FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT)
Year:2010 | Volume:1 | Issue:1|Papers Count:7

Valuation of companies managed by theory of constraints is difficult due to the flexibilities inherent to the system. Traditional valuation models like the net present value or discounted cash flow do not work suitably because they ignore the flexibility management has to revise its decisions. So in this paper we present a framework using real options valuation, more specifically the binomial model, to value the company runs by theory of constraints.this suggested model considers the flexibilities of the system hence, The correct use of both theories together result in optimization of decision making in the short and long run and the consequent creation of value for the shareholders.

In this paper, first a review survey on standard finance has been done, it has been a base and foundation of financial and economic markets, then the problems of that are mentioned, also it is noted that Standard finance is not adapted to reality. The newer school of thought in finance which has been common for some years is called: Behavioral Finance; this school is more real than the Standard finance. Some biases caused the Behavioral Finance to be found. This school showed only the result but no answer for the causes. It makes researchers try more to discover another philosophy or school, results are derived from. The consequence of such an attempt directed scientists to the newest view of thought in finance, which is neurofinance, the school of thought which has been according to human brain and neurologic system.Neurofinance found the reason of many results in Economics and Finance science.

In recent years discussion about the privatization, reminisce necessity of suitable executive method for optimized administration of this process.High price of stock can lose privatization process because of decreasing surrender stock requirement. On the other hand, low price of stock can breakage the long time surrender policies because of numbers of uncertainly in surrender method of public assets.Because of this field importance, novitiate of capital market and absence of capital providing institutes and investment banks in Iran, this research analyze and survey of stock valuation of new admitted companies in Tehran exchange with compression between usage of Ohlson evaluation model, evaluation model based on P/E and evaluation model based on PEG.To verifying that value of models applicably which are inserted to basic financial accounts and predicted financial accounts in recently admitted company in Tehran exchange during the 1380-1386 financial years. Such as per stock revenue, compression between price and revenue, increase rate of revenue per stock harmonic rate of capital costing, stock owners due's revenue and average of real price each stock that used at first presented date.Result of this research shows there is not any meaningful difference in accuracy of these models in evaluation of companies stocks.

This research, survey short term operation Initial Public Offering (IPO) in Tehran Stock exchange Initial Public Offering is a phenomenon found in all markets. this research investigates short term (three month) return for the period of 5 years (1383-1387) in Tehran Stock Exchange and we use multivariate linear regression analysis. (joint test of hypothesis and single hypothesis).In this period 56 company issue stocks in market.the result did have enough statistical significance about one hypothesis.finally the influenced of financial and non- financial element investigate.This element are:Initial selling volume, audit institutes fame, structure or owner, kind of own, amount of equity.After that Survey single hypothesis alone audit institutes fame element did have enough statistical significance.

The purpose of this essay is to examine the correlation between variable dollar and four currencies.This essay tries to predict the optimal model.regreation model. Therefore, this essay presents the use of these results have been achieved from this research.There is a correlation between dollar and euro and they have aline correlation. And their index R equals %973.on which the variable euro is based.There is a correlation between dollar and franc and they have aline correlation. And their index R equals %989.on which the variable franc is based.There is a correlation between dollar and yen and they have aline correlation. And their index R equals %991.on which the variable yen is based.There is a correlation between dollar and pound and they have aline correlation. And their index R equals %980.on which the variable pound is based.

This article have proceeded to role and the status of venture capital and importance of this type of investment in financing of companies and entrepreneur bodies in today's changing environment. primarily, the concepts and theoretical principles of this subject will be study on the base of previous empirical researches. Then, the challenges and opportunities facing this type of investment have discussed and finally, with consideration to private sector forming in Iran in case of 44 act and necessity of using new methods of investment for creating movement and developing of entrepreneurship and financial engineering in private sector, have proceeded to explain of benefits and barriers facing venture capital in Iran.

Venture capital investment plays a key role in commercializing the new ideas. Nowadays, two third of the investments in venture capital fields are allocated to information technology (IT), communications and biotechnology sectors. Very few attention has been attracted toward the way the investors should enter to the new industries. In this article we have tried to assess the venture capital investments in energy sector and define determinants of emergence of new sectors in the market. In spite of very big opportunities in the market, just 2 to 5 percent of the investments in venture capital have been allocated to energy. There are some differences between investment in energy sector and other genera; sectors as followings:- Observed risks- Observed returns