مجله مدیریت دارایی و تامین مالی
پیاپی 3 (زمستان 1392)

The main purpose of this paper is analysis of total asset growth anomaly in Tehran Stock Exchange that emphasizes on the test of relation between total asset growth and net operating asset. On account Scrutiny in asset growth understanding, an anatomic approach is used to break down total asset growth to its three components and its effect on cross-section stock return is investigated using dual portfolio analysis and Fama-MacBeth (1973) two step regression from 1379 to 1389. The results confirm asset growth positive effect and reject the effect of net operating asset growth because the latter effect depending on weighting scheme and time horizon of subsequent stock return can be positive, negative or even statistically insignificant. The research Evidences indicate asset growth is self-inclusive and its explanatory power of is not appertained by anyone of its subcomponents. So, it cannot seek the reasons of the asset growth anomaly appearance in net operating asset anomaly. It seems that the source of asset growth financing (Criterion of asset growth decomposition) does not matter in asset growth anomaly occurrence.

Possession of strategic assets is a necessary condition for sustained competitive advantage. This condition is, however, not sufficient. Firms require financial management capability to realize the rents present in their strategic assets. The firm-specific nature of strategic assets implies that they be financed primarily through equity; other less specific assets should be financed through debt. In this study, we test these hypotheses using data from companies listed on the Tehran Stock Exchange, during 2000-2010. We run panel regression with STATA12 software. We find the negative correlation between the asset specificity and financing through debt and a positive correlation between assets specificity and the firms are financed through equity.

The purpose of this research is to investigate the impacts of changes (inclusions and exclusions) of top 50 index list on price and trading volume in Tehran Stock Exchange. Most of investors trace market movements by using indices. Therefore, market indices should show transparent picture of capital market trend, in a way that facilitates past and present trends and decision making for future. By using the event study methodology and analyzing data of 165 firm-year within period of first quarter of year 1382 to first quarter of year 1391,results indicate that market do not show significant price reaction to changes in top 50 index list. But results of analyzing abnormal stock trading volume and bid-ask spread difference show stockholders liquidity reaction to inclusions and exclusions. Robustness checks has performed for comparison between systematic risk and idiosyncratic risk, before and after announcement day. Results show that systematic risk has not changed in both sections of inclusions and exclusions before and after announcement. In other words, announcement of inclusions and exclusions do not have effect on systematic risk. About idiosyncratic risk, there is no significant difference between before and after announcement in inclusion situation, but in exclusion situation, idiosyncratic risk before announcement is more than systematic risk after announcement. Also exclusion news has decreased idiosyncratic risk.

The purpose of this research is consideration of largest shareholder type (including insider, financial, state and holding) effect on dividend payout policy in corporate of Tehran securities exchange and also the difference of influence of each of the mentioned great shareholders on dividend payout policy in these companies. The obtained results from the research assumption show that dividend payout policy is positively affected by ownership majority in companies which their largest shareholder is insider or state so as the ownership majority increases while in companies which their largest shareholder is financial or holding, the influence of ownership majority of the largest shareholder on dividend payout policy can not be proved. Based on the type of the largest shareholder, the insider shareholders make a lower dividend payout and prefer the retained earning to the more dividend payouts.

Although appropriate diversification is one of the most important features of mutual funds, but nowadays we are faced with funds with more focusing on one industry and consequently decrease costs and increase the risk, which offer higher returns to their customers. An accurate quantitative and appropriate definition for sector funds and their function and purposes has not yet been presented in literature. This article firstly, classifies mutual funds of the statistical society into four groups by defining a decision tree, and by makeing fund of funds and drawing efficient frontiers for each group finds that return and risk increase as sectoral property increases. Finaly, by calculating volatility and beta as risk benchmarker for samples of funds of each group finds thaat sectoral property causes increasing of risk specially nonsystematic risk..

The purpose of this research is to examine the effect of stock market misvaluation on firm’s investment decisions. stock market misvaluation is a condition in which the value of stock in the capital market different from its fundamental value. Statistical community of this research includes all Tehran Stock Exchange accepted companies and Statistical sample includes of 100 Tehran Stock Exchange manufacturing firms from 1381-1390. panel data for these firms are analyzed using GLS regression model with fixed effects. The results in the research show that the nonfundamental element of stock value has positive impact and significant to firms investment. Moreover, This result indicates that the value of the stock market in Tehran Stock Exchange provide information for managers relating to the firm’s investment decisions. High stock price can be considered by managers as a sign that investors have positive perception to the firm's investment decision.

The purpose of this study was to evaluate the effect of changes in working capital on investment opportunities are listed companies in Tehran Stock Exchange. For this purpose, we studied a panel data of 151 listed companies in Tehran Stock Exchange, in a seven-year period (1384-1390). We use Lymr and Hausman test model (fixed effects or random effects) was determined from regression was used to test the hypotheses. The results of the study show that There was a significant and negative relation between changes in a company's working capital and investment opportunities. Investment Opportunities, Changes Working Capital, ratio of market to book value of equity, Tobin Q ratio, ratio of earnings to price per share

This paper investigates the relation between product market competition and earnings management of the companies listed in Tehran Stock Exchange (TSE). Therefore, the Herfindahl-Hirschman, Lerner, and Modified Lerner indexes were employed as a proxy for product market competition. Also, in our research use the discretionary accruals as a proxy for earnings management. The research population composes of 67 companies listed on Tehran Stock Exchange which have been studied during the years 2004 to 2011. Multivariate linear regression statistical analysis was used to test the hypotheses of the research. The results suggest that there is a significant negative relationship between product market competition (i.e., Herfindahl-Hirschman, Lerner, and Modified Lerner indexes) and earnings management.