نشریه چشم انداز مدیریت مالی
پیاپی 3 (پاییز 1390)

In this study we have tried to identify necessary strategies for developing of culture of stocks online trading in order to access to productivity in capital market as well as productivity of service section and at last increasing of productivity in the country. In this study it is tried to recognize effective factors on enhancing of electronic stock exchange acceptance by real investors through combining of models of innovation propagation and technology acceptance, and merging of it with dimensions of online trading. In this research we have used a questionnaire with 55 questions to study 300 samples of individual investors in Isfahan. A conceptual model has been designed to show all relationships among all variables which is tested by LISREL software. According to the obtained results, it has been determined that there is a relation between perceived easiness, perceived usefulness, perceived risk, innovativeness, and market efficiency with intention to use electronic exchange market. Amount of goodness indices (AGFI= 0.91, GFI= 0.92) shows suitability of the model.

The aim of the present study is to investigate the level of applying knowledge of marketing in Iran capital market, understanding of the reasons for the lack of use of marketing knowledge by financial activists (financial intermediaries, institutions and brokerage activities. ..), adapting marketing activities of financial agents of the Tehran Stock Exchange (TSE), helping students to enter the field of marketing to capital market, capital market boom of investment in Iran, and ultimately financial market model in TSE using the results in research. The main method of study is a descriptive method (survey). The population surveyed are all financial institutions active in TSE including formal Brokerage institutions, Stock Brokerage and all regional institutions at the end of June 2009. Results of research shows that during the mentioned, current marketing system of brokerage houses was traditional, regardless of the criteria of modern marketing in the fields of financial information and stock price determination, web-based (e-service) stock trading, financial analysis services and encouraging large companies to enter the stock market.

One of the important results of market making is increasing the stock liquidity. The analysis of this subject in Tehran Stock Exchange (TSE) is not reported. In this research, we analyze the effect of market making on the stock liquidity in TSE with two important liquidity indices. And then we investigate its profitability for Market Makers. The result of this research showed that the market making has no effects on the stock liquidity in TSE. Also we found that Market Making is not profitable in TSE.

This study has used the estimations of selected firm's equity values to determine the effect of earnings disaggregation in predicting their equity values. In this research three levels of earnings disaggregation; such as aggregate earnings, cash flows and total accruals, and cash flows and four major components of accruals was proposed. To test the research hypothesis, the comparison of means (medians) for prediction absolute error and prediction squared errors was used. The participants of this research which were selected based on some special characteristics, were 112 firms, accepted in stock exchange market of Tehran. The gathered data, after preparation and estimation were put through the Excel program and then its final analysis was done through SPSS program. Based on the obtained estimations in industry, some decreases in prediction errors while disaggregation of earnings to cash flows and total accruals were observed. When earnings were divided to cash flows and four major components of accruals, prediction errors were minimum.

This article introduces some proper financing methods for Iran refinery projects based on reviewing several financing methods used in energy sector, and with regard to interviews with experts and the data gathered through questionnaires. Weights of criteria influencing financing method selection determined through entropy technique and finally the ranked list of financing methods, resulted from TOPSIS decision making technique. Based on the findings, the three top priority methods for financing of Iran refinery projects are Profit Sharing, BOT and Production Sharing.

In today’s competitive environment, propen evaluation of firms’ performance, is an important issue not only for investors and creditors, but also for the firms that are in the same sector. Determining the competitiveness of the firms and evaluating the financial performance of them is also crucial for the sector’s development. The aim of this study is evaluating performance of brokerage firms in Tehran Stock Exchange. Fuzzy Analytic Hierarchy Process (FAHP) and Technique for Order Performance by Similarity to Ideal Solution (TOPSIS) methods integrated in this study and used for evaluating performance of brokerage firms of Tehran Stock Exchange. Present study uses 5 factors and 19 sub-factors in evaluating process of brokerage firms. 39 firms were selected from active brokerage firms that their financial statements were available, and then they were evaluated and ranked. FAHP method is used in determining the weights of the criteria by decision makers and then rankings of the firms were determined by TOPSIS method.

Some stock exchanges in emerging markets impose price limit on stock prices to prevent over-reaction to financial disasters. Price limit is advocated as a mean to help investors cool down and decide rationally. Officials believe that price limit prevents financial crises; however many researches have shown that price limit backfires Volatility spillover, Delay Price-discovery, Overreaction, and Trading interference. Tehran Stock Exchange (TSE) has limited traders to deal stock in a predetermined interval, usually as a percentage of the last closing stock price. Thus in a trading session, stock price can only change in a limited percent of last closing price. In comparison to other stock exchanges, TSE has used one of the narrowest limits. Price limits during the last 10 years have been varied from 1 percent to up to 5 percent respectively. This study revealed that price limit in TSE causes “Volatility spillover” and “Delay price-discovery”. There was no significant support for two other negative effects (Overreaction, Trading interference). Although price limit prevents stock volatility in short term, it backfires volatility in long term. Additionally, price limit generates an ascending or descending price trend to reach equilibrium level for securities, and thus delays price discovery.