FINANCIAL ACCOUNTING
Year:2017 | Volume:9 | Issue:34 |Papers Count:7

Prediction of stock returns and the pricing of bonds have been always one of the most important issues of financial markets. In this study, one of the factors affecting stock returns has been investigated. In addition, the effects of financial constraints factor on explanatory power of Fama-French three-factor model, Carhart four-factor model and Fama-French five-factor model, has been studied. The firm financial constraint was measured using ordered logit regression. This research has been conducted on 120 listed companies in Tehran Stock Exchange based on data mentioned in financial Annual reports between 2008-2015. Results of this study indicated that the returns of financial constraints firm move together. In addition, The results demonstrated that financial constraints factor can increase explanatory power of Fama-French three-factor model and Carhart four-factor model. But it didn’t have any effect on explanatory power of the Fama-French five-factor model.

Purpose: This study aimed to investigate the effect of overconfidence of managers and information asymmetry resulting from that, on risk of falling of stock price. For this purpose, overconfidence of managers has been measured based on three criteria including: accuracy of profit prediction by managers, surplus of capital expenditures and the remainder of the company’s growth model; and its impact on three indices of risk of falling of stock price including: specific return of company’s stock, negative coefficient of skewness of the specific return and ratio of standard deviation of monthly specific return of company in months when the specific return is higher than the mean, to standard deviation of specific return in months lower than the mean was tested. Information asymmetry also was measured based on a composite index of five measures in accordance with the terms of Tehran Stock Exchange; and its effect on risk of falling of prices was measured in presence of overconfidence proxies of managers.Method: This study has been done based on data released by the companies listed in Tehran Stock Exchange, in the period between 1389 and 1394 with a selected sample of 211 companies and 1266 year-companies. Testing of research hypotheses has been done using panel estimators in logistic regression models, panel model and generalized regression (EGLS).Inference and Results: The results of testing the research hypotheses suggest that overconfidence of managers influences significantly on risk of falling of stock price based on all three indicators for measuring it. Also, overconfidence of managers impacts the relationship between information asymmetry and risk of falling of stock price and intensifies this relationship.Originality and achievements: originality and innovation of this research is firstly attention to behavioral aspect of managers facing with investment decisions in companies and secondly, using of composite criteria in measuring this behavior. Its achievement is also offering a view in order for explaining managers’ behavior in order to prevent sudden fluctuations of stock price resulting from managers’ decisions and creating informational transparency in capital market.

The aim of this study was to compare the valuation models accounting from the perspective of market trading and price-making in companies listed on the Tehran Stock Exchange. The study sample consisted of 104 active company stock during the period 1388-1394. In this study the effect of different pricing valuation models Ohlson (1995), Zhang (2000) and traditional models earnings per share were determined using Wong. The results showed no significant difference between the explanatory power of these models and the models created on the basis of earnings per share, higher than the explanatory power of residual income. The results showed that by increasing the ratio of price to earnings valuation models increased explanatory power, while increasing the volume of stock trading, the explanatory power of the Ohlson model and the traditional model increases. These findings indicate that the ratio of price to earnings and stock trading volume has been adequately reflect reflection of market liquidity. Understanding these factors can help to improve pricing and to determine the intrinsic value of company stock and will be effective.

In this study, we consider two factors affecting the performance of auditors, team-oriented Leadership and Audit voice. Auditors work in hierarchical group teams that Concerns of assessment by supervisors has a significant impact on the expression of opinions and ideas. We using two standard questionnaires for measuring team- oriented supervisor and voice auditor. Then we use from scenario measure ability's auditor in express ideas. NCSS statistical software was used to determine the sample. The participants in our study are 104 auditors and supervisors of 6 audit firm in Mashhad that were randomly divided in teams of four. When the scope of our research is the year 1395.We analyzed Hypotheses with using Pearson correlation and Tests of Between-Subjects Effects. Our results show a significant impact of these factors on the performance of auditors. Our research has important achievements for audit firms.

The requirement for companies to report their interim earning and annual earnings forecast within 30-days overpass from each interim-period will raise the question whether the simultaneous announcement of these two profits affects on the market reaction to the type and nature of the news each of these profits and causes a different reaction of the capital market to this type of information, and most importantly, which market will pay more attention to one of these profits. In so doing, we have selected 101 listed-companies as our resulting research sample in period 2008-2014 using systematic sampling method as well as applying some restrictions to perform necessary tests. From hypothesis testing, we find that market reaction to annually earnings forecast news seems to be greater than that of simultaneous interim earnings news. Also, consistency (contrariety) of both these simultaneous news have not significantly affected the information content of majority of annually earnings forecast. Furthermore, we also show that market reaction measure on good-news associated with both simultaneous interim earnings and annually earnings forecast is greater than the case of bad-news.

Bonus programs are designed to reduce the agency problems caused by the separation of ownership from management. Hence, one of the important indicators of Bonus evaluation is the reported earnings accuracy and the stickiness of earning with Bonus, Which in this study for the earnings accuracy from earning management through accrual and manipulation activities in the form of increased profits, conditional conservatism, Expense matching and cash flow forecast precision, Has been used as an alternative variable. To test the assumptions, data related to the 121companies listed in Tehran Stock Exchange for the period 2009 to 2016 were used and the above mentioned data have been analyzed using multivariate regression and Panel data analysis method. The results show that bonus are Stickiness to the reported earnings. Increasing Abnormal accruals and conditional conservatism unlike the expected results and expense matching and cash flow forecast precision according In line with expectation of research, has a positive meaningful impact on bonus and manipulation activities in the form of increased profits according to the expectation of research, has a negative meaningful effect on Board of Directors bonus.