FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)
Year:2014 | Volume:7 | Issue:21|Papers Count:7

In this study the effect of adjusted Dupont and its components on herding behavior of investors have been investigated. The aim of this study was to finding the answer of this question that does the use of adjusted Dupont analysis and its components have ability to forecasts of future profitability and explanation of stock returns and can be effective on investors behavior? Data research were belong to one sample which consisted of five industries and included eighty five components that accepted on Tehran Stock Exchange in period of six years (from 2006 to 2011). Regarding market index, Beta herding has been used in order to measuring behavior of investor. Research hypothesis have been analyzed by SPSS and linear regression model with several variables have been used. The results of this study have shown that return on net operating assets had enough ability to forecasts of future profitability and among the adjusted Dupont components, it's the asset turnover operating had impact on forcasting result and also adjusted DuPont relation and profit margin component had explicability in stock returns of components. In addition, the researchers detected that the relation of adjusted Dupont, two components of profit margin & asset turnover operating had impact on behavior and investors decision and active people in market but the reaction of market on profit margin was more than asset turnover operating.

Banking industry is one of the most important sectors of the economy. Banks are considered as intermediaries and insurance exchange alongside the monetary resources of the main pillars of the financial markets. Banking in the Iranian economy is more important, Because of the lack of the necessary capital market development, in which the banks are also responsible for long-term financing.With attention to the banks’ roles in the economy, banks’ efficiency has special importance. Interest margin is one of the significant criteria in assessing of banks’ efficiency. On the other hand, regulation is an effective factor on interest margin, so that a regulation’s facilitating or stringency can affect interest margin and efficiency. In this paper, because of the importance of interrelation between banking regulations and banks’ margins, using the developed and developing countries data over the period 2000-2010 and applying panel data methods, the effect of bank regulations on bank margins have been investigated. The results indicate a negative relationship between bank regulation and bank margins.

Returns is one of the important criteria in deciding whether capital market participant. In this paper, with using econometric models, the relations between CANSLIM models and stock returns of listed companies has been tested. Variables of the CANSLIM model is includes percentage changes in Current Quarterly EPS, percentage change in Annual Earning Growth, New Price, New Management, Supply and Demand "free float", Leader or Leggard, Institutional Sponsorship and Market Direction (Market index changes). Correlation method is used to research between 70 companies during the years 1383-1389. The method is based on multivariate regression analysis of the combined data (panel) and the combination has been used for the analysis.Results of hypothesis testing with eight listed variables, was show the direct and significant relationship between the 4 variables; namely, new management (at 10%) and new high price range, support of institutional investors, stock returns to market.

Minimum Variance (MV) optimal hedge ratio is a common approach to risk management but because of severe restrictive and unrealistic assumptions of MV, some alternative approaches have been investigated in literature. Mean Extended Gini (MEG) Coefficient approach which has some advantages over MV is one of these alternatives, but this approach shares some weaknesses as well. Mainly it does not consider the return of investment. M-MEG is another approach which is designed to resolve this weakness by considering both risk and return. This article compares MV, MEG and M-MEG optimal hedge ratios using daily spot and futures prices of gold coin in Iran Mercantile Exchange (IME) from 2008/11 to 2012/02. We find that MV optimal hedge ratio is greater than MEG and M-MEG. Besides, M-MEG optimal hedge ratio is smaller than MEG for investor with lower risk aversion.

This study examine the methods of window data envelopment analysis , future time driven analysis and past time driven analysis for performance measurment and for analysis the financial statements of 100 listed firms in Tehran securities exchange during 2006-2011 . The results show these methods can analysis the several financial ratios despite antonym signs simultaneously and considering time element, it presents useful informations about variations process. The pastime driven analysis is one of data envelopment analysis models that present in this study. also paired T- test is used for test the hypothesis. The results show there are meaningful difference between results of analysis.

This study is concerned with analyzes the thematic content periodicals Financial Sciences of publications in scientific funding - as they are based on research in Iran since 1372-91  and compared with  finance magazine America in 1946- 2013 the ISI Impact Factor Rated 4.812 . Objective research approach to determine the content of the articles published in these journals in finance, also thematic areas defined by the objectives and financial publications in the field of Science. The population consists of six quarterly review published 546 articles in scientific- research paper published in the Journal of Finance in Iran and 4679 as finance and research using quantitative content analysis is. Review articles on topics including science, finance, accounting and issues of interdisciplinary publications published during the years 1372 and 1946 in Iran ever since America's. The topics include a subset of the nine financial engineering, financial management, investment and portfolio management, behavioral finance issues, neurotropic, Islamic finances, financial accounting, management accounting, auditing and interdisciplinary topics are divided. The results show that based on the articles in the highest percentage with 34% release, the articles related to financial management, investment management and portfolio 19% percent of the articles on the subject, 16% of articles in the interdisciplinary subject, 10% of articles on the subject of behavioral finance, neurotropic, 9% of articles to financial Engineering, 5% of articles to financial Accounting, 3% percent of the articles on the subject of Islamic finance (1%) percent of the articles subject to audit and lowest emissions by 03% of articles on the subject of management accounting. Finance magazine is also published results show that the highest percentage with 28% of articles on the subject of financial management, 24% of articles in the interdisciplinary subject, 16% of articles on the subject and portfolio investment management, 13% for articles on the subject of financial engineering, 10% of the behavioral finance literature on the subject, neurotropic, 9% percent of the articles on the subject of financial engineering, 3% of articles on the subject of management accounting, financial accounting and auditing issues papers, 2% and 0% with the financial issue Islam have been published. Accordingly, to address the financial management financial magazines of America and Iran, has been at the forefront of articles published in these journals. But along with selection diversity in professional journals, financial spheres as well.

Behavioral finance is the study of the influence of psychology on the behavior of financial practitioners and the subsequent effect on markets. In this research, concepts of behavioral finance are surveyed and then the portfolio selection model in framework of behavioral finance theories is presented and compared with the Mean-Variance rational pattern. Historical data of TEDPIX for 10 years has been used and separated to 2 parts of test and evaluation groups. The optimum weight for risky asset proposed by standard mean-variance and behavioral model based on returns with standard deviation and semi standard deviation for the first 7 years (test data) in the 3 months periods. After that, returns of 81 optimum portfolios in a three years evaluation period are calculated. Statistical results show that concept of behavioral finance regarding in this research (Loss Aversion, Asymmetric Risk Preferences, and Mental Accounting) lead to better portfolios. Although the return of the portfolios in standard and behavioral model, statistically are not significantly different, the risk of the portfolios are significantly less than the standard model, means in Tehran Stock Exchange the research hypothesis, return of behavioral model is greater than return of standard mean-variance model, was rejected, but behavioral portfolio risk is significantly less than the standard model. Survey of effect of standard deviation and semi standard deviation on portfolio construction shows that the portfolios based on semi standard deviation has less risk, although the return of the portfolios are not significantly different.