JOURNAL OF SECURITIES EXCHANGE
Year:2010 | Volume:3 | Issue:10|Papers Count:9

A ttention to newly established companies is an essential means for economic development in each country. Since there is no more than two decades of focus on these kinds of companies, a number of problems of these companies are still unsolved. One of the most important issues to be considered is the value made in these companies.This research aims to provide a valuation method for Research & Development Departments in newly established companies. To achieve this goal, a polymer company as a case has been selected and the value of R& D department has been determined with using numerical method.

The main goal of this research is investigating the effect of disclosure regulations on published earnings information quality by Tehran Stock Exchange (TSE) listed companies. We use a sample of 119 listed campanies over a ten-year period (2000-2009). The urgent disclosure regulations was notified by the Securities and Exhange council in 2002 and Securities Market Act was approved in 2006. This Study is Focused on the effects of these regulations in three time periods, years 2000 to 2002 the period before the Council regulations, years 2003 to 2006 the period after regulation and before the Securities Market Act and years 2006 to 2009 the period after Securities Market Act, In this study, timeliness and reliability of the provided information are used as a proxy for disclosure quality. However. The Kruskal-Wallis test is used For the research hypothesis.Results indicated that there was not any decrease in the percentage of forecasted errors. After approval of the regulations, timeliness of information disclosure is improved.

In this article, we are trying to investigate the securities collateralization in British and Iranian Legal systems. Since shares of Stocks, as material moveable assets, are convertible into money, they can be collateralized. In British Common Law, the securities collateralization is accepted under the terms " legal mortgage" and "equitable mortgage" with certain legal effects which are studied in details, besides the method of collateralization in compliance with the provisions of the Common Law.

In this paper, the relationship between financial and non-financial characteristics of the firms with accrual quality is studied. The population of this study consists of all companies listed on Tehran ُ s Stock Exchange during the period of 2001-2008. Our approach to measure the accrual quality is the residuals from regressions of changes in working capital on past, present, and future operating cash flows. The standard deviation of these residuals is our measure of accruals quality, where a higher standard deviation signifies lower quality. We document that financial and non-financial characteristics of the firms (e.g., volatility of accruals, volatility of earnings, probability of negative earning, magnitude of accruals, operation cycle, firm size, and volatility of cash flow) can be used as instruments for evaluation of accrual quality.

If the stock prices of the firms are efficient, the future prices cannot be predicted through the study of past price series.The purpose of the research is testing weak-form efficiency, using Lo & Mackinaly variance ratio test, for the companies stipulated in principle 44 of the Constitutional Law that have been offered in Tehran Stock Exchange (TSE).The Sample of the research is all companies subject to principle 44 from 1385/11/15 (date of offering of the first company in TSE) to the first half of 1389.The results of the research indicate that stock prices of principle 44 companies offered in TSE are not weak-form efficient.

Tehran Stock Exchange, as the executive body of the securities market, has a crucial role in securities transactions. However, regarding the present rules and regulations, a number of tasks and functions have been assigned to the TSE, the breach of every single rule of which could involve civil liability for the TSE.For the civil liability of the TSE Company being realized, the presence of all three elements of loss, harmful act and causality relation is required. Specifications of each of these elements are studied in this article with a view toward the nature of transactions. Since one of the main functions of the TSE Company is to announce whether the transaction is final or not, the liability of the TSE is studied for a case in which the transaction is not final according to a decision by the arbitration board of the securities market.

The main objective of this paper is to survey the effective factors on equity funds return in Tehran Stock Exchange (TSE) with regard to recent development of these financial institutions.In this research, weekly data of 20 funds for the period of 15 Jul 2009 to Jul 2010 is used.10 different factors are considered, including: market return, value of unit issued, value of unit redeemed, funds value's growth rate, capital activity ratio, ownership structure, risk (absolute deviation), number of industries in fund's portfolio, cash amount held by funds, and funds return of previous period.Analysis has been done using OLS with panel data structure and fixed effect. Findings show that six factors including: market return, funds value's growth rate, risk (absolute deviation), value of unit issued, capital activity ratio and value of units redeemed, can affect on funds return.