FINANCIAL ACCOUNTING
Year:2015 | Volume:7 | Issue:26|Papers Count:6

The aims of this study is to evaluate the importance of analyzing and using managerial ability information along with financial ratios for the efficient portfolio selection in Tehran Stock Exchange. For this purpose, 103 companies, for a period of 10 years, were analyzed. To calculate and analyze managerial ability information, Demerjian et al.’s model (2012 & 2013) were used. In this study, by exerting the input BCC DEA model and Factorial Analysis, three portfolios were formed. The first portfolio consist of risk and return information only the second portfolio is made of financial ratios only, and the third portfolio contains financial ratios along with managerial ability information of the companies. Then, in order to test the research hypothesis, the average return of each portfolios on the basis of performance scores, were compared by Wilcoxon nonparametric test. The result of the study showed that there is no significant difference between the first and second portfolios. But, there is significant difference between the third portfolio and the first and second portfolios. The analysis of financial ratios along with managerial ability during the 10 year period of the study, showed that, on the average, the return of the third portfolio was twice as the first and second portfolios. This issue, indicate the importance and value of analyzing managerial ability information as a supplemental information to financial ratios which would lead to efficient investing and achieving efficiency in Tehran Stock Exchange.

This paper investigates the effect of audit quality on audit feen and under pricing of IPOs in Tehran Stock Exchange. The sample consists of the firms that went public between March 2003 and March 2013. The audit size selected as a proxy for audit quality. The results show that size (quality) of audit company has a significant and positive relation with audit fee. Also, the Results show that the size(quality) of audit company has a negative and significant effect on under pricing of IPOs, Meaning that quality auditors have informational role in IPOs and by producing more precise accounting information that helps reduce ex ante uncertainty for uninformed investors, redue underpricing of IPOs.

Empirical researchs use different criterias for estimating asset pricing models. This paper used 6 criterias including: size, book to market ratio, investment, past returns, uncertainty and ROA ratio to evaluate and compare the efficiency of 10 asset pricing models in Tehran stock market. The asset pricing models considered are CAPM, 6 models of APT motivated models, consumption based CAPM and 2 intertemporal CAPM models. We used GMM method and sargan test for this evaluation and comparison. Data was gathered from 132 listed companies during 1385 till 1390 years. Afterwards we classified firms in test portfolios based on the 6 criteria. Our findings showed that efficiency of considered models is not same in different test portfolios. FF3 model has the best and two factor model containing liquidity has the worst efficiency.

According to Iranian accounting standards, to provide financial information about the groups economic activities of economic entities, major companies are required to report its consolidated financial statements and separate financial statements. This study seeks to answer the question of which of these two sets of information to investors and other users need to provide more timely. In this study, the listed companies in Tehran Stock Exchange for separate financial statements in addition to consolidated financial statements are presented, For a period of 6 years, the years 1387 to 1392 have been selected. According to the results of the F-Limer and Hausman tests for each estimated regression models with random effects panel data method is used. These findings suggest that the information provided in the separate financial statements of the parent company financial statements compared to the more timely. It features information about the value and usefulness of financial statements increases and causes of financial statements for external users to be more useful and valuable. In addition, the results show that both sets of consolidated and unconsolidated financial statements are conditional conservatism, but information presented in the unconsolidated financial statements are conditionally more conservative than consolidated financial statements.

Competition in the product market is a crucial factor for decision making of companies to disclose information. The purpose of this study is to evaluate the relationship between the level of corporate social responsibility disclosure and product market competition. Studied society no sampling is chemical industries, petroleum and cement products, listed in Tehran Stock Exchange (54 companies) for the two financial period from1390 and 1391. The level of corporate social responsibility disclosure was measured by the Herfindahl - Hirschman index through the content analysis of the annual report of the board and product market competition. Testing the hypothesis, multiple regression analysis with data integrated method and Eviews7 software were used. The results showed that there is not significant relationship between the level of corporate social responsibility disclosure and product market competition. Also, there is not significant relationship between the level of social and environmental performance disclosure of the company and product market competition.

Different companies have various policies and methods which are related to instances such as the arrangement of organization structure, the method of operation accomplishment and financial and management reporting that is in accordance with their goals. In addition to macroeconomic sources, conservativeness of each company can be depended on efficiency and proficiency of these policies and methods. Since methods of conducting policies form the internal control structure of each company, in this research we investigated the relationship between internal control weaknesses and conservativeness of companies accepted in Tehran stock and securities exchange during 1387 to 1391. Using statistical method, panel data of statistical sample group consisting of 102 selected companies in a frame of correlation research, and by using multiple linear regression and compound data has been done. The results of the research show that based on Shina Koomar model the quality of internal control has a direct positive effect on conditional conservativeness. Also results of the research in the above model predicate that there is a direct effect of control variable of the ratio of market value of share holders salary to account book salary of share holders on conditional conservativeness, and also predicates reversed effect of company size and pure profit ratio to the total assets on conditional conservativeness. More over variable of financial lever does not have significant effect on conditional conservativeness in the mentioned model.