Financial Economics
Year:2018 | Volume:12 | Issue:44 |Papers Count:10

Bank stability can be considered as a pioneer in financial stability in an economy. Due to this importance, national and international supervisory authorities, by imposing restrictions, try to prevent a high risk of banks' portfolios, while imposing this restriction may weaken banks' performance by reducing banks' ability to invest and lend. This dual effect has been the subject of discussion for many years. In this research the relationship between the stability and efficiency of 11 public and private banks were studied during 2004 to 2016. The efficiency of banks has been studied using the data envelopment analysis method and the application of an intermediate approach. Also, for bank stability, credit risk indicators and liquidity risk have been used. Results show that improving the stability indexes has led to a decrease banks' performance, which indicates banks' inappropriate performance in portfolio selection that simultaneously reduces risk and improves performance.

The trade balance of each country reflects the developments in foreign trade and its economic conditions and is in fact, the perspective of its economic situation. Therefore, analysis of its changes has always been a matter for economists and policymakers. The direction and extent of the actual exchange rate impact on business balance is important in academic and applied studies because it helps in formulating and adopting appropriate macroeconomic policies in the foreign sector. Due to the the exchange rate’ s fluctuations and mutations in recent decades in Iran, In this paper we will analyze dynamically the impact of the trade balance using time series data in the period 1992 through 2016. The results indicate that by using Non-Linear ARDL model asymmetric effects, the existence of a long-run relationship and the result of the curve J in this case is confirmed.

The tourism industry is considered as the largest and most diverse industry in the world. Effeciveness of tourism in increasing the employment rates and foreign exchange revenues, booming domestic industries, and expanding international cooperations has changed the world nations attitudes toward its boundaries, placing tourism in an important position within governments policy-making processes. In present research, we evaluated the Relationship between Tourism Economic Growth and Financial Development in Iran by using VECM approach and exploting time series data during (1989-2015) period. Research results show a significant positive relationship between both economic growth and tourism industry as well as economic growth and financial development, such as convenient turnover in the origin country for tourists and simple use of financial instruments for tourists financing plays the key role in growth of this industry. As the expanding of leads to economic growth, increased financial development results in economic growth which, in turn, improves infrastructures and develops tourism industry.

Islamic banking has unique features compared with conventional banking in attracting and using financial resources. In this type of banking, the essential principle is the division of profits and losses from transactions as well as avoiding interest or usury caused these financial institutions are distinguished from other banks. This principle has exposed them with various risks which can be said; Their variety and their level are higher than the risks in conventional banking. This emphasizes the need to focus on risk issues in these banks. Also, due to the different nature of Islamic banking, as well as the religious and ethical principles governing them risk management faces double bottlenecks. In this paper, introducing various types of risk in Islamic banking, The risk level of each of the common contracts in this banking system is discussed. It is also trying to provide a general framework for risk identification and management in Islamic banking.

The purpose of this research is to investigate the relationship between institutional shareholders as owner and manager on financial distress in companies admitted to Tehran Stock Exchange. The research method is applied from the perspective of the target and descriptive in terms of the nature of the data collection. The statistical population of the study is Tehran Stock Exchange (TSE), a systematic elimination sampling method, and a sample size of 107 companies. Eviews software has been used to analyze the data. The results of the research indicate that there is a meaningful relationship between the number of institutional shareholders that are on the board of directors (institutional ownership) and the financial distress of the companies studied, as well as the number of institutional shareholders that own the company (management ownership) and financial distress.

Understanding the mechanisms of volatility between financial markets and strategic Commodity markets has been important for academic researchers, international institutions and also for governments, especially after the recent world financial crisis. This paper investigates the volatility spillover and transmission between the yield of gold coin and the total stock market index based on 144 observations in monthly time series using three multivariate GARCH models. The results of this study confirm the dynamic conditional correlation between past values and cross-sectional correlations based on specific events such as exchange rate fluctuations among the two markets. A positive spillover from the gold market to the capital market is also confirmed. This suggests that, contrary to the prevailing theories in this area, the return on gold is not an alternative to investing in the stock market because exogenous exacerbated volatility factors can play a more effective role in the turbulence of the two markets.

In recent years, financial markets witnessed volatility in stock prices has been strongly influenced by investors' attitudes, perspectives, insights and experiences of the variables of social, political and economic, the need to examine the psychological patterns and their impact on financial markets is felt. In the last two decades much research has been done in the field of financial psychology and considering the importance of the issues of financial psychology in this research, the effect of investor's overconfidence on the disposition effect of Tehran Stock Exchange has been discussed. The statistical population of the research is the companies listed in the Tehran Stock Exchange between 1388 and 1394, the sample size is 80 companies according to the screening method and after the removal of Perth observations. To test the research hypotheses, panel data (panel) data with constant effects have been used. The results of analyzing data using multivariate regression at 95% confidence level indicate that investor's overconfidence has a significant and direct effect on the disposition effect in the Tehran Stock Exchange.

Capital shortage and lack of access to finance is one of the problems that SMEs face. This study analyze the effects of different resource of financing, including equity, short-term debt and long-term debt, on the growth of small and medium enterprises listed on the Tehran Stock Exchange, in the period 1387 to 1395. Due to the type of data, panel data model is done. The results indicate that equity, with coefficient about 25 percent, had the greatest impact on the growth of companies. After that, the short-term debt was with coefficient about 7 percent, and long-term debt shows the least impact on growth with coefficient about 4 percent. Also check the details of any debt, have been obtained the negative impact of ling-term advances and no significant impact of long-term payables on the growth.

According to the existing views regarding the commercial cycles, there are different theories elaborating the reasons of creation these cycles. Some believe that these cycles are formed as a result of delayed reaction of the economy to the exogenous shocks; however, others believe that economy has its own endogenous powers which result in formation of the cycles even needless of the exogenous shocks. This study seeks the role of Commercial Cycles in increasing the overdue claims of Iran’ s banks within the time period of 1993 to 2012. To do so, it has been preceded to exploite the occured commercial cycles in Iran’ s economy using the intermediary filters. In the second step, the most determining factors on the overdue claims of the banking system were recognized using the subjective explorative analytic method. Finally, the effect of commercial cycles in changing the banking system overdue claims was investigated. The findings indicate that the overdue claims of the banking system tend to behave in cycles meaning to decline during economy boom and to rise during economic recession. While in economic growth, the families and enterprises benefit from enough flow of income and as a result can afford repaying the debts and fulfilling their commitments which result in lower volumes of overdue claims.

Knowledge-based companies are knowledge-intensive businesses that are geared towards sustainable conversion of knowledge to wealth and their economic activities are based on R & D activities in the field of new and advanced technologies, thereby leading to the development of knowledge-based economy in a society. This research studies the general challenges of commercializing knowledge-based companies’ products with Emplasis on Marketing and Finance in Iran. in order to identify the challenges that exist in the commercialization of knowledge-based companies’ products individual interviews was conducted with six managers of knowledge-based companies at Technology park of Tehran University. The results of the interviews showed that the laws and regulations, political, economic, cultural, technological, financial, marketing, market size, human resources, organizational structure, knowledge and skills factors are serious challenges which the knowledge-based enterprises in commercializing of their products encounter of Course Tow Factors of Marketing and Finance have been emplasized. To increase the credibility and to confirm the results of the interviews, survey of 80 experts found that all of them confirm that all of the above-mentioned challenges can affect the success of knowledge-based companies in commercializing the products.