مجله مدیریت دارایی و تامین مالی
پیاپی 2 (پاییز 1392)

Increasing competition in the business as an effective mechanism can play a role in management decisions to pay dividends. In particular, the relationship between outcome and the substitution model has been proposed. This study examined a sample of 112 years from 1383 to 1390 at the industry level (about 126 firms) to examine the relationship between competitive structure of the market and policy dividends. In this research the relationship between indicators of competitiveness (industry concentration, product substitutability, market size, market entry barriers and the number of firms) and dividends per share have been tested after considering control variables(such as firm size, profitability, growth opportunities, ratio of retained earnings to total capital, liability ratio) using the combined data. Then using a competition score which is a combination score for measuring competition, the original hypothesis has been tested. The findings suggest that the product substitutability and market size have a positive significant relationship with paying dividend. And there was no significant association between other aspects of the competition and paying dividend. The main research hypothesis was tested using the competition score and positive but non-significant association was found. Profitability which is belonged to control variables showed a significant correlation with the dividend policy.

One of the most important issues in finance is investor's behavior in security markets. Standard Finance says that economic agents are rational and behavior finance emphasizes on biases by investor when they are making decision. According to research conducted at the Tehran Stock Exchange (TSE), investor have four types of behavior in which are: Rational, Herd behavior, Heuristics and Overreaction. The purpose of this paper is evaluation and ranking the behavior of investors in the Tehran Stock Exchange by analytic network process (ANP). For this study we used the super decisions software for evaluation and ranking and Judgment of experts for Paired comparisons. The results show that individual investors have 40 percent herd behavior in their decisions also 33 percent of individual investor's decision is rational and 22 percent of individual investor's decision is overreaction and 5 percent of individual investor's decision is heuristics. This research indicates that almost 35 percent of investors in Tehran Stock Exchange is influenced by factors relating to the Stock Market Such as transparency, market efficiency, market depth and etc.

With regard to the development of the mutual funds as a new financial product in Iran financial system, marketing of this new product is essential for attracting investors. Hence, understanding the influencing factors on fund selection behavior is necessary and vital for more effective marketing. This research use mixed method research (qual QUAN). In the qualitative phase based on in-depth interview with investors and experts 21 items were identified. In the quantitative phase, exploratory factor analysis (EFA) was done for identification of the factors. EFA revealed 7 factors including: investor knowledge about the fund, advertising, environmental factors, investor’s risk aversion degree, return, age/volume and size of the fund, and fund accessibility. Friedman analysis of variance indicted the priorities of the factors as: return and performance, investor knowledge about the fund, investor’s risk aversion degree, environmental factors, age/volume and size of the fund, fund accessibility and advertising

The aim of this research is to answer this question:” How is the effect of inflation rate on finance (debt financing and equity financing)?” Based on research literature, many micro and macro factors affect financing and in this research, cost of capital rate, financial risk, proprietary ratio and total return rate are moderating variables. The population of research is all company listed in Tehran Security Exchange between the year 1381 and 1386. Sample is equal to population. For data analysis, by SPSS, we use simple and multiple regressions. The results show that inflation affects more on debt financing in comparison with equity financing. Also for debt financing, financial risk and proprietary ratio respectively have the most and least effect and for equity financing, financial risk has the most and total rate of return has the least effect.

In this study, The Effect of different Level measures of stock liquidity on the Premium Stock Returns have been tested. Independent variables in this study are Trading turnover ratio, adverse selection of bid- ask Spread and bid- ask Spread, these were also measures of stock liquidity. The Premium Stock Returns is the dependent variable and size, market risk and the book-to-market was cons idered as control variables. The stock liquidity measures, formulation of hypotheses and the sample consists of 70 companies listed in Tehran Stock Exchange for the period 2005 to 2011 were selected. To test the hypothesis the Fama and French (1993) four-factor model was used. Methods of portfolio companies were categorized based on stock liquidity measures taken. The ranking was based on different levels of liquidity. So, liquidity factor will have (or lack) a different effect on the Premium Stock return. The results of this Paper, help the investors According to liquidity measures and their Premium Stock Returns.

The return of Initial Public Offerings (IPOs) in short and long term, were always noticed by market Analysts. In Iran and after policies Asle 44 announcement by supreme leader, IPOs intensified by entering government's firms to Tehran stock markets. In this research, we compared the short and long term return of Asle 44 IPOs with other IPOs and market return. The results showed that short term return(20 days) of Asle 44 IPOs is positive and more than market short term return, but displayed no difference with other short term IPOs return. Furthermore, the long term return of Asle 44 IPOs (annual return) is positive and more than other IPOs return, but has no considerable difference with market long term return.

Continuous growth and development of the economics is considered as the main objectives which the firms are seeking to achieve. In doing so, the banks play key roles in the economic growth and development. Due to the increasing numbers of the public and private banks in Iran, predicting their efficiency has attracted significant attentions. This study aims at modeling and predicting the efficiency of the public and private banks by using artificial neural networks, Fuzzy neural networks and genetic algorithms. Using data envelopment analysis (DEA) and considering the total assets and total number of branches as the inputs of the model, the banks’ efficiency has been examined during a period from 2007 to 2011. The outputs of the model include the net profit or loss, the balance of granted credits and receivables. As the next step, the multivariate regression approach, artificial neural network, fuzzy neural network and genetic algorithms have been employed to predict the efficiency of the banks. The findings revealed that the fuzzy neural network is the most precise model in comparison with the other models of predicting efficiency. Based on the sensitivity analysis of the inputs by the neural networks, the net profit or loss has been known as the input with the highest impact on the banks’ efficiency.

This article investigated the role of competition in the pricing of information asymmetry. the competition between investors for acquire private information lead to prices become more informative and near to intrinsic values. Trying informed investors to acquire private information and trade to earn more gain lead to information incorporate into prices more quickly. then increase competition influences cost of equity capital. The literature have shown that institutional investors are more likely to be informed investors. relying on existing literature, this study investigates the effect of competition between informed investors over information on the pricing of information asymmetry. the sample includes 550 firm-years data of 89 firm listed in Tehran Stock Exchange from 1382 to 1390. The findings based on multiple regression models based on cross-sectional data show that when the number of institutional investors, as a proxy for competition, increases, the pricing of information asymmetry decreases.The results do not confirm existence of a significant effect of concentration of institutional investor ownership, as another proxy for competition in this study, on the pricing of information asymmetry.