mohammad javad sheikh

Financial markets, especially the capital market, are considered the most important tools for mobilizing and allocating financial resources. Given the strategic financial and economic importance of this market, whenever a widespread deviation occurs in this market, the mobilization and allocation of the country's financial resources face a serious problem. One of the factors that create this problem is price bubbles. Also, the markets in each country are affected by each other's deviations. By identifying the relationships between the components of different markets, decisionmaking becomes easier for investors and investment companies. This research identifies the relationship between housing prices, gold prices and price bubbles in the Tehran Stock Exchange. First, through the test of continuity, skewness and elongation, it was determined that there was a bubble in the Tehran Stock Exchange in the period from 2007 to 2013. To conduct this part of the research, aggregate index data was used and the results show that out of the 84 months under study, 27 months had bubbles and 57 months did not. In the next step, logistic regression method was used to examine the relationship between housing prices, gold prices and price bubbles in the Tehran Stock Exchange. The results show that there is no significant relationship between all selected independent variables and price bubbles in the Tehran Stock Exchange.

The aim of the current research was to develop a stock return model of active listed banks based on the components of risk aversion, investors' willingness and monetary policy shocks. In terms of approach, the present research is a mixed research, and in terms of method, a combination of thematic analysis and interpretive structural model has been used. In the qualitative part of the studied community of this research, there were university professors in the field of financial management and financial planning in the banking industry. Through purposeful sampling, of criterion-oriented type, the desired sample was selected and sampling continued until the theoretical saturation of data was reached. Therefore, the participants in the research included 22 professors and administrators. The data collection tool in this research is a semi-structured interview. The process of analyzing the data obtained from the text of the interviews, considering its importance in Atride-Sterling's theme analysis approach, was done simultaneously with the data collection in three stages of open coding, and they were classified in the form of themes and sub-categories. ATLASTI software is used in the theme analysis method. In the following, in order to design the model, the quantitative expert method of interpretive structural model has been used. The community used in this technique is also shared with the qualitative community. This technique was performed in MICMAC software. The results showed that the influence of various components, including risk aversion, investors' willingness and monetary policy shocks, is very important in formulating the stock return model of active listed banks. Credit policy shocks can have a large impact on bank stock returns. Sudden changes in the growth rate of money and exchange rate can also be important factors in the formation of stock returns.

The Audit committee is a committee consisting of non-executive board members who have no executive responsibility to monitor the process and quality of financial reporting, internal audit performance, assessment of internal controls, fraud risk management and …. the purpose of this study is to prioritize the factors affecting the effectiveness of the audit committee. for this purpose, by collecting the necessary information through library method and then distribution of questionnaire in two stages, the collected data were analyzed using fuzzy analytic hierarchy process (ahp) method. the population studied in this study are audit experts, accounting professors and members of audit committee members, among which 20 were selected as samples. to determine the importance and ranking of the main and sub-factors of the audit committee, the effectiveness of the audit committee has been used by group fuzzy hierarchical method (GFAHP). results of the prioritization of research variables have shown that the most important factors of the audit committee effectiveness, the support and support index of the audit committee, performance and functions of the audit committee, the characteristics of members of the audit committee, composition and procedure of the audit committee, and Audit committee meetings are the next priority.

The purpose of this study is to identify the factors affecting the quality and effectiveness of proceedings conducted by official judicial experts in the field of accounting and auditing through the recognition, analysis and evaluation of proceedings from the experts' point of view and in order to review the expert process. In an interpretive study in terms of the philosophy of epistemology, data have been collected and analyzed using a qualitative research approach, along with semi-structured interviews with experts and targeted sampling at the time point of 2024. Based on the findings, the nature of the cases in terms of variety and complexity, the lack of using innovative techniques and the existing limitations in expert areas have the greatest impact on reducing the quality and effectiveness of proceedings. Lack of professional standards and lack of necessary skills, limited access to documents and lack of time are placed in the next priorities, respectively. Other fields, along with intervening factors such as factors related to judges, experts and laws, are among the factors whose management is to achieve appropriate mechanisms to strengthen the position of experts, reduce trial time, social security, reduce the occurrence of crime and social costs. And it will lead to maintaining the security of business relations.a comprehensive view of the causes of the effects of reducing the quality and effectiveness of proceedings, insight and strengthening of professional perceptions and the necessity of applying the results, among the most important innovative aspects of research.

Cash flows have a significant impact on various factors including labor investment efficiency. In this regard, Beladi et al. (2021) show that companies facing cash flow risk are likely to increase current labor investment to reduce future financing costs. Delays in labor investment expose the firm to additional risks associated with uncertain cash flows and potentially reduce its ability to finance existing projects (Boyle & Guthrie, 2003). However, due to the lack of sufficient research on this issue in Iran, this research seeks to address this need.

The statistical population for this research includes all firms listed on the Tehran Stock Exchange from 2015 to 2022. Data necessary for this study was gathere from the information bank of the Tehran Stock Exchange and Securities Organization (Codal) and Rahvard Novin software. Excel software was utilized for data collection and organization, while SPSS and Eviews were used to test hypotheses and analyze findings. This research follows an event study design, with the t-test being the most commonly used statistical test for such studies. The study focuses on evaluating legal requirements in the capital market by examining transaction volumes, announcements for news conferences, clarification of stock price fluctuations, dispelling of rumors, and trading symbol suspensions This research examines the moderating role of education and research and development costs on the relationship between the efficiency of labor investment and the fluctuations of operating cash flow of companies that are admitted to the stock exchange. In terms of goals, this research is practical and in terms of methodology, it is a type of post-event research. The statistical population includes all the companies that have been admitted to the Tehran Stock Exchange and the systematic elimination method has been used for selection. 1396 to 1400 were investigated.To collect information, a library method was used and the research hypotheses were tested using the panel data model and multiple linear regression.

Research findings show that operating cash flow fluctuations have a significant effect on the efficiency of labor investment, and employee training costs have a significant effect on the relationship between labor investment efficiency and operating cash flow fluctuations, as well as research and development costs on the relationship between efficiency. Labor investment and operating cash flow fluctuations have a significant effect.

The greater the volatility of operating cash flow, the greater the efficiency of labor investment. In other words, companies facing cash flow risk are likely to increase current labor investment to avoid high financing costs in the future; because fluctuations in cash flow increase the company's risk and thus affect the risk of companies with inefficient labor investment. Therefore, the results of this research are in line with the research of Habib and Ranasinghe (2022). On the other hand, the second hypothesis of this research was shown that the costs of employee training as a moderator of the relationship between the efficiency of labor investment and the fluctuations of operating cash flow are affected. To give this means that the lower the costs of employee training, the greater the volatility of operating cash flow as the efficiency of labor investment increases. In other words, a company with high cash flow risk is more likely to invest more cautiously in its workforce. It then reduces the costs of employee training to force management to improve the efficiency of workforce investment to increase shareholder value and reduce future financing costs. Therefore, the results of these studies are consistent with Beladi et al. (2021) and Habib and Ranasinghe(2022), because they believe that companies facing cash flow risk are likely to increase current workforce investment to avoid high financing costs in the future. Avoid, because fluctuations in cash flow increase the company's risk and thus affect the risk of companies with inefficient labor investment. Meanwhile, the third hypothesis of the current research shows that research and development costs as a moderator affect the relationship between labor investment efficiency and operating cash flow fluctuations. This means that when faced with cash flow risk, company managers try to maximize R&D expenses by effectively investing in labor to increase the value of the firm, because the ability of investments from R&D expenses is highly dependent on cash flow. And is quite sensitive to cash flow fluctuations.

The purpose of this article is to investigate the role of economic policy uncertainty in relation to financial market instability and stock liquidity in Tehran stock exchange companies. For this purpose, the panel threshold approach model (PSTR) was used based on the annual data of listed companies during the period of 1401-1392. Based on the obtained weights for economic policy uncertainty, the macro indicators section has the greatest effect in creating uncertainty. After that, the monetary and financial sector of the government have the most subsequent effects. Among the variables; The free exchange rate has the most influence, followed by the economic growth, inflation and monetary base and the real interest rate have the most influence on the uncertainty of the government's economic policies in Iran's economy. The estimation results of the nonlinear part of the model (second regime) show that for one percent increase in the variables of economic policy uncertainty, financial market instability, psychological biases, stock liquidity decreases by 8%, 5% and 17% respectively. Also, for one percent increase in profitability variables, asset structure, financial behavior of investors and company sales growth, stock liquidity increases by 7%, 10%, 2% and 28% respectively. In other words, the increase in the uncertainty of the economic policy leads to an increase in the amount of foreign debt by companies, and the increase in debt will lead to a lack of liquidity in general, which in general, the lack of liquidity of economic enterprises has a negative effect on the distribution of dividends, stock returns and increasing the index. They have a price, it should also be noted that with the increase in the uncertainty of the economic policy and the instability of the financial market, the possibility that the capital will leave the stock market and enter the money market will also increase. Therefore, it can be said that the increase in economic policy uncertainty and the instability of the financial market will continuously reduce the liquidity of the stock market.

The main purpose of the paper is to estimate the effect of mandatory adoption of International Financial Reporting Standards (IFRS) on the relationship between market-based measured of risk and acconting variables using a sample of banks are listed on the Theran stock exchanges that covers pre-IFRS and post-IFRS periods2015-2017,in order to examine whether IFRS introduction enhaces the systematic and nonsystematic risks.Employing pearson correlation coefficient and paired –samles t test and the Fisher r-to-z transformation , our finding show that the adoption IFRS reinforces positive association between loans to assets ratio with systematic risk while credity and size with systematic and nonsystematic risk and conservatism and EPS with systematic risk are inversely related under IFRS. In addition, the relationship between income diversification and market measures of risk is satistically significate after the adoption IFRS, than earning par share are inversely related with systematic risks. Finally IFRS didn’t has any effect in the relationship between liquidity and systematic and nonsystematic risks.The evidence supports the findings for European companies and thus points to the benefits potentially available to companies in countries that have yet to adopt IFRS .Our findings highlight the effects of mandatory adoption IFRS in iranian banks so we suggest to reduce systematic risks in other companies , IFRS will be initially adopted voluntarily

We live in a very complex world where we face complex phenomena such as social norms and new technologies. To deal with such phenomena, social scientists often use reductionism approach where they reduce them to some lower-lever variables and model the relationships among them through a scheme of equations. This approach that is called equation based modeling (EBM) has some basic weaknesses in modeling real complex systems so that assumptions such as unbounded rationality and perfect information are strongly emphasized while adaptability and evolutionary nature of all engaged agents along with network effects go unaddressed. In tackling deficiencies of reductionism, the complex adaptive system (CAS) framework has been proven very influential in the past two decades. In contrast to reductionism, under CAS framework, complex phenomena are studied in an organic manner where their agents are supposed to be both boundedly rational and adaptive. As the most powerful methodology for CAS modeling, agent-based modeling (ABM) has gained a growing popularity among academics and practitioners. ABMs show how agents’ simple behavioral rules and their local interactions at micro-scale can generate surprisingly complex patterns at macro-scale. Despite a growing number of ABM publications, those researchers unfamiliar with it have to study a number of works to understand (1) why and what of ABM, (2) its differences with EBM (3) its main functionalities in scientific studies and (4) some of its applications in management science. So, this paper’s major contribution is to help researchers particularly those unfamiliar with ABM to get insights regarding its philosophy and use and gain a big picture of it.

One of the essential actions for perfect investment in the stock market is to consider various criteria in stock selection. One of these criteria is economic value added. By combining risk and return measures with economic value added, dividends and kurtosis and skewness coefficients; and using goal programming, a model that can lead to the most optimal portfolio can designed. The analysis of hierarchical process (AHP) was used to calculate the importance of the model criteria. In this study, comparison of the results was done between the ideal of economic value in the absence aspirations of dividends and vice versa and presence of both the ideals and Markowitz model. The research findings showed that the proposed model of this study has a higher return to risk ratio, compared to other models tested in this study such as Markowitz model, and subsequently the proposed model leads to a greater return.

Determining the firm value is one of the important factors in investment. One of the effective factors on the shares value is financial decision-making. The main task of any CFO, is maximizing shareholder wealth and increasing the value of the company, and it is possible when the company is running well. The purpose of this paper is to examine the relationship between free cash flow and diversification with firm performance. Performance evaluation factors are return on equity ratio, return on assets ratio, the proportion of sales, Q Tobin's ratio and net working capital. The statistical population is 21 listed companies in Tehran Stock Exchange from pharmaceutical industry in the period 2006- 2013. In order to determine the relationship between variables, panel data econometrics approach and Eviews software has used. Results indicate that free cash flow does not have a significant relationship with any of the factors of performance evaluation. Also diversification has significant relationship only with Return on assets ratio, and this relationship is negative.

In this paper we examine this idea that the market prices of shares reflecting expectations of investors to the real options value. To this end, the relationship between the market value of the stock-firm, that is the result of real options (ROR) and variables that are associated with real options, were studied. The empirical analysis of a panel of 133 industrial companies listed on the Tehran Stock Exchange (TSE) during the period 1381–1390 shows that for the three approaches net income (NI), free cash flow to equity (FCFE) and free cash flow to the firm (FCFF) an average of 24.14, 29.37 and 23.68 percent of the market value of stock-companies related to real options that are statistically different from zero too. Compared to the power and precision of prediction models from the three approaches show that net income (NI) approach in the explaining real options market value is relatively better than the other two approaches.

Rational investment decisions needs attention to criteria and different factors simultaneously. Goal programming can be used to achieve this Purpose. Goal programming is used widely in management science due to the flexibility in the assessment of the decision with multiple objective contradictory and vague information. In this paper, differences in stock selection and the results of the Markowitz model and goal programming model is shown. Measures Common minimize risk, maximize revenue, be positive skewness of the revenue portfolio, be negative elongation of portfolio risk and a measure of economic value added and dividend separately in two stages are considered as the model's ideal. Using analysis hierarchical process (AHP) was comparable to the level of importance of the criteria. For this reason, Information of 10 participants from 30 best companies in the Tehran Stock Exchange were used. Statistical analysis and solve the model has been by Using spss software and lingo software. According to the results, goal programming model, greater efficiency compared with Markowitz model to provide investor.

One of the criteria for evaluating performance and assessing the financial health of the business units is free cash flow (FCF), that for first introduced by Jensen. Free cash flow can be having important and useful applications for business managers and shareholders. An important issue about the free cash flow is the agency problems of free cash flow. According to Jensen research managers in firms with high free cash flows and low growth likely to maintain their interest turn to earning management. Several studies that performed after Jensen research in this field also confirmed earning management in such firms. In this paper, mentioned the definition of free cash flows have been made by the individuals. And the importance and application of free cash flows to shareholders, investors and business executives are examined. And continually several portion about the free cash flows to be expressed. Finally, the role of free cash flow as a stimulus for earnings management in business and the factors that according to research findings can be considered to offset this incentive are examined.

In today’s competitive environment, propen evaluation of firms’ performance, is an important issue not only for investors and creditors, but also for the firms that are in the same sector. Determining the competitiveness of the firms and evaluating the financial performance of them is also crucial for the sector’s development. The aim of this study is evaluating performance of brokerage firms in Tehran Stock Exchange. Fuzzy Analytic Hierarchy Process (FAHP) and Technique for Order Performance by Similarity to Ideal Solution (TOPSIS) methods integrated in this study and used for evaluating performance of brokerage firms of Tehran Stock Exchange. Present study uses 5 factors and 19 sub-factors in evaluating process of brokerage firms. 39 firms were selected from active brokerage firms that their financial statements were available, and then they were evaluated and ranked. FAHP method is used in determining the weights of the criteria by decision makers and then rankings of the firms were determined by TOPSIS method.

Nowadays risk management is as vital as receiving the maximum return. Therefore researches on risk management area and its models are very useful for the investors. This research is relied on finding the portfolio's optimal weights with the aim of minimum risk by using a local (fmincon function) and global optimization (simulated annealing) algorithms based on three risk management models; Markowitz, Value at Risk (VaR) and Conditional Value at Risk (CVaR) in various levels of return, and consequently drawing and comparing of the three mentioned model's efficient frontiers. With this target we used TEDPIX index data from the Tehran Exchange Stock from 1997 to 2008 (11 years) and based on parametric approach (normal distribution of loss and profit); we have built three nonlinear programming models. These models have been optimized by two independent optimization algorithms and finally it was concluded that with parametric assumption all three models have the same results and there is no difference in using them. Also it was concluded that beside the local optimization algorithms, the investors use the global optimization models. Although the local optimization algorithms are recommended for optimizing in a short time.

Forecasting is a significant part of decision making process, since decision making reflex something that will happen in the future. Also forecasting is an integral part of economic decision making. every economic decision require choosing one alternative to reach a special goal that involve choosing one option among others that lead to more future benefits. Cash flow forecasting could have significant effect on allocating optimum economic resources and consequently increase efficiency and economic compatibility.In various researches a diverse array of means used for forecasting cash flows. This research with the new perspective determines incremental value of informational content of financial statement elements content accruals accounts operation income and cash flow of operation separately as well as compound of elements.According to research's findings which obtain from a statistics sample of 80 companies by using partial correlation, Compound Model of Accrual Accounts and Operation Cash Flow entails the most information content to predict future cash flows. The Compound Models of Operation Income and Operation Cash Flow, and Operation Income and Accrual Accounts achieve the second and third place respectively. Worthy to mention that the result of simple correlation shows that operation income carry the most whereas accrual account carry the least informational content in term of separate elements Models.