نشریه تحقیقات مالی
پیاپی 5-6 (زمستان 1373 و بهار 1374)

In this Article the weak form of efficient market hypothesis, was tasted by using prices of common stocks listed in the Tehran Stock Exchange. The study used weekly prices of fifty common stocks between September 1989 and June 1993. the sample consisted of those stocks which were most active on the Tehran Stuck Exchange over the study period. The results showed that stock Price changes were not Independent of each other. There was a definite trend in the prices of common stocks. Thus, the results showed that the Tehran Stuck Exchange is not an efficient market.

The Purpuse of this Study was to examine the regulation needs of Iranian Capital Market. The regulation needs was investigated in three areas: 1- Information disclosure 2- Financial institutions and 3- Supervision and market Confidence. The results showed that, information disclosure was not Adequate in Iran, especially in the primary market, where companies issue now securities to the public, In iran supervisory organization Such us Securities and Exchange Commission. does not exist. More over, the current legislation does not address the important issues such as, insider trading, price manipulation, and protectino of minority interests.

The purpose of this paper is to present the application of "Experimental Design", in analyzig the behavior of Corporate Profits. The recommended model can he used to measure and compare the average profits of corporations and analyze the variability of corporate profits. This model can also he used to compute and compare the risk of corporations.

There are several methods for measuring the performance and value of a company. These are, earnings per share, earnings growth rate, dividend per share, rate of return on equity and free cash flow. The purpose of this article is to show that all these criteria have some deficiencies and will introduce a new criterion called Economic value added (EVA). EVA is computed by subtracting capital charges from net operating income after taxes. In this article several examples were presented to show that EVA. correctly mea sure s company's performance and hence is superior to all other criteria.

This article is based on a study done by professor fred Weston. In this article the evolution of financial management concepts is Explained. The history of financial ideas is presented in eight sections as follows: 1- An overview of central ideas of finance 2- Historical review of the impact of economic developments on the content of the finance field. 3- The emergence of selected areas of Finance. 4- The evolution of working capital management and techniques. 5- Financial strategy of growth. 6- International finance 7- The proliferation of the literature of finance 8- Coping with knowledge explosion. In this paper the first three Sections are presented and the remaining sections will he presented in the next issue of the Journal of Financial Research.

This article is based un a hook called "How to Make Money in Stocks", by Mr. Oneil, and contains useful recommendations on how to select common stocks. All investors should consider seven factors before buying common stocks. These are: 1- Current quarterly earning pershare 2- Annual earning per share 3- New product, new management 4- Small number of shares outstanding 5- Leaders in the industry 6- Institutional sponsorship 7- market direction in general Detailed explanations of these factors are presented in this paper.

In this section of the Journal, a summary of theses Completed at the M.B.A Level is presented. The title of these are: 1- The application of technical analysis in selecting common stocks by Mr. Hasan Amiri. 2- Determination of factors influencing the capital struture of corporations listed in Tehran Stock Exchange. by Mr. Omid Pourheidari. 3- The adequacy of the stock price index of Tehran Stock Exchange in Supplying the information required by investors, by Mr. hamid shokri

Since some of the institutions and instruments in Iran are different from those in other countries it appears to he a difficult task to find equivalent terminology in Farsi for financial terms abused in English and French. By the same token, direct translation of the Western financial jargons to Farsi results in misunderstanding at best and confusion at worst, We have asked Hossein abdeh tabrizi and parviz sedaghat to examine the translation problems and provide our readers with a glossary or financial terms in Farsi and their equivalents in English. The fiveth part of their work appears in this edition. We will continue the efforts in our subsequent issues so that a complete glossary of the Farsi financial terminology will he prepared in a near future.