فصلنامه سیاستهای مالی و اقتصادی
سال سوم شماره 9 (بهار 1394)

Poverty and inequality as a social harm if not to be controled and limmited, can lead to extensive damage in the household and community levels, so economic, social and ethical life of society would be threatened. Iranian society, like other societies suffers from this condition. Thus, cosidering income inequality and analyzing the distributional effects of its policies is very important to promote economic growth. In this study, the raw data of household expenditure and income compared poverty status and inequality in rural and urban areas during the years before and after the implementation of the law of targeted cash subsidies. Using STATApoverty census index, the gap and severity of poverty and gini coefficient are measured. The results indicate that during the period 1381 to 1388 (before targeted cash subsidies law implement)levels of poverty and income inequalitywere high and had volatility. Poverty and income inequality in 1390 and 1391 compared to 1389 (the year the law enforcement targeted cash subsidies) in both rural and urban areas reduced.

Main purpose of this study is to identify the effect of tax coefficients on food and drinking industrial structure during 2008-2012 and the impact ofthem on industry monopoly power. To achieve of this purpose, Panel Data regression and data in four digit ISIC are used. The finding indicated that increase of tax coefficient has an inappropriate impact on food and drinking industrial structure in the form of increasing monopoly power of firms. This subject confirms the Schumpeterian view.

Capital market as one of the pillars of financial market has an important role in gathering financial resources and capital in order to economic growth, and already is a fund for businesses in most countries. Considering the importance of profitability of stock market in development of this market and economic growth, in this study, we use buy and hold strategy, moving average and momentum methods to examine profitability of Tehran Stock Exchange as a main pillar of capital market in Iran's economy. For this purpose we chose 26 industries from 38 active industries of Tehran Stock Exchange. We used five different trading strategies just for increasing the accuracy of examination, not for comparing trading strategies. The results showed that, using different trading strategies, one can earn average annual return of 36 percent for each industry, and 32 percent average annual return for the market. Therefore the average risk premium is 14 percent for each industry, and 10 percent for the market.

According to the importance of investigation of behavior costs and effect of the sticky cost on the economic classification chapters cost of government, in this study the efficiency increase and effectiveness of the capital assets acquisition plans are examined by technical implementation of result-oriented approach. This research is applicable in terms of target and descriptive-correlation in terms of method.The classification of information includes cost-sides has been studied for consideration of sticky behavior and asset ratio during the creation or complement of credit allocation. To calculate variables and analysis, we useed Excel and Eviews 7. The results of this research was down based on information of 32 projects of the capital assets acquisition plansin Ardebil province for a period of 4 years from the year 1389 to 1392. these 32 projects are selected by systematic elimination among 43 projects. The results show that the accost-sides have stickiness andrelative largeness of stickiness severity in case of increasing performance with credit increasing is more than relative largeness in decreasing performance with credit decreasing. Also stickinessseverity is increasing with the enhance of asset during the creation or complement of credit allocation.

In economic and management literature there are different criterions to determine the level of technology in firms and manufacturing industries. In this respect, the R&D intensity is an acceptedrelative criterion to define the technology level, but there are evidences showing that thiscriterion is not so effective in manufacturing industries of Iran where R&D doesn’t have a significant share. So, this paper trys to determine the level of technology in Iranian industrial firms by defining a new and different indexe. This index is composed of the two other criterions including the green energies share in firm's energy consumption and the distance between the firm's production and its Minimum Efficient Scale (MES)..To determine the green energy we used the share of electricity and gas consumption from the total energy and to define the industry MES using Comanor-Wilson method and product value criterion.The results of this paper show that using the defined ordered index for manufacturing firms in Iran is the best illustrated in different level of technology in a real manner.

This study investigates the relation between the quality disclosures of published financial statements, conservatism and earnings management practices in Accepted Companieses at Tehran Stock Exchange. The focus here is on conditional and unconditional conservatism. The findings indicate that no relation between quality accounting disclosures and discretionary accruals, also finding show no relation between conditional conservatism and unconditional conservatism in high and low quality accounting disclosures. Finally the result show negative relation between Earnings sensitivity and conservatism in high and low quality accounting disclosures.

Following up studying behavior of institutional investors for relationship with investment frequency, this research deals with studying qualitative and quantitative status of investment among institutional investors of companies listed at Tehran stock exchange. In order to calculate their behavior it was benefit from Hofstede cultural model based on 4 properties: male-orientedvs female-oriented, individualism vs plurality, prevention of uncertainty and gap of power. The tool for data collection in this research for the independent variables (cultural component) are standard questionnaire of Hofstede and for the dependent variable(investment frequency) is the reports for buying and selling stock and theboard of director report to the general assembly of shareholders. In this way, 42 persons as statistical sample among institutional investors of companies listed at Tehran stock exchange were selected and research questionnaire was completed by this people. While studying cultural status of institutional investors, it was determined that aforesaid society is male-oriented, individualism, prevention of uncertainty and gap of power. In the way of studying influence of cultural values on investment frequency it was determined that male-oriented does not have influence on investment frequency of institutional investors. Individualism, prevention of uncertainty and gap of power have influence on frequency of institutional investors. While studying influence of cultural values on existence or non-existence ofinvestment frequency, it was determined that male-oriented does not have influence on existence of investment frequency. Individualism, prevention of uncertainty and gap of power has influence on existence ofinvestment frequency among institutional investors. The gap power has the highest ability and prevention of uncertainty has less ability on anticipating existenceinvestment frequency.

This article investigates the contrarian investment strategy as a guidance for earning abnormal returns. Contrarian investment guidance states that the stocks that had a successful performance in the past, to be sold and the stocks that had a poorperformance, to be bought. The base of contrarian investment guidance is that investment market shows excessive reaction to the new information. Because of the more reactive, investors determine the stock prices of successful companies upper that real price and unsuccessful companies lower than real price. In this case, return of pricesoccurred in the long time. That is why, contrarian investment strategy is advised in such cases. This study conductsresearches done in different countries in the field of excessive reaction and benefit of contrarian investment strategy. Most studiesconfirm excessive reaction and consider contrarian investment strategy as an effective one for earning excess returns.