INVESTMENT KNOWLEDGE
Year:2013 | Volume:2 | Issue:6|Papers Count:13

Financial marketing is finance science in market making as interaction between finance and marketing. The goal that, developing in investment and finance knowledge the goal of this paper is presenting new paradigm.Research finding show that first, presenting new pattern as entitle financial marketing mix (FMM). Second, based on this pattern, can definition suitable strategy.

There are numerous studies concerning market anomalies and capital market inefficiencies. The existing evidences challenge the efficient market hypothesis and declare that investors overprice the winners’ stocks while the losers’ are underpriced. This deficiency will be discovered by the market after a few times and there will be a balance then. The purpose of this paper is to present a new strategy of portfolio selection. This study is an applied research and covers eight years (1382-1389) of 60 firms listed on Tehran Stock Exchange. The findings reveal that the higher the stock prices of the firms with higher (lower) abnormal accumulated return, the higher (lower) they are priced and finally their return in long-term will be lower (higher). Considering this issue leads to the profitability of the portfolio.

This study empirically examined the effect of week days on future contracts of Bahar Azadi Coin in Iran Merchandise Exchange. We used the classic Linear Autoregressive and Generalized Autoregressive Conditional Heteroscedasticity (GARCH) to show that there isn't a standard pattern for the return of future contracts of Bahar Azadi Coin. Also, we presented that the daily return of future contracts depended on previous day and even the day before. Thus we concluded that the prices didn't follow "Random Walk" phenomenon in the future market of Bahar Azadi Coin and we couldn’t find any evidence for market information efficiency in weak level.

The role of people for managing company also this subject is very important. This research goal is determine significant between stock risk (price volatility) at popular statistic.Research finding show that, there is significant relation between study variables so first & third hypothesis certified but second hypothesis reject.

Expectations about earning have significant effects on managers and investors’ decisions. Today, one of the measures that are taken in to consideration as an indicator of companies ‘profitability is the concept of earning per share. Also earning per share has major effects on stock price of companies. Hence, fore casting earning per share is of great importance for both investors and managers. The aim of this study is to model earning per share forecast of listed companies in Tehran Stock Exchange (TSE) by using the combination of artificial neural networks and particle swarm optimization algorithm based on univariate and multivariate models. To do this, the data of114 companies among the existing listed ones in Tehran Stock Exchange was usedduring1380-1389(2001-2010).The results showed that univariate model with 78.5% accuracy and multivariate models with 91.7% accuracy, forecast earning per share.

The concept of risk always attracted investors. Diversification is one of strategies that investors used it to against the risk. This research explores the risk associated with the stocks prices in the twenty-two companies that are listed in Tehran Stock Exchange (TSE) as well as portflio of investment that are constructed from these twenty-two companies employed. In addition to national studies, the importance of international diversification by constructing a portfolio of investment from stock price indexes of emeging and developed countries would be examined. Correlation between stocks in national diversification porfolios shows the relationship between various domestic equities in investment portfolios, as well as correlation between indices, displays relationship between stock price indexes in international investment porfolio. Value at risk (VaR) is undertaken for studying the benefits associated with domestic as well as international diversification. The results show that domestic diversification reduces risk and more significant result is that international diversification significantly reduces the risk.

Investment principles and methods of study and implementation, In order to select the best investment plan, it is done according to the rate of return and risk. General risk to the uncertainty arising from changing market conditions, such as: Changes in asset prices, interest rates, market volatility and market liquidity risks which led to the trading portfolio returns or financial institution will be valuable assets. In efficient markets for risk calculation, the standard deviation of market index returns is calculated.With regard to research performance in Tehran Stock Exchange, the standard deviation of these variables can easily be used as a risk. In order to study the time series model of Box - Jenkins was used to calculate risk. Then calculate the standard deviation of return and standard deviation of variable prediction errors Box - Jenkins was compared.And finally the general risk associated with market price on total revenue was reviewed.The results of this study show that the classical calculation of general risk factors such as standard deviation calculated risk could be the answer. The relation was also significant is the risk and cost. So investors in predicting the risk of price per share on revenue of use.

This paper is an attempt to estimate factor affecting on health in the Islamic Conference Organization Member Countries. For this we examine the health situation in OIC member and capture the effect of economic, social and environmental factors on health with Grossman model. We have modeled independent variables to include GDP, investment in health sector, literacy rate, population, the rate of urbanization and AIDS infection rate and dependent variable by life expectancy. A random effect version of the panel data estimation procedure with the OIC member country data spanning over the 1995-2009 period was utilized to obtain the parameter estimates. The estimates reveal that increases in GDP, investment in health sector; literacy rate and rate of urbanization enhance life expectancy, whereas increases in population and AIDS infections rate decrease it. And the situation of health in Muslim countries is lower than developed and developing countries.

In this survey, we explain momentum and its sources in Tehran stock exchange. Our sample is all listed companies in Tehran stock exchange. Ninety corporations have been selected by limitation sampling Method and been investigated during the period of 1385-1390. Hypothesis tests are done using compare means and OLS methods. Findings indicate that momentum strategy in both ranking and holding six and three months periods were profitable. In addition, the winner and loser stock returns were estimated using CAPM and Fama-french three factor models and the hypothesis tests indicated that the excess returns of momentum strategy has not been removed but modified slightly. In order to describe momentum sources as well, behavioral bias and risk factors as independent variables of equation have been tested. The results implied that behavioral biases as sources of momentum at both 3 and 6- month periods are approved and the risk factor in the 6 month period -as the source of momentum- has a significant relationship with momentum strategy return.

This paper reviews the relationship between concentrations, mark-up and stock returns in the active industry in the Tehran Stock Exchange. In other words, This research examine the effect of concentration and mark-up on stock returns in 12 industries based on two-digit ISIC code in the Tehran Stock Exchange during the 2001 to 2007.concentrationand mark-up respectively measured by the HHI and PCM index and Survey their effect on stock returns by using multiple regression analysis and panel data model with controlling systemic risk, size, ratio of book value to market value, price to earnings ratio and immediate liquidity. Estimation results of models showed that there is a significant relationship between concentration and mark-up with stock returns in the industry on the Tehran Stock Exchange. And this relationship is indirect linear that means when this indexes increased, stock returns is decreased.

Forecasting stock price and adopting proper strategy for stocks dealing are subject to many research works. Fundamental analysis is one of the interesting points in this regard. The present work surveys to what extent the fundamental variables represents the stock status. The period under study was from 2006 to 2010 and 51 companies in the stock market were under consideration. The data were studied on the weekly and monthly bases. Panel data method was used to study the relation between the variables in the study. Except for stockholder rights turnover, the results showed a positive significant relation between the fundamental variables under consideration including profit per share, predicted profit per share, and book value on one hand and stock price on the other hand. That is, the majority of the variables represent price of stocks for more than 90%. Moreover, the regression model obtained from the annual fundamental variables illustrated higher representation power comparing with seasonal data, which shows merits of longer-term perspective.

The analysis of the effects of calendar month as a branch of behavioral finance considers the efficiency and the amounts of transactions in some special times of the year, and seeks to know whether there is a notable difference between the efficiency and number of transactions before these specified days with the out-put and the amounts of dealings on other days. (According to what have been observed at world markets)This research considers the effects of the calendar year Hegira on the out-put of stocks and the number of transactions at the stock market of Tehran during the years 1383-1390. The method of performing this research contains the analysis through-out the method of panel data. The conclusion of this research proves that the effect of the Hegira months: Ramadan and Moharram on the stock market of Tehran is approved. Such an approvement that the efficiency is elevated during these two mentioned months. But no significant difference has been noticed due to the amounts of transactions during the mentioned months.