مجله مدیریت دارایی و تامین مالی
سال سوم شماره 4 (پیاپی 11، زمستان 1394)

Risk management and stock assessment methods, age the key factors in decisions making and stock selection in the stock market. Various methods for selecting superior stocks in the stock market is introduced. In this paper we use Kansy analysis that has been improved by SOM learning algorithm to select stock. This method is used to integrate multi- professional idea to maximize investment returns and minimize the loss that originates from the complexity of stock market changes. This paper uses monthly statistics Tehran Stock Exchange firms from April 1392 to June 1392, and six brokerage expert opinions on selected stock, preferred stock selection in the course have been discussed. The results of Bandar Abbas Oil Refining Company , Fars and Khuzestan Cement and National Development Team Leader was selected as the preferred stock , price chart of these companies in the interval represents a reasonable return on the company’s workshop in.

The aim of this study is investigate perception ability investors from rate of stability of accruals component in comparision to the cash component in predictions of future earnings in Tehran Stock Exchange. For this purpose, first, stability of accruals earnings and its components (net working capital, non-current operating assets and financial assets) with cash earnings component has been compared and based of this comparision and the reaction of investors to this item, about the inexperienced investor hypothesis in Tehran Stock Exchange conclusion has been done.This study in the form of combined data with a sample of 142 firms in Tehran Stock Exchange in the period of 1382 to 1391 is implemented. Research findings indicate that stability of earnings accruals and their components is less than cash component, but investors due to inexperience, in prediction less stability accrual component compared to cash component are wrong. prove the existence of anomalies accruals ( accruals anomalously ) in the Iranian Capital Market in terms of scientifically,in stock valuation models will be effective.

The current study was conducted to investigate the role of corporate governance mechanisms in reducing the risk of share price crash in accepted companies in Tehran stock exchange. To fulfill the purpose of the study, form variable board independence the institutional shareholders, the interior auditor, and the separation of CEO’s duties from those of the CIO were applied as the variables of corporate governance, and 163 companies within 2004-2011 were selected as the sample for the study which totally formed 884 year-company. The analysis of the data showed a meaningful and indirect relationship between institutional shareholders and the risk of share price crash, and a meaningful and direct one between the ratio of board independence and the risk of share price crash. Also, it indicated a direct relationship between the interior auditor and the separation of CEO’s duties from those of the CIO on one hand and the risk of share price fall on the other, but this was not statistically supported. Pedagogically, corporate governance mechanisms affects share price crash.

The goal of present research is to investigating the Non-Linear relationship between growth and profitability of the companies listed in tehran stock exchange (TSE). In this regard, the effects of firm size, financial leverage and liquidity ratio have been controlled either. Statistical society of present study consists of 173 listed companies of Tehran Stock Exchange during 2003 to 2011. First, after examing the literatures, which has confirmed the nonlinear relationship between growth and corporate profitability, this stydy attempted to assess the reliability of data using Levin, Lin and Chow Test, And then nonlinear relationship using Eviews software is estimated. Analysis results express that, there is a significant non-linear relationship between growth and corporate profitability, That coincided with the growth of the company, Its profitability increases, but this relationship has a threshold exists, and from that point onwards, with increse of the company grows in any amount, its profitability is reduced.

This study aimed is to evaluate the performance of mutual funds in Iran using stochastic dominance criteria and compared with the results of the Sharpe ratio and Sortino ratios as indicators of modern and postmodern portfolio theory. Period studied is since the beginning of 1389 to the end of the second quarter of 1392. Mutual funds studied are mutual funds which before 1389 it`s activities have begun investing in stocks and preemptive right, and it`s activities has continued in the period under study. Research results show that also according to return distribution function of the most mutual funds that are almost normal, there is a significant relationship between stochastic dominance criteria ranking with rankings of Sharpe ratio and Sortino ratio. Also, the correlation coefficient between the results of stochastic dominance criteria and Sortino ratio is greater than the correlation coefficient between the results of stochastic dominance criteria and Sharpe ratio.

This study examines the Impact of Stock Price Synchronicity and Volatilities of Stock return on Stock Liquidity. The time period of study is from 1385 until 1390 . The statistical population is all firms listed in Tehran Stock Exchange , which eventually qualified 95 companies were selected for this study .for Measuring stock liquidity measure, Amihud illiquidity measure is used. The stock prices synchronicity calculated using the R-square of stock from the market model regression .The volatilities of stock return divided systematic and idiosyncratic volatility calculated by systematic and idiosyncratic variance . The results indicate a positive effect stock price synchronicity and systematic volatility of stock returns on stock liquidity while idiosyncratic volatility of stock returns have a negative impact on stock liquidity.

he dynamic simultaneous modeling for financial behavior for Iran stock exchange companies has been designed constructed. Four structural equation including investment, debt, dividend and equity issue are estimated by system generalized method with high precision. Results indicate that simultaneity in investment,debt,dividend and equity issue decisions exists. Companies” management faces with constraint in financing should consider sources and using choices together in order to preventing losses from un- optimal investment and increases in cost of capital. Pecking order theory in investing by companies confirmed.We argue that static models of financial decisions produce inconsistent coefficient estimates, and that models that do not acknowledge the interdependence among decision variables produce inefficient estimates and provide an incomplete and potentially misleading view of financial behavior.