فصلنامه دانش مالی تحلیل اوراق بهادار
سال پانزدهم شماره 56 (زمستان 1401)

In this study, we provide a model for evaluating the performance of capital market professionals (Case Study of Mutual Fund Managers) on how to apply market timing strategy in predicting future market movements, using a combination of multi-indicator decision making and We have analyzed the scenario of "expert system proposed by Hosseini Nasab" using the network analysis process (ANP) [3]. In the mentioned method for modeling and analyzing data, the matrix of internal and external dependencies of strategies and criteria was calculated and using the designed network model, strategies for determining weight and the most important strategies were evaluated. This method is used to implement the model of capital allocation to corporate stocks, with the three objectives of return, risk and liquidity.

The Stock Market is one of the main pillars of the financial market. Increasing the analytical power of capital market investors is one of the factors that play an effective role in the development of such a market. Many investors use technical analysis to make their trading decisions. In this study, the efficiency of buying stocks of insurance companies in Tehran Stock Exchange was examined by Technical Analysis which includes Stochastic Oscillator, Exponential Moving Average, and Hull Moving Average. Then, the study compares Technical Analysis with Buy and Hold Method. To do this, the trading positions that created based on daily periods for 14 insurance companies in Tehran Stock Exchange between 2017:3 and 2019:9 have been reviewed and compared with the Buy and Hold Method. Results indicate that the quarterly returns getting by Technical Method are positive in overall, and the number of trades with negative returns is less than the number of trades with positive returns. Similarly, the average return on a trade with a loss has always been lower than the average return with a profit. Moreover, the number of days with negative returns was less than the number of days with positive returns in all insurance companies. Findings show that using Technical Method was more profitable than the Buy and Hold Method in all companies which have been investigated.

Some studies have shown that investors' emotions can influence their financial and investment decisions, as well as stock returns; On the other hand, stock risk can also affect this relationship; Therefore, the present study has examined the moderating role of corporate governance system on the relationship between investors' emotional tendencies and changes in stock returns of companies listed on the Tehran Stock Exchange. In this study, the independent variable is investors 'feelings and the dependent variable is stock return fluctuations. To test the research hypotheses, the research model estimation method in the form of panel data and analysis based on the model of fixed effects and random effects by Eviews software based on composite data has been used. The sample includes 139 companies listed on the Tehran Stock Exchange in the period 1394-1399, which have been selected by a systematic elimination method. Findings showed that there is a significant relationship between investors' emotional tendencies and fluctuations in stock returns. Also showed that the variable of institutional shareholders can moderate the relationship between investors' emotional tendencies and fluctuations in returns.

Information and Communication Technology (ICT) plays an important role in sharing information and greater participation in exchanges and buying and selling of investors' shares. Because the use of information and communication technology in financial markets, reducing marketing costs and increasing the participation of shareholders and investors and reduces information asymmetry. Therefore, the main purpose of this dissertation is to investigate the impact of ICT on capital market uncertainty in Iran. In this dissertation, GARCH method has been used to estimate the capital market uncertainty index. The results of ARDL model estimation using quarterly data in the period 2011: 1 to 2020: 4 (1390: 1399: 4) in the short and long term showed that the effect of the ratio of online or online transactions to the total volume of transactions to The title of ICT Index on capital market uncertainty in the long run and short term is different. This factor increases the excitement in the market and increases the uncertainty in the capital market in the short run. While continuing to increase trading in the long run, it increases market confidence and increases the expectation of profitability from the market and reduces capital market uncertainty. Other results of the model showed that inflation, economic growth and exchange rate have a significant effect on the performance uncertainty of the total stock exchange index as an indicator of capital market uncertainty. The results also show that the errors are sinusoidal adjusted and diverged, and it takes about 7.5 seasons on average to completely neutralize the imbalance in capital market uncertainty

In recent years, financial resilience has become significantly more important due to Existing crises, especially the Covid-19 pandemic. The purpose of this paper is to model the concept of financial resilience of the hotel industry in Gilan. In this study, using a qualitative method of grounded theory and through a semi-structured interview technique with 25 experts in the hotel industry, via theoretical sampling method, the conceptual model of financial resilience of the hotel industry is designed in crisis. In this research, 2027 primary codes are extracted and finally classified into 111 concepts, 43 sub-categories and 18 main categories. This model is in the six dimensions of the central phenomenon (revenue management, cost management, risk organization), causal conditions (political structure of the country, tourism industry infrastructure, macroeconomy), strategies (strengthening human resourse, strengthening inter-institutional cooperation, tourism industry marketing, Optimal financing, modern technology), contextual conditions (legal contexts, cultural and social considerations, geographical location and climate of the country), intervention conditions (environmental protection) and consequences (sustainable development of the country, strengthening the capacity of the tourism industry in the face with the crisis, the development of the tourism industry in the country) was presented. The results provide useful information for hotel industry players to survive in crisis, as well as policy makers and government supervisers to develop relevant regulations

evaluating the return on investment is one of the main concerns of investors, which is conducted using different models including the single-factor model CAPM, three and five factors Fama and French, and six factors Roy and Shijin, etc. known as multifactorial models. In spite of the widespread use of the models, their main disadvantages include sensitivity to unexpected changes, sudden shocks, severe turbulence of price bubble, and so on. To solve the disadvantages, a multi-factor model is estimated based on the use of the penalty function method, instead of using the average method, which would act based on optimization and avoiding the impact of unusual changes and other factors affecting the capital market. It is possible to select effective factors and model to evaluate stock returns and present a model appropriate to the conditions prevailing in the Iranian capital market. In this article, the classification and estimation of the integrated model of penalty and multi-factor (P & PCA) was performed by forming investment portfolios and identifying the effective factors and refining it based on performance data over a period of time. The study results showed that the use of an extensive simulation algorithm for penalty function by estimation method (P & PCA) improves the efficiency of multifactorial methods in evaluating stock returns. The use of the finite and multi-factor combination algorithm has higher accuracy and explanatory power during the review period in estimating stock returns than the 5-factor Fama and French model.

In today's world, payments are mostly made through electronic transactions. In these exchanges, it sometimes happens that the funds do not reach the destination, or unauthorized withdrawals are made from the customers' accounts through abuse of card readers. One of the issues considered in electronic banking is the growing phenomenon of cyber-attacks in cyberspace. What is certain is that building a secure network and protecting Information Technology infrastructure requires a nationwide effort. Considering the harms caused by such attacks, it is vital to be familiar with the concept of cyber-attacks and the resulting civil liabilities, and the related solutions, levels and tools involved. Banks and credit institutions, if at fault, are liable for damages incurred by the party involved (cardholder). This liability arises from the implicit obligation of the bank in such cases, and in cases resulting from negligence. Thus, the bank is obligated to compensate the customer for the losses and damages, and the burden of proof lies with the bank. In this article, while explaining the subject and specialized terminology, the nature of civil liability of banks based on jurisprudential guidelines has been dealt with. Considering the relationship between this business and professional practice it has been suggested that the legislature defines the limits of the bank's liability and the guarantee of its implementation

The study aimed to review and analyze cognitive structures for MITSE by a qualitative interview-based approach using Zimet technique. Accordingly, a semi-structured interview applied on 13 MITSE residing Khuzestan province and micro investors' mental (perceptual) map extracted. Six main extracted categories included in attributes of financial markets, types of financial markets, attributes and applications of capital market, governments' roles on capital markets, society and capital market and main players of capital market. Micro investors in sub-categories sector revealed that the main factor for the country's economic growth means investment and savings has increasingly been tarnished by a dramatic decrease of the public trust and the private sector toward the government and central bank policies. Ahead of this negative influence, the country's development of financial markets (DFM) will undesirably be ineffective. DFM considered as the most important and effective strategy in the developed countries. One may claims that the biggest mental perception for micro investors would be to ignore the most important advantages and attributes of capital markets and investment on stock exchange (e.g. transparency and security on investment, risk control on asset withdrawal and micro investments of long-term projects). This will ultimately lead to a severe reduction in economic growth, inflation, depreciation of the national currency and decreasing quality of the public's level of living in the country.

One of the primary objectives of regulated markets is fairness in Financial Markets. In order to achieve this goal, legislatures have taken two approach regarding fair financial markets. Fairness in procedure and fairness in substantive. In view of some authors, fairness in the procedure is incomplete and may lead to unfair results indeed. And we need to exercise substantive fairness. Most countries take a mixed approach but a reflection of the mixed approach, in practice, is slightly different. To do this, first of all, we define fairness and explain types of fairness as a general concept, then we examine fairness in financial markets regulation including in Iran, US, EU, and Germany regulation and international standard-setting body known as IOSCO. As we see fairness in financial markets is employed in three concepts meaning fair market, integrity, and trust IOSCO (International Organization of Securities Commissions)as an international standard-setting body uses fairness in financial markets and many jurisdictions such as the Iranian legislature in article 2, securities markets Act, 1384 uses the fair market as it is used by IOSCO. In this article, we review some important financial market regulations in light of the Fairness and integrity of financial markets.