فصلنامه پژوهش های حسابداری مالی
سال پنجم شماره 1 (پیاپی 15، بهار 1392)

Disclose of Complete، timeliness and with quality reporting، leads to increase transparency. On other side disclosure whit transparency can decrease information asymmetry. Also Disclose mid transparency financial statements decrease abnormal returns. Among of information that public by firms، earnings are material. Main of this study، explorer relation between earnings transparency and abnormal return. Therefore in the first step investigate relation between transparency and abnormal return and then add control variable. In order test of hypotheses have used Data from 92 firms that listed in Tehran stock exchange. Result show there is a significant and negative relation between earnings transparency and abnormal returns.

In this research the effect of accruals quality on stock risk premium of listed companies in Tehran Stock Exchange has been studied. for this purpose، and based on the three factors model of Fama and French (1993)، the difference of average return made by the strategy of choosing the companies with high accruals quality and low accruals quality between the years 1997-2008، has been used. the accruals quality of each company is calculated on the basis of Fransis et al model (2005). the survey results indicate that accruals quality do not have the ability to interpret the stock risk premium of the companies. Then، by forming 25، 50 and 64 mimicking portfolios separately، and running the two-stage cross sectional test on Fama and French model (1993) the effect of accrual quality on risk premium of companies has been examined again. The results of this test for all mimicking portfolios confirmed the inefficiency of accrual quality in determining the behavior of companies’ risk premium.

In this study we are dealing with the possibility of CFO management as well as identifying of effective motivates in encouraging companies to manage CFO. The motives include: (i) financial distress; (ii) lower earnings persistence; (iii) earning divergence and CFO. CFO management can be defined as judgment of directors in selection of economic events for medication of financial reporting in order to mislead external users and to show positive performance. This research is a correlation and applied research. Our data is the companies listed in Tehran Stock Exchange during 1379-1388. The study sample includes 130 companies listed in Tehran Stock Exchange. Our results indicate a positive relationship between the CFO management and earning persistence; and negative relationship between CFO management and we find no evidence of relationship between financial distress and CFO Management.

One of the outstanding features of economies of different countries is a significant change in the fieldof finance in recent decades، which means that financial markets and institutions have gained an increasing prominent position in the global economy. These changes have come to be known as financialization. Also، the growth rate of fixed investments in different countries in the past decades has decreased. Hence، one of the common views in economic theory is that the financialization phenomenon is effective in providing required conditions for increasing financial investment of non-financial corporations by decreasing their fixed investments. Therefore، in this research، we analyze the effect of financialization on fixed investments of non-financial corporations listed in the Tehran Stock Exchange. Income and financial expenses are recognized as aspects of financialization as well as independent variables، and net fixed investment of non-financial corporations is a dependent variable. Required data are gathered annually from 2002 to 2008. The suitable regression method is chosen based on econometric assumptions and the hypotheses analyses are based on this method. There is a dissimilarity variance problem in using the random effects method، and to solve، the generalized least square regression method for estimating the model is chosen. Based on the results of estimating the regression equation، the first hypothesis، i. e.، financial expenses effect real investment of non financial corporations، is accepted، but the second hypothesis، i. e.، financial incomes effect real investment of non financial corporations، is rejected.

This study investigates the following questions: which item of restatements have the most frequency? Are the nature and types of restatements different among years and industries? And، is there a significant difference between primary and restated figures? The results، based on 1603 firm-Years observations of listed companies in Tehran securities exchange، indicate that the most frequency of restatements have occurred in liabilities، car industry، and the year of 2005. The findings also show that the types and nature of the restatements are different through the years and industries. In addition there is a significant difference between primary and restated figures. Thus we suggest that researchers and analysts use restated data for financial reviews and analysis. Finally the significant difference of primary and restated amount of the «beginning retained earning» shows that the retroactive restatement must be extended beyond one year، especially for key items such as EPS and operating net income.

Herding behavior in capital market is a condition that investors intentionally or unintentionally do similar actions in buying and selling. Unlike intentional herding that investors consciously ignore their private information and imitate from others، in unintentional herding the origin of investors’ uniform actions is shared access to market information. Although intentional herding is destructive phenomena and is origin of anomalies such as bubbles، crashes،… in market، unintentional herding is a sign of informational efficiency in market. In this research we via state space model and by beta herding approach، investigate the investor herding to market factor and separate such herding from common movements that induced by movements in fundamental variables. This research has conducted for 1380-1389 period (120 month). In this research we find that investors in Tehran Stock Exchange (TSE)، continuously and intentionally herd to market factor.

Prior studies regarding the relationship of earnings managements and contracts have been facing with some difficulties in explaining their findings [13]، [10]، [11]، [39]. Some researchers have highlighted the role that capital markets plays in inducing earnings management. The main hypothesis of this research is that when demand to buy a company’s stock is high، the company will conduct income increasing earnings management to the extent that the reported income meets forecasted income. The findings of the analyses that are conducted on a sample of companies listed in Tehran Stock Exchange reveals that companies that have high ask offers do less income increasing earnings management. Instead، they decide to make earnings baths so that they can exploit in the future. However، the companies that enjoy high bid for their stocks do income increasing earnings management to meet the forecasts and produce positive earnings surprises. Therefore it is concluded that، the companies’ decision to manage the earnings is influenced by the ask and bid of the stocks. The findings of this research help to explain the complexities in previous findings regarding the discretionary accruals and forecasts errors.