نقد شوندگی

The importance of volatility in financial markets is that sharp price fluctuations in markets lead to a decrease in public confidence and, as a result, reduce the demand for investors in the market, and this will reduce economic growth in the future. Had. The purpose of this study is to investigate the effect of daily price fluctuations, liquidity and the effect of magnetism on the temporary cessation of trading on the Tehran Stock Exchange. In this study, to test the relative effectiveness of the symbol stop and the price fluctuation limit, the changes in the mean from the pre-event period to the post-event period have been investigated. 600 trading interruptions and 1149 price fluctuations of 120 selected companies by elimination sampling method during the period 2010-2020 have been investigated. The statistical test of the research performed using SPSS software. The results show that the factor of daily price fluctuations, liquidity and the effect of magnets on the stoppage of trading and the development of research models with this factor and the formation of corresponding modified models, improves the performance of those models in explaining stock stops.

Today the stock market is considered as one of the important pillars of economic growth. The identification and analysis of the various factors involved in the market in order to improve the quality and appeal for market participants to increase investment and subsequent growth is very important. In recent years, attention has been paid to the investment in the stock market. Apart from the impact of economic factors on the stock market, a change in the attitude of investors and increase their participation in the stock market (in order to increase confidence and optimism to the market) does not change in supply and demand for shares, the change in the composition of the portfolio financial and sales will be even formed queues.
In this study, the relationship between the attitudes of investors and the liquidity of the stock market and economic growth have been studied in Iran. Changing attitudes of investors, annual changes in stock trading volume and market liquidity indicator, the turnover ratio . In this study, changes in exchange rates was used as a covariate. In order to achieve this objective, the two methods of ordinary least squares (OLS) and the Auto Regressive Distributed Lag Method (ARDL), in Iran, in the period 1375 to 1394 was used. The experimental results of the survey there is a significant relationship between changes in trading volume, liquidity and exchange rate changes, changes in economic growth shows. The study also examines the relationship between economic growth and the exchange rate is has been confirmed that the results of this answer.

The present research was conducted with the aim of designing and explaining the model of registration and public offering of stocks in order to develop Tehran Stock Exchange based . The research was applied in terms of aim, correlational and survey based in terms of method of data collection, and mixed (quantitative-qualitative) and exploratory in terms of type of collected data. The population consisted of two parts: qualitative part which is including ten persons of university teachers and economic-financial researchers those selected by targeted method and capital market participants, in Tehran among whom 384 individuals were selected as a sample size using Cochran formula and random sampling method. In the section of questionnaire, a researcher-made questionnaire with 52 questions was utilized which were about pre-offering measures, post-offering requirements, Successful Initial Public Offering of shares, accepting shares, liquidity and Tehran Stocks Exchange. The validity of the interview questions were approved using the opinions of the related experts (Content Validity) while the validity of the questions used in the questionnaire were approved using construct validity in two parts of convergent and divergent. In addition, the reliability of the questionnaire was approved using the Cronbach's alpha method which the results of the validity and reliability were acceptable. On the other hand, analysis of the qualitative data was carried out through coding and content analysis. Moreover, analysis of the quantitative data was done using Correlation test through SPSS software and Structural Equation Modeling (SEM) through Smart PLS software. The results demonstrated that holding meeting for introducing and appropriate informing, advertising initial public offering of securities, determining the right time of initial offering and appropriating pricing are factors affecting pre-offering measures, and management of liquidity of securities, management of fluctuations in securities, and innovation in derivative instruments are among factors influencing post-offering requirements in Tehran Stocks Exchange. According to the identified components, a model was presented in the field of accepting and offering stocks in order to develop Tehran Stock Exchange based on Islamic Republic of Iran's horizon vision in 2025 which the model fitting criteria were acceptable. Moreover, the test results indicated that pre-offering measures and post-offering requirements had impact on IPO in Tehran Stocks Exchange; IPO had impact on Tehran Stocks Exchange; accepting shares had impact on Tehran Stocks Exchange; liquidity had impact on Tehran Stocks Exchange; liquidity had impact on IPO.

In this study, the effect of timely quarterly financial statements on stock liquidity was reviewed in the listed companies of Tehran Stock Exchange. The stock liquidity of 51 listed companies during the period after timely quarterly unaudited statements was examined over the years 2008-2011 in the Stock Exchange. In order to measure stock liquidity as a dependent variable three proxies were used, including bid-ask spread, average of price depth and stock turnover. At the first step, Willcoxson test was used to test the research hypotheses, comparing the variable means and then to reexamine the results. The regression analysis was also employed. The results showed that the timely disclosure of interim financial unaudited statements had a significant effect on the bid-ask spread but the effects on other dimensions such as price depth and stock turnover were insignificant.

In this paper, we used portfolio rebalancing strategy as a mechanism for review of the stock of investor The Fuzzy approach to trading costs. The designed Model is based on three key factors, expected return, risk and the stock Degree of liquidity.
To test the model, we used data and information of traded stocks on the Tehran Stock Exchange during the period 1388 to 1390 and with arrival of Enter the subjective expectations levels of investors, we have examined the performance of the model in two scenarios. The results can show the subjective expectations levels of investors than expected return, risk and liquidity in order to re-balancing of Investors portfolio.

The goal of the present article is extending and developing Multiple Disciminant Analysis (MDA) method which is able to distinguish buble price in Tehran stock exchange. The principal goal of the present study is to offer model for approximating buble price and also the factors efficient to make the model work at Tehran stock exchange. In order to do so by applying separation method a sample consisting of 397 companies accepted at Tehran stock exchange were selected and information related to their price and volume of trades during years 2001 until 2009 were collected and then through performing runs test, skewness test and duration correlative test the selected companies were divided into 2 sets of with bubble price and non bubbled companies. In the next stage by investigating cumulative return process and volume of trades in bubbledted companies, the date of starting bubble price was specified and in this way the multiple discriminant analysis, and by using information related to size of company, clarity of information, ratio of P/E and liquidity of stock one year prior bubble price; a model for forecasting bubble price of stocks of companies present in Tehran stock exchange were designed. At the end the power of forecasting model was studied by using data of test set. Whereas the power of forecasting MDA model was 90.2%; the model has high power to anticipate bubble price.

Based on the extent and depth of the market, several investment tools exist. One of the most fundamental issues in investment is assets liquidity, because some of the investors may need their investment financial resources immediately. Also, Liquidity degree of stocks greatly depends on the volume of trades in stock exchange. In this research, the relationship between stocks turnover rate as liquidity criteria and stocks rate of return in Tehran stocks exchange during 1381-1387 has been analyzed. Annual time-series data were collected and analyzed with panel data method using Eviews software. To do that, after testing the variables, size and B/M value entered the model as control variables. The results showed a positive and significant relationship between coefficient variables of liquidity and stocks rate of return. These results may refer to an increase in the attractiveness of liquidated stocks and also an increase in its demand

Empirical studies and theoretical principals make obvious that financial development and economic growth are interdependent. For developing capital market we must introduce appropriate instruments, prepare a suitable investment environment, and reduce market risks. A main risk in capital market is liquidity risk. Financial instruments and intermediaries, as a key part of advanced markets, have a considerable affect on market risk. Market makers are most important financial intermediary. They increase liquidity of financial securities by precise evaluation of market, and securities sell/buy. Market makers have started their activities on Tehran Stock Exchange since 2004. With regard to importance of market makers presence in TSE, this research besides of exploring of market making in other exchanges, describe various market making systems, comparable survey of rules and regulations on other exchanges and market making on TSE too. The Affects of market makers on TSE are examined with regarded to the market making regulation. For this propose, price trend and liquidity from 2004 to 2006, for 16 firms with the method of Vector Auto Regressive (VAR) studied. This research demonstrates that market making increased liquidity in market and effected on price trend.