JOURNAL OF SECURITIES EXCHANGE
Year:2016 | Volume:9 | Issue:35 |Papers Count:6

Information system reliable, accurate and relevant to the efficiency and development of capital markets is one of the factors that provides timely information system and reduces the reliance of the uncertainty leads to optimal decision. One of the most important information in the capital market is profit forecast by management and one of the factors influencing the earnings forecast is overconfidence of managers. The sample of 127 companies in Tehran Stock Exchange in the period 2009- 2015 and multivariate regression Eviews and Spss software were examined. The results showed that there is a significant negative relationship between overconfidence and accuracy of management earnings forecast by management and this psychological phenomenon has increased in frequency in the company's earnings forecast. The results also showed that overconfidence causes increasing positive adjusted profit forecast compared to negative adjusted profit forecast. This means that managers who are suffering from over confidence, wiil have more positive adjusted profit forecast.

In a common B.O.T contract, project construction is assigned to an investor who is mostly a foreign one by the investee The investor grants the project to the investee after utilizing the project in a specified time. Before accepting a B.O.T project, parties want to identify The risks involved in it. In fact, B.O.T project is managing and covering its risks. In the contract, investee usually supports the investor by covering The risks which are licensed by the legislator. Of course, the investee transfers managing some risk to the foreign investor based on the agreement in the B.O.T contract and in legal limits. This paper identifies and analyzes the risks covered by the laws of the Islamic Republic of Iran and those risks which should be managed by the foreign investor.

Earnings per Share (Eps) is an important factor in estimating the stock price of thr company……, in Gordon Model, the value of companys is a founction of dividend. Here we have investigated the comparison between the power of Profit and operating cash flow in earnings Per Share of the company. We took the Time series of 2010-2015anda number of 89 companies from amongst the listeed companies of the Tehran Stock Exchange. We also selected some effectine factors on dividevt, including the size of the company, debt ratio, current assets and last year dividend, as the control variables. The data structure is an integration of 527 expriments. Normal regression and extended regression showed that operating cash flow does not have the capacity of estimate the EPS and the results indicate that there is no significant relationship between the sizeof the company, operating cash flow, current assete and dividend but there is a meaningful linear relationship between earmings Per share, debt ratio, last year and current year dividends.

Forecasting stock market price index has always been a challenging task, since it is affected by many economic and non-economic factors; therefore, selecting the best and the most efficient forecasting model is difficult. The time series in the real world, including the stock price index time series, rarely have a pure linear or non-linear structure. The Exponential Smoothing Model, Autoregressive Integrated Moving Average Model, and Nonlinear Autoregressive Neural Network can be used to make forecasts based on time series. In this research, to take advantage of all these models and to reduce forecasting errors, a novel approach was tested by the linear combination of the results of these models. Weights used to combine the results, were determined using Genetic Algorithm and also equal weights. After determining the predictability of time series (using variance ratio test) the proposed hybrid methods were used on a monthly set of Tehran Stock Exchange Price Index (TEPIX). The results showed an improvement in forecasts made by this method with using equal weights compared to each of its constituent models.

In an imperfect market, information asymmetry between corporate insiders and outsiders invariably results in costly external financing, which causes the adverse selection problem. Managers may be forced to give up positive NPV projects external capital by issuing underpriced securities. Therefore, cash flow and cash can benefit those firms facing external financing constraints by funding necessary expenditures, which makes their investment sensitive to the availability of internal funds. The aim of this study was to evaluate the effect of excess cash on capital expenditure with an emphasis on financial constraints.population study of research include firms listed in the Tehran Stock Exchange within the time period 2009 to 2014 and the sample used 107 companies are included. Using the pooling data regression analysis we test the research hypotheses.The Results of this study showed that excess cash have the impact on capital expenditure. In other words, when excess cash as an internal resource of financing increases, firms needs to decrease external finance. Findings also indicate that financial constraints have the moderating role on the relation between excess cash and capital expenditures. In other words, when the company is facing to financial constraints because it increases the cost of external financing for capital expenditures, so dependence on internal resources (excess cash) increased.

Securities and Exchange Organization (“SEO”) of Iran is among “financial regulatory bodies” which perform an important function as to the regulation of the capital market. In the past, due to the simplicity of governmental structures, the duties regarding the adoption, interpretation and enforcement of the law were to be fulfilled solely by the three branches of the State, namely the legislative, executive and judiciary. Moreover, governmental functions and duties being limited had made that structure sufficient in satisfying the needs of the society. Nevertheless, the situation rapidly changed through the industrialization of societies and with governments being more and more involved in affairs like banking, commerce, investment, insurance, importation and exportation. This called for the creation of a new range of bodies having regulatory function in financial affairs. Accordingly, such bodies are considered as specialized institutions tasked with meeting the new financial needs of the society in an expedited and efficient manner. Securities and Exchange High Council and the SEO of Iran fall under this category of public entities. This paper is of the view that optimized and efficient functioning of such financial regulatory bodies is interwoven with their structural and financial independence and with respect to introducing the required regulations and supervision. It also specifically examines the multi-facet issue of independence in Iran securities and exchange system.