FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)
Year:2010 | Volume:3 | Issue:5|Papers Count:8

The Economic Value Added (EVA) and Free Cash Flow (FCF) are main measures of value measurement that both don’t have other accounting measures inadequacy. If EVA and FCF be used with Cash Value Added (CVA) and Residual Income (RI) measures will cause symmetry between shareholders and management interests. In addition to the mentioned measures apply to report firms of economic values. This research investigated the relation among CVA, EVA, FCF and RI as independent variables with created shareholders value (CSV) as dependent variable. To perform this research, the data for 74 publicly listed firms in Tehran Stock Exchange during 2005-2009 were used. For this purpose, sample firms were divided in two group. Group1 including the firms were created value (the shareholder return exceeds the required return), group2 including the firms were destroyed value (the shareholder return is less than the required return). For testing hypotheses regression analysis methods and comparison of tow equation regressions with SPSS were used. Findings showed that model of EVA and FCF with R2 0.317 is the best model and model of EVA and CVA with R2 0.163 is the weakest predicted model for created shareholders value.The research showed to listed firms in Tehran Stock Exchange, EVA and RI the best of index for estimate CSV, too if they be used with index such as CVA, FCF…, they will have better results.

In this paper the affect of ratio of two variables of legal reserve and banks’ assets on the power of paying loan and banks credits are reviewed by using Panel data and GMM method. For this purpose the information related to some state Iranian banks are gathered and then by using a Panel dynamic pattern and GMM Method the affects of the two mentioned variables on facilities granted by banks are reviewed. The results of this research show that in spite of decrease of legal reserve ratio within the last years this variable has not an effective role on the power of level of the facilities granted by banks; in contrast bank’s assets-as a special characteristics of banks-has had more affect on the dependant variable. Considering this fact we can conclude that the foregoing tool among the other monetary policy tools, i.e. the ratio of legal reserve that is considered a part of monetary policy whether in usury system or usury-free system is not an effective tool. In fact the reason of this matter is originated from the imposed policies of the government and it is a proof that reveals the weak independence of the Central Bank of Iran for execution of monetary policies.

The relationship between economic growth and financial development has received a lot of attention in economic literature in recent years. The consensus finding, which has also become widely accepted by policymakers, is that financial development has positive, monotonic effect on growth. The relationship between financial development and economic growth may not be uniform, but varies according to the level of financial development of the country. The result of this paper shows that in countries with high income and high level of financial development in money and equity market, additional improvement financial has a positive effect on growth. In country with low and middle income and middle level of financial development in money and equity, additional improvement in money market has negative effect on growth and additional improvement in equity market has positive effect on growth.

The main purpose of this article is to analyze the effects of the capital structure on the cumulative abnormal returns to reach such a goal we select information of 44 firms in the years 1376-1386. Multiple regressions (stepwise method) were used to test the hypothesis and their meaning fulness was reached by using t and F statistics. On the other hand, the Durbin-Watson test was applied to examine the autocorrelation of the model. The results showed that: Leverage doesn’t have a meaningful impact on the cumulative abnormal returns; Systematic risk, P/E ratio, BM ratio and the size of the firm would significantly affect the cumulative abnormal returns.

In this paper, results of use of ratios in Jensen, Trainer, Sharp, Sortino, Upside potential, Omega, adjusted Jensen, and adjusted Trainer in evaluating the performance of investment companies listed in Tehran Stock Exchange is presented. The present study seeks to answer two questions which are: 1) whether performance evaluation based on ratios above provide different rank or not? 2) Which of these ratios has a better forecast to return?Research carried out based on four-year period from 1387 to 1384 on investment companies listed in Tehran Stock Exchange has been done. In this study the nature of the variables is ordinal end the nonparametric statistical methods were used. Based on the results of this research took place between the ranking based on comparison of the sharp ratio whit Soriano ratio, Upside potential and Omega ratio significant relationship exists. Also a significant relationship is observed between the ranking has done according to Jensen ratio whit adjusted Jensen ratio and Trainer ratio with adjusted Trainer ratio. The existence of such a relationship can be related to the type of return distribution of the investment company attributed. Since the return distribution of this type of distribution companies are elliptical and one of the characteristics of these distributions is to be symmetrical, so the symmetry return distribution, a difference in the ranking of companies using traditional and new to create will not be revealed. To answer the second question using regression analysis determined that the Soriano ratio has had a better forecast than the other ratios.

World bank has mentioned to effective factors of foreign investment flows in its 2008 report, and announced that widespread foreign investment flows has caused capital movement between countries to be attended in recent years in title of “global capital flows”.Countries in different income groups play different roles in global capital flows, as lots of them are investors and others are host. On the other hand, effect of countries in different income groups of global capital movement is different. So, lots of developing countries not only can not attract the international financial recourses, but also they fact capital flight.The main question of this research is evaluation of net and gross quantity and stability of global foreign private investment flows which include foreign direct investment, foreign portfolio investment, loans and commercial credits. So, the effect of groups of countries on international financial resources movement will be evaluated. Many expert believe that capital outgoing or in the other word, capital flight from developing countries to developed countries is due to different economic, politic and social structures of countries. So, evaluation of global capital flows and its stability can come to account as a way for preserving and attracting of financial resources which is fundamental factor of economic growth in such countries.The results of research emphasize that there is a significant statistical different between income groups in term of gross quantity of global capital flows, in a way that OECD countries have experienced the most participation in capital movements.

In this study investigates relationship between two technical and fundamental Strategies in Tehran Stock Exchange. Technical strategy was calculated base on Moving Average (MA), Exponential Moving Average (EMA), Relative Strength Index (RSI), Money Flow Index (MFI) and Moving Average Convergence Divergence (MACD) indexes and for calculating fundamental strategy Capital Asset Prising Model (CAPM) has been used. The recent research is a kind of applied once. It is considered as correlation research. The results obtained from the assumption test within a 5 year period (2005-2009) reveals that there is a significant and positive relation between return calculated by the 5 technical indicators and Holding Period Return (HPR), and there is also such a relation between return obtained from CAPM and holding period return.Other results obtained from the test shows a significant and positive correlation between the expected return of MA, RSI, and MFI indicators and the return obtained from CAPM, but there is not significant relationship between EMA and MACD indicators and the return obtained from CAPM.

Considering the important issue of financial crisis and it’s effects on Tehran’s stock exchange, we decided to research the financial crisis of the West effects in Tehran Stock Exchange and express rate of effects and volatility persistence quantitatively.For purpose of this study we have been used data of time series1384/01/16 to 1388/08/18 and Arch and Garch model and ICSS algorithm to investigate the above objectives.The main purpose of this study is evaluation affects of the financial crisis on Tehran Stock Exchange and its specific objectives include:1) Finding sudden changes of the stock return volatility by ICSS algorithm.2) Matching these changes with global events that occur during the time series.The results of this study show that first, financial crisis was not effective on return of Tehran Stock Exchange and also volatility persistence in this period was little.