FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)
Year:2013 | Volume:6 | Issue:19|Papers Count:7

Early effects of USA financial crisis shadowed capital markets since second half of 2008. Early in March of 2009, effects of an exit from crisis conditions in capital market were observed. These time sections were common time intervals of the entrance and exit of crisis in the major capital markets especially in 6 countries including USA, UK, French, German, Canada and Japan. In this paper, the relation between financial crisis in capital markets as one of the financial crisis outcomes in 2007-2008 and TSE indices during July of 2007 and March of 2010 was assessed. Time series data was monthly collected and examined with the use of multi-variable regression method. Findings suggested there is a significant relation between fluctuations of some stock indices in TSE and financial crisis in capital markets. These findings criticize and challenge the claim of lack of any relation between capital markets of the possessing developed countries and TSE.

Stock fundamental analysis has two steps. The first step is evaluation the company's financial statements, such as profit and loss, balance sheet and future profits. The second step is connection between Future profits and market value. This paper form by this process and measure fundamental analysis by using a real efficient frontier. The research method is descriptive - analytical and population includes all companies in the Stock Exchange during 1386 to 1388. The first cluster of similar companies - 198 companies - were selected. Then, using 9 indicators and methods to evaluate the performance of two-stage data envelopment analysis - management and valuation approach - based on fundamental analysis of companies and was paid. In the two-step Saipa investment group Information Services and Behshahr industries development corporations Have the best performance according to the logic of fundamental analysis can be said Behshahr Company more synergy in the future. Then, for each step of fundamental analysis to assess the impact of using multiple discriminant analysis was performed. In the first step, criteria of other assets has maximum and fixed assets has minimum and In the second step The value market of stock and book value of stock respectively have maximum and minimal impact on efficiency or non efficiency.

Today, the growing and increasingly important community organizations, performance appraisal, it is highly regarded as a measure of organizational performance and various indicators suggest that the efficiency is of these measures. Efficiency can be in a firm's ability to obtain maximum output from a given set of inputs with known technology and or firm's ability to produce specific outcomes defined minimum set of inputs available. Data envelopment analysis (DEA) has been a very popular method for measuring and benchmarking relative efficiency of peer decision making units (DMUs) with multiple input and outputs. However, one of problems that is inability of decision-maker in involving risk and a lack of certainty and the time factor in the results. In this regard, this study of two techniques of interval DEA and the window DEA has been used this shortcoming and has been used of this techniques to evaluate the financial performance of banks accepted in Tehran Stock Exchange during period 2005-2009. The Ranking results of these two techniques showed that the entrepreneurship Bank have the best condition than other The Banks accepted in the Tehran Stock Exchange.

Corporate governance is important mechanism for risk control within the firm. After the recent financial crisis, banking supervisors and central banks have argued that weak corporate governance may play an important role in increasing the risk of financial institutions and therefore should be spreading financial crisis. It seems that in developing countries, the establishment of corporate governance in banks is more important than the establishment of corporate governance in other financial institutions. The banking system at this countries have more role than other institution. Despite weak corporate governance in banks reduced confidence in the ability of banks and debt management must be unanimity. The effect of corporate governance on the performance of the banking system is important. In this study the effect of ownership structure of banks as a measure of corporate governance on bank stability indicators of developing countries is reviewed. Ownership structure of banks as independent variables of state ownership, private ownership and foreign ownership have been investigated. Selected sample of 40 countries are developing countries in the period 2000-2011. To test the hypothesis of random effects panel data method is used. The results show that state ownership has more effect than other ownership on nonperforming loans. But foreign ownership than other types of ownership of the bank's profitability ratios are better.

Decision making about capital structure is one of the most difficult and challenging issues facing companies. The capital structure of a business is the mix of types of debt and equity the company has on its balance sheet. Based on the two perspectives regarding capital structure's impact on firm performance and value (positive and negative), a possible proposal suggests that the relationship between capital structure and firm's performance and value may not be linear, but possibly curvilinear. The main purpose of this study is to examine the potential curvilinear relationship between capital structure, performance and firm value of companies listed in Tehran Stock Exchange. The sample of this study, includes 102 companies listed in the Tehran Stock Exchange during the period 1386-1389 and for processing and testing hypotheses, regression method is used. Study findings support the U-shaped relationship between capital structure with performance and firm value of companies listed in Tehran Stock Exchange.

Properties correlation is an important issue in the risk management and portfolio's formation strategies. Investors who try to diversify their properties in the regional marketplaces would have to pay a special attention to stock exchanges' communications. This study aims to investigate Volatility transmission among indices of three emerging and pioneering stock exchanges in the region: Tehran, Dubai and Istanbul. December of 2006 to June of 2010 has been considered as this research's interval and used data is on a daily basis. The used models are also classified in Multivariate GARCH models (CCC & DCC). The study's result indicates a meaningful volatility transmission from Dubai stock exchange to Teheran's, in case the reverse process is not observed, a limited transmission recognized from Dubai stock exchange to Istanbul's as well.

This research examines the relationship between asset growth and future stock returns over the period 2007 to 2011. Considering the diversity of asset growth measures, we use a new measure derived from factors analysis in addition to the most important ones. We use the Fama and MacBeth model for testing the relationship between asset growth and future stock returns in this research. The research is based on correlation approach and we use multiple regression panel data for analyzing data. This research concludes that there is negative relationship between asset growth and future stock returns. Also, our findings show that Lyandres et.al measure of asset growth has the greatest predictability power among others. Furthermore, our results show that factor analysis measure does not have greater predictability power than other measures.