FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT)
Year:2010 | Volume:1 | Issue:4|Papers Count:9

Owners, managers, investors, creditors, trade companies and state organization are interested in evaluating the financial position of the companies, because they will be imposed many expenses if bankruptcy is occurred. Now a days various patters are used including statistical technique (discriminate analysis, logistic, analysis factors) and artificial intelligent techniques (neural networks (NN), decision trees, case based reasoning, genetic algorithm, rough sets, support vector machine, fuzzy logic) and the combination of these two technique for predicating this bankruptcy.The goal of this study is to determine patterns using the financial variables (financial ratio of the profit & loss account and balance sheet) to increase the ability of decision making for financial statement users to predicate the financial distress.In this study (article) patterns to predicate financial distress (patterns based on traditional methods (MDA), linear genetic algorithm, nonlinear genetic algorithm and neural networks have been compiled to predicate financial distress two years before their occurrence. then respecting obtained results the patter based neural network has the highest ability to predicate the financial distress of the companies.

Price of Crude oil and the U.S. effective exchange rate are two impressively economic variables that have had real effects on world welfare position. The aim of this paper is to test whether there is a stable long-run relationship between oil prices and the U.S. dollar, expressed in real term. To this end, we perform co-integration and causality tests between the two variables, using quarterly data from 1985: 1 to 2008: 4.Our results show that a 10% rise in the oil price coincides with a 1.8% depreciation of dollar in long-run, and that the causality runs from oil price to the dollar. Furthermore, the estimated Vector Error Correction Model (VECM) for long-term dollar exchange rate can be seen that the deviation of real exchange rate of dollars in long-term trend, the gap rate 4.3 percent in each course to be restored so that path again to return to its long-term.

at Tehran’s stock exchange at 1383 we saw fall of total index. Experts and responsible with considering some observation, each mention specifically crisis’s root at stock exchange, but mention irregular increase of prices at 1382 and first half of 1383as the main reason of price falling.At economic literature, deviation of good market price from equivalent price is called bubble. Virtually, when price of an asset get remot from it’s interstice that is determined from basic factors, and after some while of growth, once falls, bubble has been occurred.In this research, relation of rang of free float and occurrence of price bubble at accepted companies at Tehran’s stock exchange has been considered. Free float is a percent of company’s capital that has bee handled at stock market for transaction of investors and is transactionable with out any limitation. also, relation between rate of company’s capital and occurrence of price bubble is tested.Result from test of research’s theories between 1381 to 1385 show that there is a meaning full relation between rate of free float of companies and occurrence of price bubble, and companies that have rate of free float below 20 percent, in comparison by other companies are more exposed to price bubble. Also result of test between rate of company’s capital and occurrence of price bubble showed that there is no meaning full relation between capital of companies and occurrence of price bubble.

The main objective of this research is the investigation of equity structure effect on intangible value of entity using Tobin's Q in accepted companies in Tehran Stock Exchange for time period of 2003 to 2007. In the research 60 companies using random sampling selected and to test hypotheses we used from Pearson Correlation. Research findings indicate no significant relationship between the kind of equity structure (debt or equity) and intangible value using Tobin's Q. in other words, the companies can not produce any intangible value by selecting the way to financing method. The findings suggest that the selection of financing method is not based on creating value.

In this study, by considering the essential rule of corporate governance mechanisms in affairs related with companies, the impact of corporate governance on auditor's risk and planning judgments has been investigated.The goal of this study is the determination of the impact of governance mechanisms such as the Board of directors structure, auditing (insider mechanisms), majority shareholder and institutional investors (outsider mechanisms) on independent auditor's judgment and planning such as assessment of inherent risk, control risk, extent and timing of substantive testing.The hypothesis of this study were tested for 83 Certified Public Accountant in 1388 by using a questionnaire survey investigates and the results reported here indicate that only the internal auditing has effect on programming process and the rest of governance mechanisms don' t have any effect the results of the research indicate, that only in one case, percentage of nonexecutive managers in company's Board of directors structure has effect on assessment of inherent risk by auditors.

The aim of Management process is to create business values in order to satisfy stakeholders. In the other hand, strategic management process has been comprehensively used as a fundamental technique in all economical areas. It is a necessary subject for organizations to survive and grow. This kind of survival and growth enables organizations to be adopted with changing environment (At this time, the obvious specification of business environment, which organizations want to control its affects, is fast and Pervasive change) Financial institutes (because of their specifications such as future decision making and the risks they accept due to their activities) have to use strategic management process effectively to survive and grow (as well as other organizations) and make maximum values.This article is going to introduce a suitable framework and model based on values and value creation by strategic management process in a new paradigm for financial institutes, especially for holding companies and mention practical steps to implement it.

In traditional engineering economic studies, single values are used to estimate the cash flows. Since uncertainty exists in estimating data, the resulting decision may not be reliable. To overcome, the fuzzy numbers could be applied instead of single-valued estimations, each data could be designated as a triangular fuzzy number in this approach.The TFN can be expressed as three fuzzy events: the smallest possible value, the most promising value, and the largest possible value. The fuzzy net present value (FNPV) is proposed to study a fuzzy investment project. The final result from the cash flow analysis will still be a triangular fuzzy number, which provides the decision- maker with a broader view of possible outcomes. A ranking method is recommended in this research to assist decision maker in selectin the best alter natives.

The growth and development in economical activities besides the development of incoroporated companies have caused stockholders to assign the function of control and management of their assists (company) to professional managers. Such managers use all their attempts, stryggle , experiences and professions in order to gain som earnings and to profit due to their influential efforts.Therefore, this the aim of this research is to recognize the relationship between market added value and managers bonus in Tehran stock exchange between 1382-1387. Sample has been done cluster. Though, regression between the two variabies were examined. Theres a positive relationship between market value added and managers bonus in Tehran stock exchange.The results of hypothesis testing demonstrated that there is a positive relationship between market added value and managers bonus which of course is too weak.

Economic development, market, stock exchange and related variables that are components of their business and economic activities and population management will affect. Financial repression, including the economic variables that have a significant effect on capital markets and financial markets, especially through this growth and economic development has led to publish this concept as the theory of financial development and its role in economic development by "McKinnon" and "Shaw" in 1970 and 1973, which was based on repression as a set of financial policies were defined that aim to create revenue from the financial system and use it to create resources in certain sectors of the economy that actually aimed at government interference in pricing and resource allocation grant funds (loans) through the suppression of interest rates is real.In this paper, research results using historical understanding of scientific principles and theoretical framework is a library studies. The results indicate that financial repression to explain the relationship of economic development, measurement criteria of financial repression is very important in this study; identifying and measuring indicators are presented.