Prioritization of Industries which Accepted in Tehran Stock Exchange During the Before and After Financial Liberalization Period with using Analytical

Selection of the appropriate portfolio for investment is one of the issues that investors face it in financial markets. For this, shareholders must considere the financial parameters that effect on capital market efficiency and also must survey the macro economic factors and rules which governe the capital market. Therefore, analyzing the different companies in terms type of industries and ranking of the industries can provide a model to the investors. The main objective of this research is to rank  the accepted industries in Tehran Stock Exchange in before and after liberalization period and then to compare these two periods together. This study has used the ANP method to range and identify the effective industries. Designed pattern includes macro-economic criteria (inflation, interest rate, exchange rate), economic liberalized dimension (width, depth, efficiency) and financial ratios (liquidity, leverage, activity, profitability). In this context, 35 industries classified in 18 groups with similar characteristics in both periods. Prioritization has been done with Super Decision software.