behrang parsafard

The purpose of this research is to examine the dynamics of conditional correlation between the returns of mutual investment funds (4 selected funds) and the return of the total index of the Tehran Stock Exchange during the period from the beginning of September 2013 to the end of Faroudin 1400.

In order to achieve this goal, dynamic conditional correlation (DCC) and asymmetric dynamic conditional correlation (ADCC) econometric techniques, which are multivariate conditional heterogeneous variance (MGARCH) models, have been used.

The results of the estimation of EGARCH models for conditional variances indicate that there is asymmetry in the conditional variance equation for all the return series (other than the output of the Export Development Fund), so that bad news more than well news cause to further increased the turbulence of returns. The results of the DCC and ADCC models showed that the asymmetric parameter is only significant between the total returns of the market and the return on the brokerage business, and in other models, in the conventional level of knowledge, there is evidence of asymmetry in conditional correlations Does not exist.

The results of the current research indicate that bad news has a greater impact than good news on the status of funds; In fact, funds are conservative in the face of good news and relatively passive in the face of bad news.

Contribution: 

The lack of sufficient strength in facing the market with bad news can be considered as the major problem of investment funds.

Stability affects the planning process and making optimal decisions by managers; Uncertainty and instability have been introduced in financial and economic literature as one of the most important factors affecting the amount and level of investment in countries. The impact of uncertainty on the reduction of income and profitability of companies and, as a result, the lack of attractiveness of the Country's financial market for foreign investors, has attracted the attention of experts and researchers. This research aims to systematically review uncertainty research to determine the future trends of this research field. For this purpose, a systematic literature review with a Meta-synthesis approach is used. After deciding on the search protocol and article selection indicators, 68 articles were selected. The evaluation of the selected articles led to the identification of 47 Factors and the measurement indicators related to each Factor. Uncertainty Factors were classified into company, industry, macroeconomy, and international economy. Examining the research carried out in the company aspect shows the interest of the researchers in investigating the uncertainties related to the upstream and downstream chain; In fact, managers and shareholders of companies are insecure about the supply of raw materials for production and sale of manufactured products. In the following, trend-setting articles and highly cited authors were mentioned in each period. The authors believe that the future research process in the field of uncertainty will focus on combined research in both global and corporate dimensions, and researchers will investigate the impact of uncertainty on international companies; This line of research has been started for several years with the tariff war between the United States of America and China and has been intensified by changes in tax rates by governments, so it seems that the research process in the field of tax arbitrage will increase; Also, due to the increasing trend of joint research in the field of uncertainty and cryptocurrencies, this research path is expected to become one of the main paths of uncertainty studies.

The purpose of this study is to investigate the relationship between Earnings persistence, institutional investors monitoring, and types of political connections in companies listed on the Tehran Stock Exchange. The statistical population of this study is all companies listed on the Tehran Stock Exchange from 2015 to 2021 and the number of samples is 105 companies. The regression analysis method and Ivory statistical software were used to analyze the research data. The results showed that institutional oversight in companies with political connections has an effective role in increasing profit stability. The selection of large auditors by companies with political connections has no significant relationship with profit stability. However, the longer the term of the CEO of companies with political connections increases, the more stable the profit. The results generally indicate a significant relationship between profit stability, institutional oversight, and various types of political communication.