FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT)
Year:2010 | Volume:1 | Issue:3|Papers Count:8

This research aims at contributing to the investigation on whether there is a relationship between the firm corporate governance mechanisms and earning management or no? Some of the firm's internal mechanisms of corporate governance whose relationship with earning management is investigated through this study include internal auditor, managerial share ownership, managerial bonus, detachment the role of senior managers from that of managing director, and the ratio of presence internal unsalaried in the board of directors. Moreover, the firm's external mechanisms of corporate governance whose relationship with earning management is studies include institutional investor’s level, number of institutional investors, major shareholder percentage ownership, free float, and the sort of auditing corporation.In the present study, voluntary contractual items discretionary accruals are utilized using the adjusted model of Jones as an index of determining gain management within the firms. For research hypothesis tests, the data panel method from 64 firms which belong to the span of years between 1383 and 1387 are useded. The results reveal that having an internal auditor, major shareholder percentage ownership, and the ratio of presence internal unsalaried in the board of directors are in a significant negative relationship with gain management. Any significant relationship between internal and external firm strategic mechanisms and earning management was not obvious in the remaining cases.

Fuzzy logic has provided an appropriate Mathematics to decision making in uncertain environment like professional judgments. One of these circumstances is the assessments of auditee risks. Risk Based Audit (RBA) has been forerunner to fight against fraud in recent years. The central point toward RBA approach is appropriate assessment of overall risk level. This assessment can directly influence on the effectiveness and efficiency of auditing. The risk assessment process as a central framework will promote the quality and efficiency of auditing and lead to a necessary change on an audit.In this research we re-designed Audit Risk Model proposed by auditing standards, using of Fuzzy theory and the view point of audit experts. To provide a fuzzy model, we used from Triangular Function and to defuzificatin we utilized from Center of Gravity method. For fuzzy interference, we also applied Mamdani method. Modeling algorithm is based on three fuzzy interference systems (for Audit, Inherent and Control Risks) and the measurement levels of verbal variables are 5 levels. We made 25, 25 and 81 If-Then rules for Audit, Inherent and Control Risks respectively which have been confirmed by Iranian audit risk experts. Then, for Model validation, designed Fuzzy Audit Risk Model was tested by two methods namely examining of total interference rules and Sensibility Analysis and the model was proved.Finally proposed model of this research was applied in a tile manufacturing company for the year 2008. The results of the model application was compared with the results from a check list which helped to assess real auditee risks of the company. The results indicate that the assessments of auditee risks are completely matched with real company risks, while we observed some problems in auditors' assessments of the risks.

This article is going to understand the leverage buyout and probe its components and it will be argued that privatization is one of the basic principles of this manner of purchasing. Thus we will consider all factors which elevate privatizations culture and make information presented in security exchange more trustworthy for people. Macro economical variables are one of category of these factors which in efficient market causes to fluctuate the price & stocks return:

Financial market condition (symmetric and A symmetric) And its influence on formation of portfplio is one of the important is sues in financial investment field.In this research identification of the portfolio in symmetric And Asymmetric market condition, has been considered in the accepted companies in stock market.first financial market condition of Iran has been studied from symmetric and Asymmetric, after that B and BDhave been calculated for both markets.In this research the accepted companies in stock market Have been chosen for 11 years within interval of 16 to 86.Research method is solidarity survey and it is applied targeted.The obtained datas were used for testing of the hypothesis via spss 14 software.Concluding of the research are as follow:1.In the condition of Asymmetric market there is not considerable (meaningful) relation between BD& P/E mina than average definition of optimal portfolio depends on the other elements than BD and we can' t claim that in the Asymmetric market condition, optimum way for defining the proper portfolio is relation with P/E mina than average.2.In the condition of Asymmetric market, there is not considerable (meaningful) relation between BDand P/E greater than average, and we can' t claim that in the Asymmetric market condition, optimum way for defining the proper portfolio is relation with P/E greater than average.3.In the codition of symmetric market there is not considerable relation between B & P/E greater than average and we can' t claim that in the symmetric market condition, optimum way for defining the proper portfolio is relation with P/E greater than average.4.In the codition of symmetric market that is not considerable relation between B and P/E mina than average, and we can' t claim that in the symmetric market condition, optimum way for defining the proper portfolio is relation with P/E mina than average.It has to be mentioned that, for defining the optimum portfolio in the

This study surveyed the relationship of traditional performance evaluation measures (ROE & ROA) and risk measures, book to market value ratio & financial leverage ratio) with stock return.This study introduces ratio of changes in book value and surveyed correlation of this ratio with stock return too. The findings of hypothesis test indicates that the performance evaluation measures and the ratio of changes in book value of per share have significant correlation with stock return and the ratio of changes in book value in comparison with ROE & ROA, have more correlation with stock return. This research also provides evidences that frequently there is no significant correlation between risk measures and stock return.

The recent collapse of large companies such as Enron and Worldcom that Subsequent of happened widespread fraud in these companies, has led to the belief that earnings management is done by managers is opportunistic and seeking to achieve of managers to personal interests (rather than the interests of the company). In this regard, some of the researchers tried to separate Beneficial and opportunistic earnings management through agency theory.findings of researchers suggests that if earnings management be done as opportunities, then companies that have more agency costs, will show a high earnings management and vice versa.Following conducted research in this area and inspired by the results of researches in this field, also we have tried to review whether earnings management of listed companies in TSE is beneficial or opportunistic. To test of research hypotheses and to measure Research variables, after sampling between 81 members listed companies in TSE during the 7-year period between the years 1380 to 1386, and data gathering to these companies. The results of research, indicated that managers of companies in TSE, use from earnings management as a tool to increase their personal interests (and not increase the company value), in other words, the earnings management of companies in TSE, is opportunistic.

Factors effective on behavior of common stocks in Mashhad's stock exchange (as well as a comparative study regarding behavior of investors in Tehran's stock exchange) This research deal with factors effective on behavior of investors of common stocks in Mashhad's stock exchange (as well as a comparative study regarding behavior of investors in Tehran's stock exchange) The literature of the subject reviews applications of behavioral finance, new finance, behavioral economic model. The previously conducted studies had noticed to the influence of these variables on investment to the lesser extent. Further more a comparative study among stock exchange markets on behavioral finance had not been performed until that time.The method of this research, is applied in term of objective, and is descriptive in term of data acquisition. the information have been collected from investors of Mashhad and Tehran's stock exchange markets through questionnaire. Statistical society includes all investors presenting in both above said stock exchange markets. the desired sample was selected among the society by simple random method.In this research we are seeking a reply to this question that whether the purchaser of stocks in Mashhad stock exchange follow a special trend of thinking concerning stock selection or not.The principal variables of this research are: domesticity managers for the company, behavior of other investors, to prophesy, immediate opportunity, rumors, domesticity of bargained goods, sub material, final goods, buy and storage of shares v.s buy and immediate sell.Findings resulted by the research reveals that decision taken by the investors in the both stock exchange could be influenced by a series of particular behavioral factors. Such factors are more emphasized specially within investors at Mashhad's stock exchange.

This study seek to answer the question whether, after a period of conservative levers, the companies reach to a degree of ability to achieve financial flexibility that enables them to do more and more important capital expenditure. In other words, whether companies are financial flexibility, whether their investment capability has gone up.In this research have been used the commitment items by Marchika and Mora model as an indicator for determining the flexibility in companies. Therefore information of 171 companies during the years from 1382 to 1386 has been employed.The results of this study indicate the lack of financial flexibility effect on investment costs and lack of relationship between cash flow and capital expenditures on stock companies reviewed in Tehran.