FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)
Year:2012 | Volume:5 | Issue:14|Papers Count:9

Use of proved scientific techniques help to two basic goals in the security and exchange market, Firstly apply of this techniques cause increase of the scale of productivity and profitable of the investors, Secondly this issue cause improvement of the invest market operation and propelling the market toward efficiency. By attention to the following issue, in this text we were dealing to investigate the transaction methods. In this research we attempt to comparison of various methods for price forecast in stock market and investigate tow methods, which named buy and hold and moving market average of the market peripatetic and observe the place of each tow methods and process of predication of price portion, and by how much scale crate profitability for investors? And then offer the best state to investor. the sample companies are through the list of the active companies in Tehran Stock Exchange during the period 2001 to 2008. The results declare in the long term investment period the average return of buy and hold method is greater than from moving market average method, and also in the period of the short term investment of the buy and hold method is prior to moving market average method.

This paper analyzes the effect of banking regulation on competition on in Iran’s banking system, using unbalanced panel data models for 17 banks functioning in Iran’s economy, spanning 1996-2009.In this paper we used lerner index as a proxy for competition. For this purpose, first translog cost function of each bank were estimated and then marginal costs were estimated. For regulation proxy, using beck et al (2008) method, we use Capital requirment, information disclosure of banking and some other proxy. Results show that Capital requirment increase banking competition. information disclosure of banking that is proxy of monitoring, and other regulations do not any sighnificant effect on banking competition.

Price to earnings ratio is widely used by investors and for investors has a major role in investment decisions. Hence having a scientific understanding of the price to earnings ratio and ability to identify factors affecting has great importance. Based on previous empirical studies and findings about factors affecting price earnings ratio and also according to the Gordon basic model, the major factors is selected. Independent variable of research includes the growth rate of dividends, the coefficient of dividends payments and systematic risk (beta). The sample includes 41 companies from the companies listed in Tehran Stock Exchange between 84 to 88 years. This study uses panel data and multiple regression analysis and Tested the hypothesis by E-views software. The results showed that the growth rate of dividends and the coefficient of dividends payments have a positive impact on P/E ratio and beta with negative impact on the P/E ratio.

In an efficient market, both the allocation of capital is done optimally and the stock price of firms is determined fairly. The bubbles in price of stocks may occur in inefficient markets, because the lack of information transparency is the major reason of bubble arising and the gap between intrinsic and market value.The purpose of this paper is investigating the informational efficiency and rational bubble in stock prices of Tehran Stock Exchange (TSE) and its subsections (TEFIX30, TX-50 and the principle 44 companies offered in TSE) in 1389 by using variance ratio test and stationary test of price-dividend ratios. The results indicate that:1- Total index of TSE an its subsections (TEFIX30, TX-50 and the principle 44 companies offered in TSE) is not weak form efficient in 1389.2- The null no bubble hypothesis of TSE and its subsections is rejected in 1389.3- There is direct relationship between inefficiency and bubble in 1389.

Studying behavior of securities and financial assets has always received significant attentions from scientific circles and investors. Financial and profitability value index including economic value added has been the focus of financial management and management accounting. Using these criteria one can accurately predict stock return of the company and can avoid criticism on accounting income. Therfore financial and profitability value index, has a signisifant import for investors. In this regard this project investigates information content, explanation ability and correlation intensity of financial and profit ability value index with firms stock returns. Computing collected data, firm and year, ninety accepted firms in Tehran stock exchange was investigated for seven years. This study is an experiential and it’s purpose is application research type. Research hypotheses using correlation coefficient, multiply regression, F Fisher and T-test were investigated. Using Stata and Excell soft wars required computation was done. The results show that among of independent variables there is meaningful relationship just between economic value added and net income with stock return. Other independent variables such as market value added, cash value added, asset return and equity return have meaningful relationship with stock return, but this relationship is not as much as that of economic value added.

The topic of research includes the relationship assessment between the relative valuation techniques and the economic leverage having stock yeild in Tehran Stock Exchange, in this reaserch the presented hypothsis concerns the existence a meaningful relation between the relative valuation techniques and the economic leverage having stock yeild.The reasarch has been performed in a 7-year old period (1382-1388), including the multiple regression and correlation method. The obtained results indicated that there was no meaningful relation between the independent variables and the stock yeild. However, there was a meaningful linear relation between the individual relative valuation variables and the stock yeild. While on the other hand there was no linear relation between economic leverage and the stock yeild.

One of the most important macro-economic variables, the interest rate facilities that has an important influence on the inflation indicator. So that facilities with higher profits, cost of capital increases, which will lead to increased production costs. According to the theory of cost push inflation, increasing production costs, the total supply curve moved to the left and provides an increase in inflation.In this research; first, we evaluate facilities interest rate beetwen 1375-86 and inflation indicator rate by using Vector Autoregressive Regression (VAR), Auto Regressive Distrebuted Lag (ARDL) and Dichey-Fuller test on the Schwartz-Bayesian ciriterion in long period term and for estimating relationship in these elements of short term period; we use Error correction model. Correlation method is used in this research and Data gathering is in bibliotheca and documentaries.As a result; it implies according to statistics experiments; relation between facilities interest rate and inflation indicator of long term period is expressive and to reduction in facilities interest rate concludes decrease in inflation indicator. in short term period this relationship is meaningless and reduction in facilities interest rate has a negligible trace in Iran economy.

The main objective of this paper is to study the volatility trend in Tehran’s stock exchange from 1999:03 to 2008:02. This research are looking for answer to this question that, if the Tehran’s stock exchange in the study period had experienced volatility or not. To quantitative volatility, EGARCH Model is used. The results indicated. The Tehran’s stock exchange is experienced volatility trend between 1999 to 2008. So as, the most volatility level (instability) is occurred in 2003:01 and Then The most instability has experienced in 2007:02, but in comparision with volatility occurred at 2003:01 is less.

Implementing the infrastructural projects has so many degrees of importance and a vital role in economic growth and development of the countries. Since governments are aimed to give services more efficiently and with higher quality, they are doing related works and attempts in order to facilitate and accelerate the said projects. Experiences of different countries show that factors such as lack of financial resources, budgetary deficit of the governments for financing big projects and high demand for investing in these projects have lead countries to do their attempts to fulfil partnership of the private sector and make suitable competitive climate for their cooperation. These attempts have result in Public-Private Partnership (PPP) and facilitated the growth and development of the countries. In this study, the relationship between the factors influencing the utilization of PPP in 21 countries during 2000-2008 using panel data method are studied. The results show that countries’ revenue, economic stability, budget deficit and underground sources are the main factors influencing public private partnerships in the studied countries. Finally, the model for public private partnerships has been generated.