فصلنامه دانش مالی تحلیل اوراق بهادار
سال یکم شماره 2 (پاییز 1387)

There is a tradeoff between opportunity cost of surplus cash holding for controlling liquidity risk and revenue. In this paper we estimate cash flow models to forecast liquidity gap under impact of economic conditions as well as the calendar effect. Moreover we make models for estimation daily liquidity gap as a result of bank daily deposits and loans operations. Therefore we apply the sources and uses of funds approach and we use deposits and loans as the important portions of the cash flow.

Investment as a main element of economic growth and capital market plays a very important role in allocation of national resources and capitals. The main role of stock exchange is absorption and direction of wandering resources in economic towards its optimum paths. However this is subject to efficiency of financial markets. In order to achieve mentioned goals, it is necessary that capital market to be the asset of locative, operational and information efficiencies. Market has locative efficiency when it can put available capitals in projects and/or companies having relative advantage in country’s economy in the best manner. Markets with more operational efficiency have more velocity, accuracy and exchange facilities and transaction cost is in lowest level. Such type of efficiency will lead to increase in velocity of realization of assets (negotiable instruments). Informational efficiency means that the public is provided with the information. In labor market, share price in stock exchange is determined with regard to supply and demand and there is no specific rule that express the behavior of share price. This research was conducted to assess the trend of informational efficiency performance of Iranian capital market with regard to reaction of investors to the information included in financial statements. As different measures have been taken in recent years in operational environment of Iran Stock Exchange for improvement of informational efficiency, it is expected that such measures can improve informational efficiency in Iranian capital market. In order to examine this hypothesis, the correlation of price movements as reaction index of investors to information included in basic financial statement including dividend per share, cash dividend per share, going concern value, return on investment per share and return on holder of each share, within a six-year period were examined by using the data of 102 companies admitted to Iran Stock Exchange. The results indicated that correlation among independent variables with changes in share value during the entire studying years is meaningless and correlation among variables has not improved with the passage of time. Therefore, according to theoretical basis, Iranian capital market is appraised inefficient.

In this paper the relation between Intellectual Capital and with Return on Investment (ROI) & Economic Value Added (EVA) of accpted companies in Tehran Stock Exchange (TSE), is discussed .Intellecual capital means try to ineffectivellguse the knowledge and invisible assets. Dimensions of Intellectual Capital include three parts such as human capital, structural capital and customer capital that are cnsidered in this research. From viewpoint of purpose the method of this research is operational. So its executive way is descriptive based on correlation that for analysis of hypothesis there is used the panel analytic method and for estimation of parameters of regression model, the Pooled Least Squares method is Uesd. To Gathering the required data for theoretical disussions, thus some data are achieved by audited financial statement of accepted companies in Tehran Stock Exchange (TSE). The results of research hypothesis test during 2002- 2006 showed that there is a significant relation between Intellectual Capital with Return on Investment (ROI) & Economic Value Added (EVA) in all studied companies and the Intellectual Capital influences on these indexes.

Empirical studies and theoretical principals make obvious that financial development and economic growth are interdependent. For developing capital market we must introduce appropriate instruments, prepare a suitable investment environment, and reduce market risks. A main risk in capital market is liquidity risk. Financial instruments and intermediaries, as a key part of advanced markets, have a considerable affect on market risk. Market makers are most important financial intermediary. They increase liquidity of financial securities by precise evaluation of market, and securities sell/buy. Market makers have started their activities on Tehran Stock Exchange since 2004. With regard to importance of market makers presence in TSE, this research besides of exploring of market making in other exchanges, describe various market making systems, comparable survey of rules and regulations on other exchanges and market making on TSE too. The Affects of market makers on TSE are examined with regarded to the market making regulation. For this propose, price trend and liquidity from 2004 to 2006, for 16 firms with the method of Vector Auto Regressive (VAR) studied. This research demonstrates that market making increased liquidity in market and effected on price trend.

Abstract The companies for continuing commercial life have to expand their activities. They need financial resources for new investment opportunities and dividend policies. Therefore companies should make balance for investment opportunities and dividend level and provide optimal capital structure. In this thesis has been tried to investigate the relation between investment opportunities, dividend policies and capital structure. In order to investigate relation between three variables mentioned three hypotheses were presented:1- There is relation between investment opportunities and dividend policies.
2- There is relation between investment opportunities and capital structure.
3- There is relation between dividend policies and capital structure. For testing the hypotheses we have studied a sample consisting of 44 companies accepted in Tehran Security Exchange. The period of research is 6 years from 1380 to 1385. First with using of Kolmogorov-Smirnov testing, the normality of observations was determined .Then with using of spearman's correlation coefficient relation between variables with respect to three approaches (separation of years, average of the years and total years) were investigated. These results after using statistical approaches are:1- The first hypothesis with respect to separation of years approach confirm for years 80, 81, 82 but doesn’t confirm for years 83, 84, 85 and confirm for average approach and total years approach .
2- The second hypothesis with respect to separation of years approach confirms for years 83, 84 but doesn’t confirm for years 80, 81, 82. This hypothesis doesnt confirm with respect to average approach but confirm with respect to total years approach.
3- The third hypothesis doesn’t confirm with respect to total of approaches

The purpose of this study is to develop an equity valuation model that relates contemporaneous accounting data and growth in expected earnings to evaluate firm value, and incorporates both short-term as well as long-term growth in expected earnings , and non-recurring items. This paper assumes and “Information Dynamic” so it follows the modeling in Ohlson (1995) but with an extension to permit growth and non-recurring items, The analyses show that the valuation function consists of three terms (1) permanent earnings model adjusted for non-recurring items, (2) current non-recurring item and (3) a multiplier that mirrors both short-term and long-term growth, which multiplies next period expected earnings. This study is an empirical research and model examination an theory processing is done inductively. All of the hypothesis are tested by Wilcox on signed rank test. The result of this research indicates that all of the three models among calculative firm value and firm market value no significant deference is found.