مجله راهبرد مدیریت مالی
سال یازدهم شماره 4 (پیاپی 43، زمستان 1402)

Oil price is often regarded as an important factor in analyzing variation in stock prices, but empirical evidence is mixed. This research is set to reconcile this conflict on the effect of oil prices on Tehran Exchange stock price. The nonlinear response of Tehran Exchange price index to oil shocks has been explained by a Markov Switching regime model. This research also uses a Structural Vector Autoregressive model to separate oil price shocks into three types in a time period from from 10/10/2010 to 10/10/2021 to test the hypotheses. The resualts show that oil price shocks have asymmetric effect on Tehran Stock prices. This asymmetry can be explained by sign of oil price shift and finally, response of stock prices to oil supply shock, global demand shock and oil-specific demand shock is asymmetric. During an increase in oil prices, it will be more likely to have large positive effects on stock prices than a decrease in price. Duration of the price index response in low regime is significantly longer than high regime. In both regimes, response of the stock price to the increase in oil prices is positive, but in the high regime, the magnitude and duration of response are greater.

The purpose of this research is to identify the effect of price acceleration in Tehran Stock Exchange. For this purpose, the data of 60 companies available in the stock exchange during a 10-year period (2012-2021) has been used. The regression model of the research has been tested using the time series data method. The hypotheses of this research have been examined in two boom and recession periods. In investigating the problem of risk, Fama and French's five-factor model was used to explain the effect of price acceleration, which shows that this model cannot explain the effect of price acceleration, and this result is still valid in the boom and recession periods, although it has a higher explanatory power in the boom period. Will have. In examining the second hypothesis, the five-factor model was expanded to measure the ability of the profit acceleration factor to explain the price acceleration effect by adding this factor to the model. The results of the hypothesis test show that the 6-factor model does not have sufficient ability to explain the effect of price acceleration, and this result has been confirmed in the investigation of an event, such as a downward trend of profit acceleration has been observed, in which the reaction is less than the limit to profit news. It is not visible. These results are still valid in two periods of boom and recession, although only in the j6k12 strategy in two periods of boom and recession, the second hypothesis was confirmed and it was observed that in this strategy, profit acceleration is a suitable behavioral factor to explain the effect of price acceleration, because by adding this factor According to the model, the model has an explanatory power of up to 59%.

Financial markets play an essential role in the economic development of any country, therefore, a detailed examination of these markets from various aspects is necessary. Being in these markets is always associated with a high risk, and various tools have emerged in order to reduce the risk. Option is the most common trading tool that has been introduced to the financial markets. The Black-Scholes model is used to price a wide range of options contracts. The basic assumption in this model is the constant volatility of returns, which is not a suitable assumption in the real world. The aim of this research is to extend the Black-Scholes model under stachistic volatilities. The innovation of this research includes an analysis of the pricing performance of the models during the short, medium and long term periods with conditional value at risk for each of the prices. For this purpose, the data of Iran Khodro was used between 21/11/2020 to 14/12/2022 and the standard GARCH and threshold GARCH volatilities were calculated and used in the developed Black-Scholes model. In the following, the call option price was calculated under the Black-Scholes model with historical volatilities, the developed Black-Scholes model with standard GARCH, TGARCH and exponential GARCH. The results of the research indicate that the option price with historical volatility is closer to the real market price and also shows a more real risk due to the conditional value at risk. Finally, to test the obtained results, the price of the call option in all four assumed volatilities was calculated with Monte Carlo method and the obtained results were confirmed for the prices.

the purpose of this study is to investigate the feasibility of financial structure of investors in tehran stock exchange ( tse ) . the population studied in this research is the listed companies in tehran stock exchange , and the sample is selected by systematic elimination method equivalent to the company 's size . the method of gathering information in the literature section and the theoretical basis of the research by referring to fish and fish is the source of information . also in order to collect data to test the hypotheses , the audited financial statements of the statistical society and the other variables accepted in tehran stock exchange is used . the method of data collection has also been done by observing the audited financial statements of the tehran stock exchange by collecting data from the tehran stock exchange ( tse ) , such as software such as software such as software such as software such as software such as software products software . in order to analyze the data , the information obtained from the software of " " software products " " and " " stock exchange " " and " " stock exchange " " was gathered in excel spreadsheet . the results showed that there is a positive and significant relationship between financial structure flexibility and firm size , firm growth and intrinsic value of equity and the control variable of asset return and financial leverage have positive and significant relationship with firm growth and firm growth . there is no significant relationship between flexibility and capital cost and the control variable of asset return and financial leverage have positive and significant relation with capital cost variable .

The purpose of this research is to investigate the interactive effect of financial development and restrictions on the relationship between stock liquidity and future investment of the company. The method used to test the research hypotheses is to use the combined data regression model to analyze the data of 111 companies admitted to the Tehran Stock Exchange during the period from 2014 to 2018. The findings of the research show that the multidimensional liquidity criterion of Amihud has a positive and significant effect on the future investment of the company. In addition, the interactive variable of financial limitation leads to the intensification of the relationship between the multidimensional liquidity of Amihud and the future investor of the company. Also, the interactive variable of financial development leads to the strengthening of the relationship between the multidimensional liquidity of Amihud and the future investment of the company. The higher liquidity of the shares leads to an increase in the company's future investment level, and in this way, the cash flow, increase and cost of capital related to future investments are reduced. Also, the value of the coefficients and the direction of the criteria related to the measurement of the interactive variable of financial constraints indicate the positive and significant moderating role of this variable on the relationship between the liquidity of shares and the company's future investment. The criterion related to measuring the financial development index also has an interactive role on the relationship between liquidity and future investment,.Enhancing knowledge: Management and policy makers can facilitate the flow of liquidity and reduce the capital cost of companies by knowing the factors affecting the liquidity of stocks and the opportunities for improvement and growth of the company's future investment.

The purpose of this research is to investigate the effect of capital structure determination policy (conservative and non-conservative policy) on the stock price crash risk. The data of 143 companies admitted to Tehran Stock Exchange during the period of 2014-2015 was analyzed using multiple regression with the control of year and industry fixed effects. Conservative capital structure does not have a significant effect on the stock price crash risk. It also highlights the information asymmetry, the relationship between the conservative capital structure and the stock price crash risk; But the life cycle of the company does not have a significant effect on the relationship between the conservative capital structure and the stock price crash risk. Companies with a conservative capital structure are more likely to use suitable investment opportunities on the one hand and reduce opportunistic behavior on the other hand, and are less likely to face the stock price crash risk. This conclusion also applies to Iran's inflationary economy.Innovation: The current study analyzes the determinants of conservative financial policy, it is the first study that examines the impact of conservative capital structure on the stock price crash risk and the role of life cycle adjustment and Information asymmetry deals with the relationship between capital structure management and stock price crash risk and develops the existing literature regarding financial conservatism and its contradictory effect in inflationary economies.

Today, achieving the economic goals of any country is impossible without the public participation of society, because the accumulation of micro-savings of the people leads to the formation of capital, which economists consider one of the most important factors of economic development. Therefore, the purpose of this study is to identify the components affecting the financial stress of Individual capital market investors and to explain the pattern of relationships between economic and non-economic components of financial stress and its consequences. Hypertext technique was used to identify items of financial stress and its consequences with the help of library and field resources; For group decision making and component classification of items from Lawshe index and fuzzy Delphi technique; Using the Demetel method, the relationships between economic and non-economic components were modeled. This research is an exploratory mix in terms of research strategy, survey and one-time in terms of execution time, and MAXQDAv10, SPSS and Excel software have been used to analyze the data collected in the country's securities market. Findings include identifying the pattern of relationships between 10 components (5 economic components and 5 non-economic components) for the variable of financial stress and 4 components (2 economic components and 2 non-economic components) for the variable consequences of financial stress. The results show that the component of "economic factors" with a net effect of 1.6858 is the most important component of the cause of financial stress of Individual shareholders and the component of "consequences for society" with a net effect of -2/2013 is the most important component of the outcome (effect) of financial stress. By rooting out the financial stressors of Individual shareholders, a very effective ground is provided for Individual investors to create new horizons of decision-making in the capital market, economic sub-sectors and especially capital market policy areas.

Evidence based on previous studies in measuring financial flexibility is primarily based on Western texts, which is not necessarily suitable for developing economies in countries such as Iran. Therefore, the purpose of the present study is to create an Adjusted and multidimentional Financial Flexibility Index (FFI) to reflect the current characteristics of the Iranian Stock Exchange. To this end, we follow the research of Gamba and Triantis (2008), Rap et al. (2014) and Chang and Ma (2018) attempted to present a model of financial flexibility as a hybrid index and based on the experts' viewpoints, the weight of the composites could be determined. This research has been carried out in two basic stages. In the first stage, the indicators of financial flexibility were extracted using the library methodو Then, for validation and evaluation of these indices, which are appropriate to the Iranian financial market, these indicators were weighted using AHP (hierarchical analysis) technique by a sample of 15 academic experts and then by coefficient of variation. The results obtained from the consensus of experts in the field of weighting the indices showed that in the hybrid model of financial flexibility extracted first the cash holdings, second the ability to finance, third the cost of financing and fourth the financial constraint have priority in weights. According to the results, the hierarchical theory of capital structure is implemented in the Iranian environment and according to experts, because the multidimensional index of financial flexibility extracted indicates this.

The purpose of this research studies the impact of financial managers' cultural intelligence on the financial reporting quality of the firms listed in the Tehran Stock Exchange. The instruments of this research were the Cultural Intelligence Questionnaire (David Livermore, 2009) and the financial statements of the firms listed in Tehran Stock Exchange to study of the financial reporting quality. For this purpose, the data of 98 companies listed in Tehran Stock Exchange have been collected and processed. The realm of research is from 2013 to 2017. In this research, the modified Jones model is used to measure financial reporting quality. The findings of this research showed that the cultural intelligence of financial managers has a Positive and significant impact on financial reporting quality. So that for each change in each component of cultural intelligence (Motivational cultural Intelligence, Cognitive cultural Intelligence, Metacognitive cultural Intelligence, and Behavioral cultural Intelligence) Major changes have been made in the positive and significant direction in the financial reporting quality.

Digital Currency is a virtual currency, which relies on the principles of encryption to authenticate transaction.In fact, the first electronic payment system is decentralized, which managed to solve the problem of spending twice the virtual currency. One of the most important goals of virtual money is to facilitate financial and monetary creation without the presence of intermediaries and banks, That the government cannot handle this money, and banks cannot be worth it either much or too much. Currently, the rules on the use of digital currencies have not been approved in Iranian Islamic Banking and the use of foreign currencies has created numerous risks for banks and the country . In the research done First, they evaluated the risk associated with a currency portfolio used by banks in Iran using the value-at-risk approach. Then add the digital currency to the portfolio It again evaluates the risk associated with the mixed portfolio At the end of the optimal portfolio model, a hybrid portfolio is presented. The results of the research indicate a reduction in the risk of a mixed portfolio.