نشریه تحقیقات مالی
پیاپی 26 (پاییز و زمستان 1387)

This paper examines the accuracy of valuation models in providing reasonable estimation of the market values of listed companies in Tehran Stock Exchange (TSE). Six valuation models including Gordon Growth Model, Two Stage Dividend discount Model, Adjusted Present Value, Price to Earning ratio and Residual Income were examined in this study. In addition, three proxies represent the market values of stock during year: Max {Min}, Min {Max} and Average. The comparison was made in terms of models’ Median Absolute Percentage Errors (MdAPEs). Wilcoxon’s Rank Sum non-parametric test was used in order to test the hypothesis of significant difference among valuation models MdAPEs. The results revealed that Price to Earning ratio gives the most accurate estimation of the market values of companies while the Residual Income model and Free Cash Flow to Equity holder model have the poorest performance which is in total contradiction with the results of other researches conducted in other parts of the world.

The conflict between investor's interests and managers is an important issue which has been attracted researchers attentions in last decade. According to the related literature, corporate governance body of research has offered alternatives for solving this problem such as Ownership structure. This research investigates the effect of ownership structure on firm performance. The factors which identified ownership structure were the number of block holders and kind of ownership were studied. Meanwhile, industry factor was applied in the research model. The samples include 56 firms whose share's transactions were active in Iran security exchange market from 1999 to 2004. The firms were classified according to their kind of ownership which involve private, semiprivate, public, semipublic and institutions (NGOs). By applying multiple correlation and analysis of variance statistical tests, it was found that ROE ratio is affected by the industry factor, but the difference of P/E ratio between studied industries was not significant.We have found when the number of block holders increase, ROE ratio also increase. This finding can be explained for strong control by large shareholders and enforcing their synergy in decision making. According to the sample size, some the relationships between ownership structure factors and firm performance was not significant. Other results show that the large equity ownership by a mix of private and public sectors in firm ownership structure improve return on equities firm due to the role of government in governing and controlling the firms. Finally, the results show that performance of corporations in Iran security exchange was affected mostly by industry and economical circumstances rather than managerial decisions and ownership structure.

The goal of this research was prioritize effective financial factors on price stock in Tehran stock exchange with using TOPSIS method. Based on, it was reviewed literature and interviews and specially questionnaire obtain, effective financial factors to analysis with emphasize on TOPSIS technique. The results shown in the entire ratio price to income, historical event share, EPS and return on assets factors were most effect on price index. Finally, it is presented concluding, discussion, implications for managers, and directions for further research.The goal of this research was prioritize effective financial factors on price stock in Tehran stock exchange with using TOPSIS method. Based on, it was reviewed literature and interviews and specially questionnaire obtain, effective financial factors to analysis with emphasize on TOPSIS technique. The results shown in the entire ratio price to income, historical event share, EPS and return on assets factors were most effect on price index. Finally, it is presented concluding, discussion, implications for managers, and directions for further research.

In this article the researcher, comparing Semivariance and calculated Beta on basis of it to the variance and common Beta, has tried to see whether Downside Beta criteria (Semivariance and calculated Beta on basis of it) have any preference over the common risk criteria (variance and common Bata) or not. In order to achieve this, weekly data of 55 sample companies were gathered in a 6-year period (from the early 1378 to the late 1383) and tested. The results obtained show that among risk criteria, downside risk criteria have preference over common risk criteria

The main purpose of this paper is survy of factors associated with reliance of external auditors on entenal adutors work, Reliance on internal auditors work has significant influence on cost saving and obtaining more services to client with the same cost. Optimal utilization of internal audit work can improve both the efficiency and the effectiveness of external audits and can enhance the value of internal audits to the client organization. The objective of this study is reorganization of factors associated with reliance of external auditors on internal auditors work from CPAs view. Methodology of this study is survey and needed data we use Pearson correlation coefficient and multiple regression. The results indicate competence, work performance, due professional and inherent risk level have significantly positive valuation with reliance of external auditors on internal auditors work.

Today, a way of gaining constant and dynamic development is reforming of the ownerships structure, from governmental ownership to privatization ownership. So this policy in many countries, especially in developing countries, as a strategic policy has been used. Compilation and performing principle 44, s policies of Iran Islamic Republic Law Constitution which Parliament has confirmed. One of the best ways of privatization is denoting stocks by stock change and one of the most important points to reach fulfillment is how to price the denoted stocks. Because of the importance and greatness of pricing stocks, So far many models based on different thoughts have been offered that regarding with economic, politic, regional and other conditions have shown various and different usages. Then, in this research, the denoted price of government firms including privatization has been compared and studied with these stocks based on theoretical scientific model in Tehran Stocks. So among evaluation models of stocks in point of comparable firms, view, Price-Earnings Ratio Model (P/E) of similar firms has been selected and then the prices of government firms including denoted based on this model during 2005, 2006 and 2007 have been calculated, and then studied and compared. The results of this research indicate that there is no meaningful relation between the prices of the denoted stocks and the prices obtained from Price-Earnings Ratio Model (P/E) of similar firms. Also, there is a direct meaningful relation, with high care between them. The Findings of this research indicates that Privatization Organization can use of Price-Earnings Ration (P/E) of similar firms in searching of making the best of approved stock pricing.