Year:2007 | Volume:26 | Issue:1 (50)|Papers Count:20

In this paper the effects of five factors, firm size, degree of financial distresses, growth rate, off-organization financing and price control on management earnings forecasts are studied. The findings of this study show the earnings are forecasted optimistically; also it shows that off-organization financing affects the management earnings forecasts, which leads us to accept the research hypothesis. We find relationships between firm size, degree of financial stresses and management earnings forecasts, but in the wrong direction as the research hypothesis expected. The study did not confirm a meaningful relationship between growth rate, price control and bias in management earnings forecasts.

The effect of stock volatility is examined in Tehran Stock Market (TSE) using the leverage effect theory. According to the theory, the return and variance have negative relationship. The effect has been tested using E-GARCH model and daily time series data during 1992-2006. The results do not reject the leverage effect in TSE. Also, the impact of good and bad news on volatility has not been symmetric.

The purpose of this paper is to investigate empirically the existence of inter-industry differences in the capital structure of Iranian firms and to investigate impact of size (assets/sale) on capital structure. First we attempt to test the differences in capital structure across industry groups using the leverage ratio of debt to assets. The first null hypothesis to be tested is that firms in different industries have the same financial structures. The results of the cross-sectional tests were obtained by performing a nonparametric Kruskal-Wallis test. The nonparametric tests results in the rejection of the null hypothesis.In second hypothesis we pool together the firms, with no regard to the industry class and investigate whether the size of the firms correlates with capital structure. Then the spearman rank correlation coefficient is calculated. It is interesting to note that the spearman rank correlation coefficient is not significant over all the years. This implies that there is no relationship between size and capital structure.

Scientific theories are derived from philosophical views of scientists in different fields. Positive Accounting Theory (PAT) has been affected by these philosophies. Popper's falsification criteria and Methodology of Scientific Research Programmes (MSRP) of Lakatos have affected PAT significantly. Authors argue that PAT is more affected by Lakatosian programmes. On the other hand, PAT is not consistent with Popper's methodology. However, this argument does not mean that PAT is good or bad.

The primary purpose of this study is to investigate the reason for the unwillingness of the Investment Companies listed in the Stock Exchange Market in using market values for pricing current investments. For this purpose, factors affecting the application of 'market values have been identified through use of accounting texts and literature, and used for the preparation of the questionnaire. Thus, there have been seven hypotheses presented in this research. Necessary information for testing the mentioned hypotheses was gathered through written questionnaires. The statistical population and sample consisted of three groups of financial directors and officers of the investing companies listed in the Stock Exchange Market of Tehran and also the Auditing directors of the Auditing Institute. The hypotheses were tested using the t-student tests. It was concluded that the unwillingness of companies for using market values in pricing current investments include: tax effects, changes in investor expectations, unreliability of unrealized profit and loss resulting from fluctuations in values of current investments and the unreliability of market values.

Selecting the right suppliers significantly reduces the purchasing cost and improves the corporate competitiveness because in most industries the cost of raw materials and components parts constitutes the main cost of a product.Little attention has been given in the literature to order assigning models to the suppliers, in case of multiple sourcing with multiple criteria and capacity constraints. Only a few mathematical programming models to analyses such decisions have been presented to date, and these have tended to consider only net price as the cost of purchasing although the costs of transportation, ordering and storage may be significantly important to the decisions.In this paper, a mixed integer non-linear programming is presented to solve the multiple sourcing problems, which takes into account the total cost of logistics, including net price, storage, transportation and ordering costs.Buyer limitations on budget, quality, storage capacity, integer number of orders, minimum assigned order quantity to each supplier, etc. are also taken into consideration in this model. Due to the complexity of the model and its non-linearity, the particular case of this study has been solved by genetic algorithm and its results have been compared to those of pattern search method.

One of the appraisal criteria in creditable stock exchange in the world is stock trading volume. This research studies raising equity capital effects through rights offering on stock trading volume for companies accepted in Iran's Stock Exchange during the period 1373 to 1382.The results of the research have shown that raising capital announcement through rights issues are significantly related to the change of stock trading volume. The average of stock trading volume has decreased during the announcement week, and during the first week after announcement this reduction is remarkable. Then stock trading volume increased and previous movements developed but the trading volume was less than before rights offering announcement In addition, the findings have shown that there is no meaningful relationship between the type of industry and the change of stock trading volume which is consequent of raising capital announcement. This result I indicates that Iran's Market does not pay attention to the type of industry when the news of rights issues are announced.

Ratio analysis has been a tool of analysis as long as financial statements have been prepared. Yet its limitation due to considering only one numerator and one denominator severely limits its usefulness. This paper extends the traditional ratio analysis to permit the incorporation of any number of dimensions of performance, using data envelopment analysis. The method produces measures of corporate efficiency together with a wealth of supporting information. This study was conducted on 27 pharmacy companies in a period 2 years (1382-1383).

In this paper, relative and incremental information content of economic value added for earnings prediction of 133 of Tehran stock exchange listed companies are investigated. Analysis of data showed that current operating earnings, operating cash flow, and economic value added predicted next operating earnings, but current operating earnings were more powerful in prediction. Incremental information content showed that economic value added does not affect earnings prediction ability. Operating cash flow has such a little incremental information content that only in two years of studied period it increased the prediction ability of current operating earnings. Economic value added has increased the prediction ability of operating cash flow, therefore had incremental information content.

The major purpose of this article was to investigate and determinate some significant economic variables effective in the stock returns of the companies in Tehran Stock Exchange Market (TSEM). In approaching this study, the effects of growth of money, price of gold coin, dollar rate, and Tehran's stock market index in stock returns were analyzed. The population of the study encompasses all firms listed in TSEM. But only those firms whose monthly stock prices, from the beginning of the year 1379 until the end of 1383, existed were selected as samples. Consequently, 195 firms were finally selected and analyzed.In choosing the designated variables, which were effective in stock returns, first, selected firms were classified into different groups according to the size of their stock price values, then, by using "the multiple regression analysis technique", the effects of selected variables in stock returns were studied. The results of this study show that, none of the selected variables of the study, describes the returns variations.