نشریه چشم انداز مدیریت مالی
پیاپی 16 (زمستان 1395)

Profit is one of the most important factors that encourage investors to invest in the Stock Exchange. Because of the uncertainty in the stock market and its impact on investment, in this study, the importance of momentum strategies (momentum) was discussed. To this end, 48 companies listed in Tehran Stock Exchange for a period of 6 years from 1387 to 1392 were studied. The results of the analysis show that the majority of the securities portfolio trading strategies winner than a loser portfolio shows systemic risk. Also in the six-month period the highest excess returns from deployment strategy has created momentum in the course of the relationship between systemic risk and efficiency is very strong.

Financial research widely, has studied the company's investment decisions. According to the literature, the relationship between cash flow and investment levels is a common technique for analyzing issues over or under investment. This research investigated the investment decisions of firms under financial distress in Tehran Stock Exchange for 280 observations (firm- year). In order to examine the hypothesis, we used panel data in way of dynamic Generalized Moment Model. Moreover, to robustness of results the data classified into two sections based on firms with high and low investment opportunity and least square estimator has been used. The findings by GMM-System estimator indicate that firms in financial distress that have high investment opportunity present greater propensity to over-invest. But when firms divided into two parts as mentioned above, the results show that generally in sample of Iranian firms listed during 2012 to 2015, failed firms without regard to investment opportunities have to raise the level of investment.

One of the most important tasks of the financial economy modeling for the nose price volatility and risk assets.in terms of a variables price and policymakers swing analysis flexibility is key to understand market fluctuations help. so the analysts need to correctly predict price flexibility of swing as a necessary input to perform tasks such as risk management, portfolio allocation , value at risk asset on the basis investment of price and of the present research on the use of models combine TVP-VAR and PLS in the XLSTAT and MATLAB software over the period 1377-1 until 1396-6 (monthly) with the use of real variables(industrial) production, investment, real economic growth in the housing sector, the share of government spending to GDP growth and the rate of (non-oil export) and variables money (the money supply, inflation, exchange rates, incomes of oil and prices internal of Gold). On the efficiency of stock exchange of Tehran. Based on the outcome of the PLS model variables are economic growth and oil incomes variables into the model TVP-VAR. Model based on results. This economic growth during period of 0 until 6/0. The growth of oil incomes in 3.0 until 1.0 on the efficiency of stock have been transition effects. According to the results of an emphasis on the implementation of policies that will strengthen the real sector (supply side policies) over the policies markets monetary sector (demand Department policies) can cause the stock to improve the situation of Guarantee.

Financial literacy and behavioral biases are critical factors affecting the financial decisions and behaviors of investors. We survey 285 individual stock investors to measure their financial literacy, to examine their behavioral biases and to investigate the relationship between financial literacy and behavioral biases. This study was conducted in 20015 and 2016 years in Tehran stock exchange market, brokers and investment companies in Iran. Standard international questionnaire (after localization) was distributed among the investors and the answers were gathered, then variables were measured using multivariate regression in SPSS. In spite of research literature in the local context which offers a model for measuring financial literacy, this study specifically tends to find out the relationship between financial literacy and the behavioral biases among the Investors Results suggest that there is positive significant relationship between the financial literacy and the behavioral biases in Tehran Stock exchange market Investors.

Due to the importance of capital market, it is necessary to measure the performance of brokerage firms, as an interface among companies and investors, for enriching the quality of services.In this study, the quality of online service features through the survey literatures and the expert opinion were identified and selected. then Fuzzy Kano questionnaire design and randomly distributed between 384 online brokerage firms Users.by using the K-Means classifications, three categories of customer was identified and for each cluster, by using the fuzzy kano method, needs of each cluster were investigated and classified.The study, based on Kano model, shows classification of some features between clusters is different and for some other, for all clusters is same. In addition to, the rate of satisfaction for each feature in each cluster, as a factor, has shown the satisfaction or dissatisfaction in the presence or absence of features.The results of this study can help brokerage firms in order to provide convenient services to different customers.

Most of the literature on the idiosyncratic volatility anomaly has focused on plausible explanations for it based on investor preferences, investor irrationality or market characteristics and The impact of unsystematic risk based pricing should be noted, when market conditions are appropriate, the company's stock price reflects a fundamental component, but the movement of the stock price does not fully reflect the reflection of the initial value. Because non-fundamental factors, such as investor behavior bias (Lakanyshvk, Shleifer, and Vishnu, 1994), lack of information asymmetry (Tobin, 1969) and systematic risk assessment of stock (Stein, 1996) lead to stock price deviation from the initial value or the actual or mispricing . This situation is affecting investment decisions. The administrator can more stock priced as a source of funding for investment (due to the low cost of capital) benefit and in contrast, the low-priced sale of shares that have been refused because the cost of capital is higher. The results of testing the hypothesis by examining data relating to 67 companies in the period from 1381-1393 that were analyzed ,We therefore suggest that the answer to this investment by companies listed on the Stock Exchange of profitability led to increased volatility unsystematic risk for them.

Financial researchers use different techniques to asses risk and explore its relationship with returns. Different results are why the relationship is known as “returns-idiosyncratic risk puzzle.” Statistical population consists of firms which are active in Tehran stock exchange. Time duration starts from 3 August 2013 and ends in 1 January 2017 This research uses panel-GARCH model to estimate idiosyncratic risk and then risk-returns relationship is studied based on quantile regression and Bayesian approach. The study shows that the relationship in lower quantiles is negative, in upper quantiles is positive and in median no relation observed. Therefore, results show that the relationship is nonlinear and based on returns distribution. This findings show that information that exists in distribution boundaries are important for financial data .Also, it is necessary to be captured by modeling and to be considered in interpreting the results. In addition, returns-idiosyncratic risk puzzle is solved.