دو ماهنامه بررسی های بازرگانی
سال پانزدهم شماره 82 (فروردین و اردیبهشت 1396)

In the World Economic Forum of Global Competitiveness Report (2016-17) in terms of financial development market, implies the inefficiency of Iran’s financial market. Since Iran’s financial system is bank-based, the main reason for this inefficiency is related to the performance of banking system. In terms of the number of financial intermediaries in the banking system, Iran has a better situation than other countries. However, in terms of the quality of financial services, financial depth and cost of resource mobilization, Iran’s banking system condition is not desirable. Fiscal domination and government interventions in monetary and credit policies has limited financial depth. In addition, on one hand the lack of a coordinated industrial policy and industrial investments priorities have led to non-optimal resource allocation. On the other hand, the cost of resource provision in Iran is high compared to other countries, which has challenged the banks’ financial strength and their capital adequacy. The most important approaches to paradigm shift in Iran’s banking system include the development of program to absorb foreign resource, reform of the relationship between government and banking system by reducing imposed loans, credit shares elimination, interest rates liberalization, improvement of financial intermediation role through practical training, financial intermediaries diversification as well as integrated supervision on the financial market

The purpose of this study is to investigate the effect of institutional investors ratio, financial constraints, stock market liquidity and volatility of stock prices on the growth rate of corporate sales. This research is library and analytical-Causality research and is based on the analysis of panel data (data panel). In this study, the financial information of 106 companies listed in Tehran Stock Exchange during the period from 2009 to 2014 has been investigated (636 companies - year). To analyze the results of the study, 22 Spss, Eviews 8.1 and Minitab 17.1 have been used. The results of the research in relation to confirmation of the first hypothesis of the research showed that there is a significant and direct relation between the ratio of institutional investors and the growth rate of sales of companies. Also, according to the analyzes carried out in relation to the confirmation of the second hypothesis of the research, we concluded that there is a significant and inverse relation between financial constraints and the growth rate of sales of companies. In the following, the results of the research regarding the confirmation of the third hypothesis of the research showed that there is a significant and direct relationship between stock market liquidity and sales growth of companies, and finally, according to the analyzes carried out in connection with the confirmation of the fourth hypothesis of research We concluded that there is a meaningful and direct relationship between stock price volatility and the growth rate of sales of companies.

  This paper is to investigate the effect of the policy of institutional investors, price synchronization and profitability index on the risk of falling stock prices between 2011-2015 (1390-1394).
Research The research is conducted through desk resarch and statistical analysis. To test the hypotheses, the regression and correlation coefficient as well as the t-test are used to determine the stationarity of variables Fisher’s ADF test were used Further more, to estimate the model panel method and the F lemmer test as well as Hausman test were used. Also, Excel and Eviews 8 software were used to analyze the data and to test the assumptions of the research. The results indicate that there is a negative and significant relationship between the policy of institutional investors with the risk of falling stock prices, which means that the existence of institutional investors has the incentive and management ability to hide or delay the publication of bad news. This eventually reduces the likelihood of falling stock prices. There is also a positive and significant relationship between stock price synchronization and the risk of falling stock prices. Increasing synchronization will increase the risk of falling stock prices. There is also a negative and significant relationship between profitability and the risk of stock price collapse, so that increasing company profitability significantly reduces the risk of stock price collapse

Due to its dual endowment purposes, Universal Life Insurance (ULI) is now known as one of the most accepted life insurances in Iran as well as in the world among policy holders. In this paper, with respect to the basic model of insurance optimal demand, it is for the first time an individual optimal demand model of ULI presented. Besides a microeconomic approach is carried out on ULI optimal coverage, using risk-aversion curves and primary budget line in coverage-premium relationship, in which risks influence the slope of the budget line. These risks are categorized into two groups for ULI, the first of which include insured’s higher age, job hazard class, personal and family bad health records as well as higher death benefit option. The second group is related to the risks of investment in relation to Annual Participating Interest Rate (APIR) of policy holders. At the first stage, the risks of investment are discussed, which pertain to APIR either as fixed or alternatively average or fluctuating during the period of the life insurance as a result of altering Technical Interest Rate (TIR) around a fixed expected TIR in policy holder’s mind. As average APIR increases, the slope of the budget line decreases inversely towards risk-aversion curves with higher utilities. At the second stage, regardless of APIR effect, the marginal effect of death premium rate causes the slope of the budget line to rotate upward, hence affecting the whole ULI premium amount or proportion of surrender (cash) value and death benefit. Finally as conclusion, simultaneous effects of the above mentioned death and investment risks are discussed

The objecte of the present study is to predict bankruptcy by using Altman Z score model and its compared performance through a model based on the ratio of cash flows. For this porpose, a range of financial ratios to model and Altman’s cash flow was used as the predictor variables of corporate financial distress. The results showed that the model introduced Altman relationship between the ratios of operating cash flow to sales is insignificant with bankruptcy. The findings also showed that the predictive power of the models are not significantly different, and cash flows in bankruptcy prediction model is considered insignificant

One of the most important issues of the world today is the development of infrastructure and infrastructures, because no economy neither in Iran, nor in the world, an economy can make progress without creating the necessary infrastructure. Due to reasons such as high costs, prolonged return on investment, financial weakness, and lack of compliance with laws and regulations from the private sector, the infrastructure of the public has always been the responsibility of the public sector, or the government and public and public organizations. Public-private partnership (PPP) is a model for financing infrastructure and infrastructure projects such as communications systems projects, airports and power plants.In this study, using previous studies that were materially in the framework of this study, and with a new look from a new angle to the challenges of public-private partnership participation contracts in the underlying projects, they sought to address these challenges from the perspective Employer, Consultants, and Contractors. In other words, the purpose of this paper was to identify and analyze the challenges and obstacles of PPP contracts in highway infrastructure projects. In this research, both of the interviewing tools and the questionnaire were used simultaneously, and the challenges and barriers to public-private partnerships contracts in the field of infrastructure (highways) were examined from the employer’s point of view. In this research, the statistical population was 30 people. The results of the questionnaires indicated that the necessary basis for project financing and guarantees, as well as issues related to contracts and regulations or ambiguities, is the most important challenge and obstacle to public-private partnership contracts in infrastructure projects (highways). As a result, in order to solve these problems, future projects should focus on removing these barriers and providing a suitable financial basis