delphi technique

The main purpose of this study is to level the indicators of extreme events affecting the behavior of investors and capital market risk using a structural-interpretive modeling approach.This research is based on purpose, is practical and descriptive in terms of data collection. The statistical population of this study is 15 professors and PhD students in accounting, financial management, economics and business management, who were selected as experts through purposive sampling, and these, and these experts, through an interpretive structural questionnaire, identified 15 indicators of extreme events that had previously been identified in another study by the authors of this article, through 3 stages of fuzzy Delphi and among 72 indicators,in 5 categories, they were graded and prioritized. The validity of the questionnaire was confirmed by respected professors, advisors and financial experts. Also, Cronbach's alpha coefficient was used for the reliability of the questionnaire, which was more than 0.7 for all variables,and MIC MAC software was also used to analyze the data.Findings from the structural-interpretive method in this study show that the extreme events indices are ranked at five levels. So that, inflation and sanctions indices in the fifth level, have the greatest impact and air pollution index in the first level, have the least impact on investor behavior and capital market risk.

Corporate financing has always been one of the main concerns of managers and in this area, choosing the optimal financing tool is vital. This study has determined the optimal financing tools for companies by emphasizing the matching of supply and demand side conditions in different stages of the company's life cycle using Delphi and DEMATEL techniques plus ANP and AHP processes. The results show that there are a total of 28 tools for financing companies and 6 indicators for selecting the appropriate financing tools. Also based on matching: "expected return (justifiability)", "risk level" and "time horizon" are given priority, respectively. In addition, among the various financing instruments, in the "start-up" phase, business angels, crowdfunding, and direct government assistance take precedence. In the "early stage" stage, after the tools of the previous stage, venture capital and short-term banking resources take precedence. In the "development" phase, after the tools of the previous stages, short-term banking facilities, asset-based financing, hybrid instruments (excluding mezzanine) and the stock market of start-ups are preferred. Finally, in the "stabilization" stage, after the tools of the previous stages, long-term banking facilities, mezzanine, bond-based methods and initial public offering of shares take precedence.

An impressive growth has recently been witnessed in the Islamic Financial System. Nowadays, not only is Islamic Finance emphasized by the Islamic countries but the approach has also been adopted in other countries. The present research was conducted to identify and rate financing criteria through assets securitization in Bank Keshavarzi. The research, from the objective point of view, is a functional one and, from subject and research questions points of view, is a descriptive-survey type. The data collection tools, including questionnaires, are based on paired comparisons, through which the data were rated according to an hourly scale. The sample population, selected using snowball sampling method, consists of financial experts who identified 26 indices with Delphi technique. The rating was conducted using Analytical Hierarchy Technique. The results demonstrate that, based on experts' feedback, in the study of paired comparison matrix of assets securitization elements, selection of Special Purpose Vehicle (SPV) by the bank; regarding the assets to be securitized, government claims; in securitization process, the rate determination; in review of securities offering impacts on the financial structure of the originator, assets productivity; and to review securitization consequences for promotion of financial and banking health indices,  the liquidity risks are prioritized. Moreover, with regards to inconsistency rate, there is complete consistency among the paired comparisons of the models.

Public-private partnership is one of the new financing tools in developed and developing countries. The purpose of this paper is to identify and evaluate risks and allocation of vital risks in water and wastewater industry projects in various stages of Guilan province and within each stage. In this study, to extract critical risks of executives with direct responsibility in the contracts concluded by B.O.T was used for public-private partnerships. By systematically removing 37 samples were identified for the study. Delphi technique with the priority risk 17 times and more than 3 extracted from the sample questionnaires were distributed. Information collected at each stage and different stages of public–private partnership (feasibility, procurement, construction, operation and transfer) were analyzed by nonparametric statistical methods. The results showed that the risk of the importance of public-private partnerships the top three in various stages of Guilan water and sewage industry there is a significant relationship. The relationship of the individual risks within each stage with the exception of one case is significant.

Many accidents occur every year around the world cause material and human losses. The amount of insured losses resulting from these incidents make damage inflicted on the insurance company. in some cases, the insurance company are faced with the threat of bankruptcy. Insurance companies use reinsurance to approach to the crisis traditionally. But it should be noted that the reinsurance companies have limited storage capacity and concentration risk. so, one of the effective tools to solve this problem is a direct relationship between the insurance industry and the capital market as a concept called "risk securitization". This is known as debt securities insurance. However, an additional problem in our country is international sanctions that cause limitation. In this case the cost of such reinsurance increases. Thus, according to studies and evaluated that were collected and analyzed by using the Delphi technique ideas theme "insurance investing investment fund reinsurance in order to increase capacity" was proposed.