FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)
Year:2011 | Volume:3 | Issue:8|Papers Count:9

One of the serious problems which managers of enterprise have faced with is recognition and explanation of divided distribution determiner elements. Having a good knowledge from this elements show not only the solvency of the company but also can predicate some of the future behavior of the company this knowledge also can in flounce on financial long-range planning and divided distribution payment to stock holders on this base, Different theories are presented by the financial researchers that some of them are bellows: 1) Non relative divided distribution theory between return on owner’s equity and the value of the firm. Such as Miller and Modgiliani.2) The theory of relation between divided distribution and return on owner’s equity and the value of the firm. Such as Gordon model, Walter model.In this study in addition to information of foreign Researches, we were interested to Tehran stock market exchange. At first the hypothesis of research and then the variables which are related to this data are mentioned. in addition , the necessary information is collected for 86 company which are concern with this research by software parcels in the market and the date Tehran stock market exchange during the period of 8 years from 2000 to 2008 for the analysis the date, however some statistical approaches and used on the base regression with SPSS soft ware. The result of this research in dictates that there is a direct relation between dividend payout fluctuations and return on owners’ equity.

Financial health is defined as capabitiy of making profit and the continuation of industrial entity activity. Since companies in this research have been divided into three groups as to their financial health state called; healthy, intermediate and distressed .The average difference of some of their financial ratios in the three groups has been analyzed. The orientation of the present research is “functional” objectively and “descriptive” administratively. Using the “library” method the needed data was extracted. Using Cochran formula 84 companies were selected from 37 industries and 224 companies, divided through random sampling into 16 healthy, 45 intermediate and 19 distressed companies as defined. Using Excel software 12 financial ratios were calculated in 4 states of liquidity, leverage, activity and market value.SPSS (15) was used to test hypotheses and (ANOVA) statistical variance analysis to compare the average of ratios at 5% level of error. Research findings show that there is significant statistical differences among these companies according to different levels of financial health based on leverage, activity and market value ratios. But the liquidity state difference of these three levels is significant. Based on Dunnett and Tukey tests the distressed companies are the factors yielding the difference. i.e. distressed companies are statistically on one side and intermediate and healthy ones on the other side of distribution.

One of the most important tools to determine strengths, weaknesses performance, identify opportunities and threats external public and private companies accepted the Tehran Stock Exchange, ranking them.Including the fundamental problems of existing methods Hits Co., the main focus them on single main indicators such as sales or income and their lack of comprehensiveness (Qodratyan & Rostami, 2004). In other words, instead of determining the best approach is Co., the largest and most massive they are determined. This article seeks to solve the above problem by providing key indicators and effective rating scheme for the company is. Recommended index ranking company scheme after the comprehensive study of research literature, to explain more comprehensive and accurate indicators rather than more financial main components also have been used. These components include: internal processes, customer, development and innovation, human resources, management, organization and structural aspects of content and knowledge management. Comprehensive study of literature research and interviews with expert’s Exploration, 216 performance indicators for evaluation and ranking were extracted.Considering the multiplicity of indicators and to facilitate involved in explaining and determining their overall index is indicator groups or accounting and financial indicators of non-financial or non accounting class were classified.Using the Delphi technique, the first questionnaire, questions and that expression identified the indicators are designed to poll the importance index and gain consensus about them among the country’s professional society was distributed. After collecting data, the second in question questions we have raised the priority of each of the indicators included in the first round and voters agree or disagree response to the declared priority. Finally, the financial index of 88 financial indicators 104-fold and the number of 98 indicators of non-financial indicators Non-Financial 112 for triple stars scheme of public and private companies accepted the Tehran Stock Exchange was obtained.

In this paper, we have examined the relationship between capital structure and competitive power over a 7-period in 36 companies in Tehran Stock Exchange. We have founded evidence that capital structure and competitive power have a significant positive relation. there is a negative relation between capital structure and profitability ratio but sale growth and firm size have a positive relation with capital structure in study sample.Also, sale growth and firm size have a positive relation with competitive power but we have not seen any relation between profitability ratio and competitive power. Fixed asset ratio has a negative relation with competitive power but has not any relation with capital structure.

Earning management and capital structure is an increasing important strategic issue for companies all over the word. Earning management is something to do with managers certain transaction so that the profit looks good in the year-end. The current study aimed to investigate relationship between earning management and capital structure in company that accepted in Tehran security exchange. The research has been investigated in the Tehran Stock Excgange from 1372 to the end of 1386. For the analysis of data, multiple regression model approach was applied. capital structure was taken as dependent variable whereas discretionary accruals, ROA, ROE were used as independent variables. The results revealed that discretionary accruals and ROE has negative except relationship whit capital structure and ROA has positive except relationship whit capital structure in Tehran security exchange.

The main goal of doing this research is to analyze the relationship between the corporate Governance mechanisms and firm performance. The criterias of corporate Governance in this approach contains:institutional share holders, majority share holders, non-executive direction ratio and quality of financial informationtwo criteria for evaluation of performance are:Tobins Q, Net profit growth (NPT)In this research a sample of 94 firms in a 5 year financial period from 1383 to 1387 has been analyzed considering the same condition for all sample firms from Tehran stock exchange, using statistical method panel analysis. The results concluded from this approach indicates that:Presence of institutional share holders in the ownership structure of a firm has a direct and positive effect on the performance. Presence of majority share holders in the ownership structure of a firm has no effect on the performance. Ratio of presence of non-executive direction ratio in the board of directors member ship has a negative and reverse effect on the performance .Quality of financial information has no relation with a firm performance.

For some technical analysts, finding cycles is synonymous with market analysis. There is something comforting in the idea that markets, like many natural phenomena, have a regular ebb and flow. These technicians believe that there are regular market cycles, hidden by noise or irregular perturbations that drive the market’s underlying clockwork mechanism. Such “cycles” have proven fickle to unwary investors. Sometimes they work, sometimes they do not. There are Statistical tests to find periodic and non periodic cycle, such as spectral analysis, wavelet analysis… that some of them find only correlated noise. But these methods could not prove their ability to find cycles. The search for cycles in the market and in the economy has proven frustrating for all concerned. Strong method to analysis cycles is modified rescale range analysis that based on fractal analysis. The result of this research not only show that modified rescale rang analysis has enough ability to find periodic and non periodic cycles but also increasing data move us from local randomness to global determinism.

One of factors causing administrative corruption in country’s administrative organizations is way of their budgeting that in spite of recommendations related to national monetary fund and subject-matter legal necessities on the basis of changing of budgeting system from traditional to operational hasn’t already been achieved and can be considered as an administrative misbehavior.Present research, following discussion about is one of problems of public section is that means budget. In this research, it has been tried to deal with this debate that how budgeting in governmental organizations can be done? And weather method of performance based on budgeting has been done or not regarding to government’s legal duties.In this research, in addition to investigating and analysis of performance based on budgeting’s procedure in periods of 2006 up to 2008 with previous similar duration in country’s registration organizations throughout the country. In the research after collection of agreements and extraction of data using of Excel and SPSS softwares, research’s hypotheses are analyzed statistically and experimentally regarding to validity’s costs, expense of activity’s unit and total cost and amount of activity.Obtained results of research showed that there is no difference between procedure of traditional and operational budgeting, traditional budgeting (period of years from 2003 up to 2005) and operational budgeting (period of years from 2006 up to 2008).

This article survey mutual effect of financial liberalization and trade openness on financial development from 1980-2008, for a sample of 25 development and developing countries.The result suggests mutual effect of these is meaningful of financial development. As well as mutual effect is better than alone effect. In addition to, financial liberalization effect is less than trade openness. This essay suggests trade openness is precondition to financial liberalization.