فصلنامه دانش مالی تحلیل اوراق بهادار
سال دوم شماره 1 (بهار 1388)

The purpose of this paper is to investigate the effect of inflation targeting on inflation rate in different countries around the world. To do so, the published data by the International Monetary Fund in 2007, have been used. The research findings as a result of testing the mean comparison, (one for all countries, another for each countries individually during 1975-2007), indicate that this policy reduce the inflation rate in selected countries. Therefore using this policy in other countries which have the prerequisites such as central bank independence is suggested. Also inIran improving central bank independence to adopt inflation targeting for long-run, emphasized.

The aim of this research is to find out the effect of working capital management on profitability and stock return. Working capital is one of the most important item of the right side of the balance sheet of each company and is equal to the current assets. Working capital management is the best compound of the items of working capital that causes the highest wealth for the company’s shareholders. This research has examined 75 companies of the SEC of the Tehran in a period since 1379 to 1386. The method is correlation. For analyzing data’s, Pierson rate of coefficient and multiline regression and ANOVA analysis has used. The results have shown that working capital policies have relation with profitability. Another result have shown that profitability of stock have direct relation only with working capital policy and don᾿ t have relation with growth of fixed assets and growth of sales .

This research highlights the diversity of financial resources in the Islamic Azad University. For this purpose we have selected two 1-Study various methods of making financial in prestigious world universities 2- Interviews with experts .Thus, appropriate methods are recommended. The results indicate that although, governments have less financial assistance to universities, but the universities have increased the rate of its government funding (as the main providers of research funds) through change its approach towards research and applied knowledge. Also, the results of interviews Shows that Implementation of custom research projects, Concluding contracts outside the university, IT and ICT products, sales points and scientific research, obtaining domestic and international Grant, and holding special training courses are the best methods for diversifying financing Azad University.

Concepts similar to stochastic dominance have been known for many years but the two papers published by Hadar and Russell, and Hanoch and Levy in 1969, and the paper published by Rochschild and Stiglitz in 1970 paved the way for a new paradigm called stochastic dominance, with hundreds of studies following in their tracks. These studies, deal with theoretical as well as empirical issues in various areas of economics, finance, accounting, statistics, agriculture, and medicine. The need to develop the stochastic dominance rules stems from paradoxes that are sometimes revealed by the commonly used meanvariance rule. To be more specific, there are cases in which a clear-cut choice between two risky assets exists, yet the mean-variance rule is unable to rank the two alternate investments. Let us assume we have two alternative investments: x providing $1 or $2 with equal probability and y providing $2 or $4 with equal probability. A simple calculation shows that both the mean and the variance of y are greater than the corresponding parameters of x; hence the mean-variance rule remains silent regarding the choice between x and y. Yet, any rational investor would (and should) select y, because the lowest return on y is equal to the largest return on x. Well, this is a trivial case in which the mean-variance rule fails to show the superiority of one investment over another. However, there are many more such cases in which the mean-variance rule is unable to rank two investments.

This research, Investigate the relation between the currency rates of volatility on open position Tejarat bank and its effects of the impulses from the exchange rate volatility and other variables on open position. In order to do this , we have utilized open position items, reference rates of Central bank , Stock price index , Money supply and Balance of country’s monthly payments over a six-year period from 1381 to 1386.Foreign exchange position as it’s name signifies , shows the state of being long or short in position. In other words, the differential of the assets and the liabilities of the bank in one foreign exchange is called foreign exchange position. For this purpose, the new econometric procedures have been used. Vector Auto Regressive model has been used for variables which are in the augmented level (Japan’s Yen and Swiss Frank) and Vector Error Correction Model has been used for variables which became augmented by a differential.(based on Dollar , Euro , Pound , and sum of foreign currencies).In the meantime , as per the standard pattern of Schwarz Bayesian ,Akaike , and Hannan Quinn , Quantity 2 has been selected as the optimum degree for VAR. Surveys in this research show that the reaction of open position of foreign currency against the impulse from the currency rate variance influence the value of the foreign currency assets and the liabilities of the bank , and make the bank confront with the considerable risk in the value of the foreign currency assets and liabilities.

The primary purpose of this research is : '' examining the relationship between reliability components of the earning and earnings persistence. The comparison of the persistence of components of the earnings.'' So the main question of this research is as follows: Is the persistence of different components of earnings the same ? In this research we have made use of operational earnings and the information of Accrual items of 113 firms which were stock exchange members between 1378- 1386. To test the hypotheses of the research, we have made use of the multivariant linear regression method. To examine the meaning fullness of the differences between regression coefficients , we have made use of vald test and complete and decreased models of regression. Accounting earnings are divided into two parts of cash and accrual sections. The accrual section is divided into three more parts of current operational activities, and non cash operational activities , accrual items of finance activities. First we compared the persistence of cash section of earnings with the persistence of accrual section of earnings then we compared the persistence of cash section of earnings with the persistence of accrual components. Finally the persistence of accrual section of earnings have been compared with each other. The persistence of accrual element of earnings is lower that of cash element of earnings the reason for this is that the larger amount of the subjectivity of accrual items and their reliability is lower than cash element to the results of this research show that the persistence of cash section has a meaningful difference with the persistence of accrual section and its components. On the one hand when the accrual section of earnings is unusually high or low the earning have less persistence. On the other hand the difference between the persistence of accrual components of earnings is not high and statistically , none of these differences are meaningful the results of this research show that the earnings of the firms in which the cash section of earnings is higher than that of the whole earnings the earnings will have more persistence.

For almost a decade the transparency of financial information has been an important influence on investors, investment strategies. An increasing amount of research shows that the availability and quality of companies, financial information are tow major factors influencing investor investment decisions (Young, 2003). Young has found that after financial scandals of Enron Oil Company in U.S.A poor corporate governance resulting in a lack of financial information transparency has shakenpublic confidence in stock market (Young, 2003). This study analyzed the effects of financial information transparency, which is the fifth principle of the six principle of corporate governance, on investor behavior and it present a framework for evaluating of investor behavior by concepts of ownership structure, financial transparency and board structure. In this study, the researcher tried to present an appropriate literature in the field of corporate governance and to determine the effects of conducting of the fifth principle (principle of disclosure and transparency) on investor's behavior in Tehran Stock Market by carrying out researches such as those which were conducted in developed countries.Data of this study was collected by a survey instrument containing 19 closed-ended questions which answered by investors who have experience buying corporation share from the Tehran Stock Exchange, and by statistical analyzing of these answer the researcher inspects the effects of Financial Information Transparency on investor behavior.The different statistical models which used for examining of hypothesis are descriptive statistics, correlation analysis and conducting statistical examinations showed that Financial Information Transparency has a positive correlation with investor behavior and improving Financial Information Transparency lead to increasing of shareholders, confidence in Tehran stock market and increasing of their investment in stock market.