FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)
Year:2011 | Volume:4 | Issue:9|Papers Count:9

The aim of this study is to investigate of the explanatory power between the financial capital and the intellectual capital in determining the market value of the listed companies in Tehran Stock Exchange. In this study, the economic value added, the residual income and the equity book value were proxy for the financial capital, and the human capital, the relation capital, the innovation and the procedure capital were the components of the intellectual capital. The market value of the companies was used as the dependent variable. The research sample was 66 companies during 2006-2010. Panel data method with fixed effects in econometric software EViews 6 was applied for analyzing of research data.The findings show that the financial capital rather than the intellectual capital has more explanatory power in determining the market value of the listed companies in Tehran Stock Exchange, and the residual income variable is of the highest correlation and the most explanatory power in determining the market value of the listed companies in Tehran Stock Exchange between the financial capital variables. The reason of this subject that the intellectual capital variables were not of real explanatory power in determining the market value of the companies is the lack of efficiency in Tehran capital market or the incorrect understanding of the users from these variables in the financial statements and its accompany notes.

Most of the academic studies identified b factor as a risk-based measure of stock return volatility and used Capital Assets Pricing Model (CAPM) to measure portfolio risk and estimate expected return. Over the last few years, the semi-variance of stock return developed proposing the downside b as an alternative measure of risk. Based on Downside CAPM (D-CAPM), we investigated the capability of the CAPM and D-CAPM to estimate required returns on equity in Tehran Stock Exchange as an emerging market and focused on comparing the ability of b factor to explain the cross-section of returns relative to that of alternative risk variable as downside b.Considering information of stock return of 138 firms from 2005 to 2009, we established a hypothesis as: “The D-CAPM has more explanatory power to predict the expected stock return volatility rather than CAPM.” Through studying the relationship between stock returns and beta and d-beta, stable and direct significant correlation of d-beta and stock returns clarify the importance of d-beta and D-CAPM in measuring the risk and expected return rather than beta and CAPM.

The main issue that the financial managers should consider in order to maximize the stackholder capital is to find the best mixture of firms resource. The puzzte of capital structure is the main financial management problems and it is more complicated. The purpose of this study is to investrage the same capital structure of companies and the druge industry to examine the emperical relationship between capital and earning per share.First of nonparametric statistical methods for hypothesist‘ kruskalwallis’ and to examine hypothesis II, III and IV, the diagnostic test are normal.

This paper is investigated the Forecasting the Gold Coin Future Contracts prices in Iran Mercantile Exchange (IME). In this paper survey the ability the Forecasting the Gold Coin Future Contracts by Box- Jenkins Methodology. The Box- Jenkins Methodology is included the Identification, Estimation, Diagnostic Checking and Forecasting. This result indicates that the ARIMA model with the two lags of Autoregressive and with the two lags of Moving Average is appropriated to predict the Gold Coin Future Contracts prices and have the ability the Forecasting the Gold Coin Future Contracts.

Over the past three decades, the Efficient Market Hypothesis (EMH) has been the foundation for financial asset pricing, and the leading hypothesis in the finance literature to explain and predict the behavior of investors. There are, however, two extensions to the EMH in the behavioral finance literature that investigate investor reaction when security prices do not adjust instantaneously, the Overreaction Hypothesis (OH) of DeBondt and Thaler (1985) and the Uncertain Information Hypothesis (UIH) of Brown, Harlow and Tinic (1988, 1993).In the other side, we know that Iran international trade volume is not expanded and direct taking impression of Iran security market to global financial recessions and expansions is in doubt. Therefore, observed investors' sentiment in Iran stock market to recent global financial crisis news has resulted in doubt on efficiency of this market, regardless of long or short term return for sensitive industries to this crisis. Thus, we felt need to recognize investors' sentiment to achieve behavioral finance patterns that would be consistent to Iran stock exchange and can be utilized to behavioral modeling of securities.We determined to evaluate and express behavior of investors in Iran stock market for the period 27 April 2008 to 25 April 2010, based on two hypotheses OH and UIH. Our findings show that shareholders' return is consistent with aforesaid two hypotheses and thereupon increase in market uncertainty in some securities, as well as investors' overreaction in some industries while issuance news of arrival and/or recovery global financial crisis.

In this study We examine the relationship between interest rates changes, yields and profitability of financial institutions spent in Tehran Stock Exchange To calculate the stock returns of financial institutions to examine the behavior of stock prices of these institutions during 1991 to 2009 and measure the profitability of financial institutions through the extraction of financial statements of institutions under conditions of investigation, to calculate the return on assets ratio (ROA) and return on equity (ROE) and ultimately the profitability of these companies over We spent period 2003 to 2009. To study the effects of nominal interest rates and real interest rates on financial returns, separate regressions with the total return cash index to the financial sector is estimated. regression results showed that the nominal interest rate variable impact on stock returns and financial institutions are among the changes in interest rates and stock returns are inversely financial institutions also that between the real interest rate changes and stock returns of financial institutions, does not exist significant inverse relationship. Results of research shows in Tehran Stock Exchange Market between interest rate changes inversely with the profitability of financial institutions there.

This research discusses about relation between accounting conservatism and financial crises in Tehran Stock Exchange (TSE) over 7- period in 48 firms with financial crises and 56 profitable firms. For research hypothesis tests, the data panel method from 105 firm (48 firms with financial crises and 56 profitable firms) which belong to the span of years between 1380-1386 are used. Data analysis performed with logistic regression. The results of study showed that there is significant relationship between financial crises and accounting conservatism, company size, Leverage ratio and return on assets. Also the results of the study showed that there was not any significant relation between financial crises and sales growth. The outcome of the study also has showed that accounting conservatism is an effective mechanism for limiting bias behavior manager, and it can causes the company out of financial crisis in the long run.

Understanding the identity of phenomenon and their relation is one of the function of science. the insight of this knowledge can help scientists to predict the future and make the background of changes and decisions.In addition to understanding of phenomenon relationship some other studies try to compare the theories and find the best one on the point of their predictability. In this study we tried to review different paradigm and thoughts and theories of exchange rate and its behavior and also to compare their ability in forecasting the behavior of exchange rate, for this reason we postulate four theories of exchange rate which are: mondell-flemming theory, purchasing power parity thory, asset market theory and monetary with flexible price.Our time framework include "in the sample" and "out of sample" data and our case study in this research is examining the behavior of GBP/USD in foreign exchange market (FOREX), in the sample data include 01/01/1988 to 01/06/2008 monthly and out of sample data include 01/01/2006 to 01/06/2008.In this research we postulated the theories with in the sample data and after examining the validity of model with macro econometric techniques, then with extracting the four measures RMSE, MAPE, MAE and THEIL INEQUALITY COEFFICIENT we evaluated the ability of forecasting each model based on its theory. Finally the result of the study showed that in the mentioned time framework mondell-flemming model could forecast the behavior of GBP/USD better than other theories.

The role of institutions in economic growth has been concerned by many economists. But, some approaches hold that the factors such as human capital and resource abundance. In searching for evidence to test relationship between institutions and economic growth of Iran, we will asses institutional environment of Iran with respect to World Bank and Heritage Foundation indices. Focusing on Glaeser and et al.) 2004 (study, the several cross-section regression models have been estimated to observe the effects of unfavorable institutional environment in Iran's economy, The results of estimated regressions indicate that institutions matter in economic growth of Iran. When we test the role of human capital beside institutions, we achieve to the important finding that human capital has a significant effect on economic growth of Iran, too.