نشریه نظریه های نوین حسابداری
سال سوم شماره 3 (پیاپی 9، پاییز 1392)

The purpose of this study is investigating the effect of inflation (CPI) on the stock return in Tehran stock exchange. For this purpose investigated the relationship between 100 firms monthly return and monthly inflation rate that their stocks have continuous trading during 1998 – 2010. To test the first hypothesis of the study, we used the regression model with a variable delay period prior. To test the second hypothesis of the study, a Generalized Autoregressive Conditional Heteroskedasticity model, GARCH (1,0) is used. The results of regression analysis indicate that the inflation does not have significant effect on the stock return. So the results of GARCH(1,0) model indicate that the effect of inflation is not statistically significant on the return mean and return variance simultaneously. So in Tehran stock exchange, inflation dose not have a direct significant effect on return and stock prices, and equity investment can not be a good shield against inflation.

Nowadays intellectual capital is used to create and increase organizational value and success of an organization depends on its ability to manage this scarce resource. In this study, intellectual capital efficiency of three industries (Automobile and parts manufacturing, Chemical products and Pharmaceutical industry) has been evaluated with application of data envelopment analysis in Tehran Stock Exchange during the period 2008 to 2010. The results generally show that the companies that have allocated most of their intellectual capital to the human capital or structural capital are more efficient in terms of intellectual capital.

With special emphasis on reporting transparency, the present study seeks to examine the effect of some Corporate Governance mechanisms on Firm Value with emphsize on Reporting Transparency ranking in companies listed at Tehran Stock Exchange. Independent variables include some corporate governance mechanisms which, in turn, comprises independent directors, ownership concentration, institutional ownership, auditor type and free floating shares.firm value is our dependent variable measured by Tobin-Q index. adjusting variable of reporting transparency or disclosure quality, along with control variables such as firm size, leverage, and growth opportunity are used. The study is an applied research with correlative, post-event methodology. Population of the study includes 104 companies listed at Tehran Stock Exchange during 2003 to 2011 using screening method. Normal least squares regression model is used for testing hypotheses. Results indicate that from among corporate governance mechanisms in general and in companies with high level of transparency, independent directors has positive and significant, while auditor type has negative and significant, effects on firm value. In companies with low level of transparency, only independent directors have positive and significant on firm value.

Institutional Investors are one of the major active groups in the stock market that could affect the direction the market moves through major transactions. On the other hand, corporate performance is expected to attract more Institutional Investors. Accordingly, this study focuses on the presence or absence of a significant correlation between firm's performance and institutional investors in listed companies at Tehran Stock Exchange. The performance is divided in to two groups: company's performance and stock performance. The study sample is included 61firmsduring1382 to 1389. Results show that there is a significant correlation between Firm performance and institutional investors. Also, there is a significant correlation between stock performance and institutional investors.

The present research regards the Relationship among the Net Profit, Cach from Operations, Earning Before Interest and Tat (EBIT), Economic Value Added with creaded wealth for stockholder’s and so evaluate the validity of these indetes in Tehran’s stock exchange.
Population of this research contains the companies accepted in Tehran’s stock exchange that 73 of these companies have been choosen. Time zone in this research contains five years from 2005-2009 provided by financial statements. In order to testing the hypo thesis of the research, measurement the changes in the year (t) in compare with year (t-1) is inevitable, thus for measuring some of the varibles, the information o the years 2004 have been applied. Information required for the test was collected and then regression test was used to study the relationship Among Indexes and market value.
Result of the research shows that economic value added (EVA) after the net profit is an appropriate index for predicting the created shareholder value (CSV) and it is able to show holders that to what extent the management has been involved in their wealth. Another result of this research is that accounting indexes used up to now are not sufficient and confronting with increased challenges at capital markets and owners they win not be appropriated indicatives at stock market value. Mean while, net profit with 0.507 coefficient and operati and cash flow Operations with 0.015 coefficient bear, the most and the least correlation with stock market value and economic value added with 0.248 coefficient of correlation bears after the net profit and (EBIT) the most correlation with stock market value.