Ethereum. The econometric method used to study the effect of high factors on the price of Bitcoin and Ethereum in the short-run and long-run periods is OLS and VECM. Among the factors studied, the world price of gold has the greatest impact on the price of Bitcoin and Ethereum.On the other hand, in the short run, the exchange rate of the dollar and the euro and the world price of gold have a negative relationship with the value of cryptocurrencies.

The main objective of this study is to explain the effect of conditional conservatism on cumulative accounting and gross domestic product (GDP). The effect of the conditional conservative monetary value on interest rates with consideration of conditional conservatism has also been studied on corporate profits and gross domestic product. In other words, is the reaction of corporate profits and gross domestic product (GDP) to bad (negative) news better than responding to good news (positive)? And does conditional conservatism affect interest rate by changing gross domestic product (GDP)?

In this Research, to test hypotheses have been developed, a time series multi-variable regression model has been used. The Campbell model is used by four monthly variables in VAR to measure news. Also, seasonal data from companies listed in the Tehran stock exchange selected in 1380-1396.

According to the research findings, the company's corporate profits and gross domestic product respond to bad (negative) news more than respond to good news (positive). In other words, macroeconomic indicators and corporate profits are conditionally conservative. Also, the rial value (monetary) of conditional conservatism affects interest rate by affecting the corporate profits and gross domestic product (GDP).

Empirical evidence shows that the banking crisis is one of the leading causes of economic crises. The occurrence of a banking crisis due to the interconnectedness of the banking network with countrieschr('39') economies makes it very difficult to study and predict them. The research method in this research is applied. The statistical population of the research includes Saderat, Mellat, Tejarat, Eghtesad Novin, Parsian, Pasargad, Sina, Sarmayeh, Karafarin, Hekmat Iranian, Ansar, Shahr, Gardeshgari, Tose Etebari, Saman, Dey is the Khavaremianeh, and Postbank and the research period is from 2007 to 2017. This research has evaluated the banking crisis prediction by simple and dynamic probit panel method in two periods when the first period includes the first and second lags and the second period includes the third and fourth lags. For this purpose, the variables of total stock index, land price index, credit to GDP ratio, leverage, profit, and the capital ratio of each bank, which indicates the state of the countrychr('39')s economy and banks, are used. According to the results, the correct prediction rate in dynamic probit is higher than the simple probit prediction rate, and dynamic probit is more capable of predicting banking crises. On the other hand, the ratio of loans granted by banks to the private sector to GDP and the ratio of leverage have a significant and effective relationship with the probability of a banking crisis in Iran.

Due to the importance of non-performing loan banking in the health of the banking system and the role of banks in financing the country's enterprises in this study was tried to use the study of Abid et al. (2014) in which the effect of economic and banking variables on non-performing loan banking of Tunisia has been studied, To evaluate the effect of macroeconomic variables (GDP, Government dept, exchange rate, and liquidity) and banking (bank size, moral hazard, and bad management) on the volume of non-preforming loans bankings, accepted banks in Tehran stock exchange during the period 1396-1386 to be paid. In this study, the two-step Generalized Method of Moments (GMM) and panel data have been used. Finally, the accuracy of the results was checked by Sargan tests and serial autocorrelation. The statistical population of the study is the banks accepted by tehran stock exchange (Saderat, Mellat, Tejarat, Sina, Sarmayeh, Saman, Parsian, Pasargad, Hekmat Iranian, Ansar, Eghtesad Novin, Dey, Khavaremianeh, Ayandeh, Gardeshgary, Shahr, Karafarin, Post Bank and Tosee Etebari). Macroeconomic variables such as liquidity, government debt and exchange rates have a significant effect on the volume of non-performing loan. The relationship between liquidity and government debt variables and the volume of non-performing loan is positive. The relationship between the exchange rate and the volume of non-performing loan was reported in most negative coefficients. Also, banking variables such as bank size have a negative relationship with the volume of non-performing loan and the relationship between bad management and the volume of non-performing loan is positive.

Object: 

The revival of Article 169 of the Direct Taxes Code is an important tax development in recent years in Iran. According to this article, taxpayers are required to upload their sale and purchase information in the form of quarterly reports on the website of the Tax Administration. The implementation of this article as a tax program aims to improve the quality of the tax system. If successful, the tax difference and tax avoidance of Iranian companies are expected to decrease. Meanwhile, some companies are not covered by this legal article. But Article 169 may have had an indirect effect on them. This study aims to investigate the effect of reviving the Article 169 of the Direct Taxes Code on tax difference and tax avoidance of companies subjected and non-subjected by this legal article.  

Data was collected using the document extraction method and reference to the database and then analyzed by Minitab and Stata software. To test the research hypotheses, paired t-statistics, and differences in differences approach were used. Changes in tax codes in an economic society directly affect the companies that are subject to those codes. At the same time, the non-subjected part of the community may be indirectly affected by the program because of its interactions with the subjected part. In this study, to differentiate the effects of the program in the subjected section in comparison with the non-subjected section of the society, the difference in difference estimator has been used. A sample of 135 companies was studied in the two groups of subjected and non- subjected in 2011 and 2012.

The findings showed that the revival of Article 169 of the direct tax code has significant effects on reducing tax differences and significant effects on reducing corporate tax avoidance. Also, the impacts on the subjected companies were significantly different from non- subjected companies.  

The results show that the tax gap between the subjected and non-subjected groups has decreased since the implementation of Article 169 of the Direct Taxes Code. In other words, the financial relationships and interactions between subjected and non-subjected companies have been such that the reduction of the tax differences has expanded from subjected to non-subjected. But this decrease is significantly different between the two groups. In other words, the implementation of the program has not created the same differences between the subjected and non-subjected groups. The findings indicate that the intensity of the impact of the revival of Article 169 of the Direct Taxes Code was greater in the subjected group than in the non-subjected group. The results also show that tax avoidances have decreased in both groups of subjected and non-subject companies. Research results show that the reduction of tax avoidance has not been similar for the two groups. In other words, both groups are affected by the implementation of the program, but there is a significant difference between the results of differences between the two groups.

Over the past decades, the world economy has seen the loss of millions of well-paying manufacturing jobs. This trend has been observed in recent years in the Middle East. Some jobs in the Middle East have been lost forever due to the advent of technology and labor savings. At the same time, many low-wage jobs have been created in the service and retail sectors of their economies. The growth of technology reduces the demand for low-skilled workers and increases the demand for skilled workers, and as a result, the wage gap between the two groups increases. It is noteworthy that technology also affects income distribution by affecting macroeconomic variables such as growth, employment, income, and wage levels. In recent years, technological advances in the Middle East have intensified, and it is important to examine the impact of employment in industry on income inequality.This article uses panel data from Iran, Iraq, Saudi Arabia, Bahrain, Turkey, Jordan, Kuwait, Lebanon, Oman, Syria, the UAE and Egypt from 2000 to 2018 to examine the relationship between industrial employment and inequality. In this study, the variables of Gini coefficient, industrial employment, GDP per capita, the ratio of trade to GDP and the ratio of government expenditure to GDP have been used and econometric method is generalized method of moments two-step (GMM). The analysis shows that industrial employment is negatively related to income inequality, while other variables have little effect on income inequality.

Changes in a countrychr('39')s tax system aimed at promoting the tax system, such as a mediating variable, affect the transfer of wealth among stakeholders. Establishment of value added tax system is one of the important changes in recent years that the present study tries to evaluate its effect on improving tax reporting (reduction of tax difference and avoidance. In this regard, 145 companies were studied in two groups of taxable and non-taxable during the implementation period of the program (2008 and 2009). Implementation of the program in an economic community directly impacts the agencies subjected by the program. At the same time, the non-subjected part of that community may also be indirectly affected by the program due to its interactions with the subjected sector. In this study, a statistical estimation called differences in differences was used to identify the difference between the effect of the program on the taxable section and the non-taxable section of society. The findings show that the value added tax system reduces the difference and tax avoidance in the taxable companies, but also has an indirect effect on the non-taxable companies so that the difference between the two groups in the pre-test and post-test is not significant.

The purpose of accounting, as an information system, is to provide information needs and improve economic decisions. In this research, the use of accounting information as a style in "style investing" has been surveyed. In style investment, instead of paying attention to a particular company, assets are first categorized on the basis of a specific attribute then an asset is selected from that category. The accounting variables are the earnings per share, the book value, the size, and the operating cash flows to sales ratio. The sample includes 381 companies listed in Tehran Stock Exchange between 1387 and 1393. The results show that all of the variables are used as "style" by investors; however, the operating cash flow ratio narrowly used. According to the results, companies with lower the earnings per share, book value and size have experienced higher purchasing demand.

There are various anomalies in the financial markets such as profitability, financial distress, lottery, volatility, and growth options, which origin and nature are unclear, ambiguous and apparently unrelated. In this study, we investigate the seemingly unrelated anomalies using the third and fourth moments of return’s distribution function and by isolating the expected skewness effect attributed to future growth options to evaluate the investors' performance in portfolio selection. For this purpose, the data of 114 companies listed in Tehran Stock Exchange between 2011 and 2016 are reviewed based on portfolio modeling and factor models. Results shows that performance is better when investing at highest expected idiosyncratic skewness attributed to future growth options.

Financial markets, and especially the stock market, are one of the most important sources of financing investment projects in the path of economic growth and development, which are affected by various policies. The main purpose of this study is to analyze the effect of government fiscal policies on the stock market in Iran, which is examined by presenting a dynamic stochastic general equilibrium model. To this end, in designing the model, government spending, consumption tax rate, capital tax rates and wages tax rates were considered as fiscal policy instruments. The results of the the impulse responses to a shock of fiscal policy instruments show that government spending shocks, capital tax shocks, and wage tax shocks lead to a decline in intermediary firms' profits and stock price indices, but Consumer tax shocks lead to increases the profits of intermediaries and the stock price index.

From the start of the new round of UN sanctions against Iran to the Lausanne Declaration, certain the political developments occurred (e.g. changes in the government and adoption of an interactive approach to foreign policy). These developments have had their impacts on inflation expectations. Based on the experience and global studies,the market rate of exchange (US dollar), the stock price index and the consumer price index (CPI) are all calculated on a monthly basis and considered as the estimates of inflation expectations.
In this study, we extract the concession function of the economic planner in the context of a conflict economy and on the basis of conflict expectations of Drezner (1999 ), which is a theory of dynamic games. Then, we specify this function on the objective of decreasing the expected inflation. In this regard, three regression models were evaluated separately on the basis of the Autoregressive Integerated Moving Average with an explanationary variable (ARIMAX) and rolling regressions. The results show that inflation with a lag and liquidity have had positive effects on the inflation expectations.
Political developments, including changes in the government and negotiating strategies with different lags have been effective in the reduction of inflation expectations. However, due to the long negotiation process, there would have been unknown changes in inflation expectations.

One of the important socioeconomic tasks of governments is regulation. Regulation literature focuses on government intervention in the market for regulating the amount of production and distribution of a commodity, which can lead to the determination of the structure and rules governing the market. A commodities exchange is one of the most important regulatory agencies, which, by providing a convenient, transparent and observable trading system, is customary for the flow of government-specific regulations on commodities. The aim of the present study is to test the regulatory results of supply of products in the commodities exchange. To this end, the percentage increase in the price of 12 commodities traded on the commodities exchange was compared with 21 off-exchange trades using the Propensity Score Matching technique, Caliper and Radius Matching technique, and Bootstrap Standard Deviation. According to the obtained results, the supply of commodities on the Iran mercantile exchange has led to a decrease in their price growth compared to similar commodities outside the Iran mercantile exchange. As a result, using regulatory agencies such as the commodities exchange will increase production and welfare of the society.

In this research, the application of "industry based style investing" and the momentum strategy among retail investors have been studied. In style investing, selection process takes place in two steps. First, target style and then one of the members of target style are chosen. In this research, target style is industry. In industry based style invesing, the choice of investment is not based on the information of a particular firm, but with the attention of industry level information. A sample of 22 industries was selected through a systematic elimination from the listed firms in Tehran Stock Exchange between 2008 and 2014. The results showed that the industry is used as a "style" by retail investors. However, the use of the momentum strategy among retail investors has not been observed and is seen against the reverse strategy. It seems that in the industry level, negative news is more effective and herd behavior for selling is significant. High activity on sell side may be due to the pessimism of retail investors

The aim of this paper Major part of GDP of Iran driven by oil revenues. As the oil price fluctuations vary the oil incomes, assess the effect of this variation on economic growth is a matter of importance. In this regard, this survey investigate the asymmetric effects of oil price shocks on Iran's economic growth and interest rate using seasonal data from 1999:4 to 2015: 3 using self-equilibrium pattern of nonlinear transient nonlinear transmission (LSTVAR) series, including high and low oscillation regimes. Oil price fluctuations are selected as a transition variable, and using the generalized instantaneous reaction function, the asymmetric effects of oil price shocks on economic growth and interest rate have been examined. The results indicate that oil price shocks in both high and low volatility regimes have different and asymmetric effects on economic growth and interest rate. The shock of oil prices in the high-fluctuation regime at the start will reduce economic growth to a greater extent than the increase in economic growth in a regime with low volatility. According to the results, it is suggested that saving excess oil revenues in oil price increases should be considered so that this surplus can be used to reduce the adverse effects of oil price fluctuations.

Typically, the objectives of monetary policymakers in different economies include reducing inflation and output gap. To achieve these goals, the monetary authorities should adopt appropriate monetary policies. Since the economic models are facing with uncertainty, the uncertainty should be considered in appropriate monetary policies. We investigate discretionary monetary policy with uncertainty about cost push shock and demand pull shock through the Hansen and Sargent’s robust control approach (2002). We use the dynamic stochastic general equilibrium model where the money growth rate has been introduced as a monetary policy instrument. The robust optimal monetary policy for Iran’s economy in response to cost push shock is more aggressive than the monetary policy with certainty, but in response to demand pull shock, no difference exists between robust optimal monetary policy and monetary policy with certainty. Following an increase in inflation weight and money growth rate weight in policymaker’s loss function, the monetary policy with uncertainty remains still aggressive in response to cost push.