The Effect of Average of the Stock return, Expected Growth, Profitability and Asset Structure of Peer Firms on Investment Management Strategy Using Markov chain Monte Carlo Simulation and Hierarchical Bayes
Author(s):
Article Type:
Research/Original Article (دارای رتبه معتبر)
Abstract:
Objective
In this study, we examined the effect of accounting variables and characteristics of peer firms on investment management strategy and we suppose that firm’s financial strategies are dependent to financial strategies of peer firms. Also, financial strategies of peer firms are dependent to their accounting variables and characteristics of peer firms. Therefore there is a relation between investment management, accounting variables and characteristics pbt.Method
In order to carry out the investigation on the hierarchical model and Markov chain Monte Carlo simulation is used. The sample of this research is listed companies in Tehran Stock Exchange during the years 2009-2015. Accounting variables are included the structure of assets and average of the companies' profitability. It also characteristics of peer firms are included the average of stock return and expected growth rate.Results
The results show that the average of the peer firms' expected growth rate has a significant relationship with investment management strategy. Also the result shows that Student's t-distribution has the minimum Standard deviation.Keywords:
Language:
Persian
Published:
Asset Management and Financing, Volume:7 Issue: 2, 2019
Pages:
41 to 58
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