FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)
Year:2016 | Volume:9 | Issue:31|Papers Count:8

Participation of senior managers in budgeting provides the possibility for them to use their superiority in status information asymmetry, through the process of target setting, impact on their performance assessment. Senior Manager and Budget Management, respectively, by means of budget slack and internal control system, strive in order to maximize utility. This study aims is to find a balance point in the interests of both sides of game by using game theory, so that the senior managers and budget management are satisfied with their own interests. Hypotheses using combined data from the financial statements and management ethical attitude of 56 manufacturing company of Tehran Stock Exchange between the years of 2010 to 2014 were tested. The main hypotheses and sub-study hypotheses by using the Mann-Whitney test and the best answer were analyzed. According to the findings, in combination strategy of create the budget slack by senior management and strategy of strong internal control system by the budget management, both sides of game to achieve balance in their interests, but this combination strategy, dominant Nash equilibrium is weak.

The present study aims to investigate the relationship between financial risk Tolerance and Client characteristics (Financial Numeracy, Financial Management Skill, Net worth) based on Donald in Tehran Stock Exchange. Financial Numeracy, Financial Management Skill, Net worth are independent variables, financial risk Tolerance is dependent variable on this research. the main idea about this hypothesis that are (between Client characteristics and financial risk Tolerance have meaning relation, the data gathering at the 1392, at the this search we use several Analysis statistics such as the first accounted for percentage, frequency, median and mean values, the second enlisted Pearson and Spearman correlations, Eta, F, T and multiple regression tests. the financial risk Tolerance was positively correlated with: Financial Numeracy, Financial Management Skill, Net worth. For respondents all of variable are not same, financial management skills are more important than other variables specially for young people. All of parameter on Lisrel statistics are meaningful. RMSEA for this model is. 0.04, the model is useful.

Present study aims at testing liquidity pricing with an emphasis on 10 different measures and testing liquidity-based trading strategy and comparing it with value/size-based strategy. To this end, a sample including companies involved in Tehran stock exchange during 1381-1393 was investigated. Accordingly, portfolio analysis method was applied. It was found out that liquidity is not priced in Tehran stock exchange. Applying difference in mean and GRS tests, it was revealed that liquidity-based trading strategy doesn’t lead to abnormal return. The results are not sensitive to different liquidity measures. Besides, it was found that value/size-based trading strategy is statistically more effective.

Today, stock valuation is one of the most important matters in the field of financial research, because by investing in the stocks of other companies, assuming that optimal portfolio are selected, the investors Constantly seek maximum return based on a given level of market risk or minimum risk based on a given level of return, and project the future stock prices according to the daily exchange of many stocks. Financial researchers, propose various methods for projecting the value of companies and make comparisons between them. The present study compares the stock market price of 80 companies listed on the Tehran Stock Exchange with the discounted model of Free Cash Flow For The Firm (FCFF), over a 10-year period (2002-2011) and calculates the difference between them to investigate the effect of factors such as financial leverage, inflation, the amount of fixed and intangible assets on the difference. The findings from the analysis of combined data using multivariate regression models show that inflation and amount of fixed assets from Among the factors investigated in this study, have a significant negative relationship with the difference, deviation of the prediction value based on discounted model of Free Cash Flow For The Firm (FCFF), from the stock market price. Financial leverage and the value of intangible assets had no significant relationship with the deviation of the prediction value from the stock market price.

In the most of financial models it’s supposed that distribution of observations is normal and the Value at Risk (VaR) and other criteria of market risk are calculated upon this distribution. This is while observations follow abnormal distributions in reality. So this study calculates Incremental Value at Risk (IVaR) with the assumption of being normal initially and then with regard to real distribution of data and finally compares the results of these two situations. The scope of this study consists of 42 companies present in financial sector of Tehran Stock Exchange during 2009 to 2013.The result show that by using IVaR criterion we can analyze the impact of each stock on creating the risk of portfolio and we can selected the optimal stocks. Also the results confirm this point that analysis of an portfolio’s sensitivity using IVaR criterion and based on that portfolio’s real distribution achieves more accurate and reliable results rather than it’s normal distribution.

The optimal portfolio selection problem to find an optimal way to allocate a fixed amount of capital to a set of available assets which aims to maximize expected returns and minimize risk at the same time, to take place. In this Study is shown that an investor with n risky share, how to reach certain profits with minimal risk. Such a portfolio, efficient portfolio is called. For this purpose, the study of evolutionary algorithms, Genetic Algorithm, Imperialist Competitive Algorithm and Particle Swarm Optimization algorithm, also with regard to the basic constraints on the investment, we use these practical methods to solve the portfolio optimization problem. Practical results for the portfolio optimization problem in the Tehran Stock Exchange, of the 30 company's active in the industry with the selection of 20 companies along with their validation, is obtained. Aims to help investors better and more practical to select different stocks and thus is an effective investment.

Every years, several companies around the world enter the capital market for the first time, through offering own shares to the public. It is the main problem to discover the stock price in initial offering. In the most capital markets in the world, the new IPO under. pricing has become a common phenomenon. Private companies trend to offer their shares to the public, when they receive intrinsic value of their asset and future development and growth opportunities from investors. If the price of the new shares offered to the market is determined fairly, Investors with more confidence in the capital market buy new shares. Therefore, understanding the factors affecting on IPO underpricing shares is significant. The aim of this research is to determine whether new IPO shares in Iran is underpriced or not, if so, what are the factors influencing it.For this purpose, 34 companies with IPO are selected during 1386 – 1392 and related hypothesis were tested using the method of least squares regression. The result of the correlation between the independent variables (size of company, new offering volume, market performance, uncertainty and industry type) and dependent variables of research show a meaningful negative correlation between market performance and uncertainty reverse criteria (Age and number of personnel)on the new IPO underpricing during the research period.

Portfolio is combination of assets by an investor for investment. Process of selecting optimal stock basket is one of issue, which is paid attention by scholars. Various criteria of this process have changed by the time and this condition is necessary as optimal for making decision. Several criteria are included in selecting stock basket and it is necessary to use optimal tools for making better decision. Aim of this research is creating intelligent model in order to select optimal stock basket throughout adjusted differential evolution algorithm. Thus, we investigated risk and returns of companies listed at Tehran stock exchange annually. Sample study of research includes 102 companies during 2009 and 2013. Results of research showed that selected model by considering interaction between risk and expected return leads to selected optimal stock basket.