JOURNAL OF ASSET MANAGEMENT AND FINANCING
Year:2019 | Volume:7 | Issue:1 (24) |Papers Count:8

Objective: The opacity in many banks’ financial reports has brought some difficulties for the analysts and shareholders who are to grasp them. In this research, using ARDL model, we assess the dynamic model of valuation of the shares of the banks listed in Tehran Stock Exchange. Method: For this purpose and subject to the availability of the data, the seasonal data of the four listed banks in Tehran Stock Exchange-which has been extracted by screening method in the years of 2009-2016-has been analyzed. The other contribution of this paper is to choose a competitor model as an auto-regressive ARIMA model in order to assess the accuracy of the ARDL model, and to investigate the effects of political risk of the country on the stock prices while the effects of the sanctions on the Iranian central bank entered the model in the form of a dummy variable. Results: The results show that both of the models have a high capability of prediction of price-to-book (PB) ratio of stocks but the accuracy of the ARDL model is higher In addition, the sanction on the central bank has no significant effect on PB ratio in the long-run term. Finally, depending on the long-term effects of fundamental variables, the “ valuation” variable of bank stocks was defined so that its positivity (negativity) signifies overpriced (underpriced) stock.

Objective: At the time, using the capital market capacities is assumed as an important choice to raise funds for government and infrastructure projects, which needs a good provision of rules and regulations. The main objective of this research is to study the rules and regulations related to the infrastructure road transport projects financing, as an important sectors of infrastructure, through the capital market. Method: The methodology of this study is the mixed method. First, a systematic review was done and several half-structured interviews were undertaken with experts until the primary framework was designed. To approve the primary pattern and ensure its suitability, the Delphi technique was applied using questionnaires and interviews. In the fields of roads, capital market and university, 42 questionnaires were filled, 28 interviews were carried out and 9 group meetings were held. Results: Subsequently, the qualitative and quantitative results were compared and concluded according to the triangulation method. Finally, some changes were proposed to facilitate the financing of road projects through the capital market.

Objective: The purpose of this research is to investigate the effect of product market competition on financial performance with moderating role of information disclosure quality. In this regard, disclosed information, as a control tool, persuades managers to move toward stockholders' interests and firms' competitive objectives, in today's competitive environment. Method: For this purpose, companies listed in Tehran Stock Exchange during the period from 2010 to 2015 were considered. In this research, two variables of return on assets and return on equity were considered as indicators of financial performance. The Herfindahl-Hirschman index (HHI) is used to measure product market competition. Results: Results: The results show that product market competition has a significant effect on financial performance. Also, the results indicate that the information disclosure quality has moderated the relationship between product market competition and financial performance, so that with the introduction of the moderating variable the effect of independent variable increases on the dependent variable.

There are four main sources for bank funding in Iran, including deposits, capital, borrowing from the Central Bank, and borrowing from other banks. Of all these sources, deposits are the main source of bank funding. During recent years, customers’ orientation to non-maturing deposits, possible to be withdrawn at any time by customers, has triggered a lot of problems for banks and financial institutions. This study examines the effect of contractual rewards on the behavior of 24107 depositors of the Mellat Bank, consisting of two groups of depositors as a sample, 10924 premier customers who received contractual rewards and 13183 normal customers who didn’ t receive contractual rewards from 2010 to 2015. Most studies in this area have been encompassed on the interest rate and its effect on depositors. In this research, however, the effect of Contractual rewards on saving duration and cash inflow volatility, as two factors of bank funding stability, is considered. By definition, Contractual rewards involve special card and insurance, without interest of deposits. In conclusion, the results reveal that contractual rewards increase financial stability.

Objective: In this study, a new aspect of the relationship between ownership (The endogenous and exogenous) and dividend policy has been investigated. Method: For this purpose, data of 2080 firm-year were gathered in the period 2002 to 2016. The effect of ownership variable on dividend policy was firstly estimated as exogenous and endogenous as second. For the statistical analysis, the results were analyzed via R Software by using ordinary panel data, PSM and GMM. In both methods (OLS and PSM), the pooled logistic regression and panel logistic model model was fitted and Akaike's information criterion (AIC) were used for comparing the methods. Results: It was observed that the p-value of institutional investors (INS) and corporate investors (CORP) is less than 0. 05, so these two variables have a significant effect on the variable dividend policy in the ordinary panel data and PSM. But in the GMM, there was a significant relationship between institutional ownership and dividend policy while no significant relationship between corporate ownership and dividend policy was observed. Finally, using PSM and matching of data in comparison with the other estimators can have a significant role in improving the fitted regression and its results are more significant and will lead to more accurate estimates.

Objective: Earnings quality is one of the most substantial features of financial reporting, influencing the optimal capital structure. This substantiality probably results from the fact that earning is generally considered as one of the main inputs of valuation models for both financial investors and analysts. This research aims to investigate the simultaneous effect of corporate governance and audit quality on accounting earnings quality, using structural modeling. Method: With a sample of 2006 to 2015 and 700 firm-years, to analyze the data of the research period, structural equation modeling with partial least squares (PLS) approach and Smart-PLS software have been applied. Results: The results of this research indicate that corporate governance and audit quality, directly and indirectly, through the mediating variable of financial performance, have a significant positive effect on the earnings quality; while, through the mediating variable of capital structure, the effect is significantly negative. Furthermore, our findings reveal that the direct impact of corporate governance and audit quality on earnings quality is stronger than their indirect effect.

Objective: In general, when a financial market works ordinarily, the probability distribution of the first significant digit of the returns of the assets listed therein follows Benford’ s law, but does not necessarily follow this distribution in the case of anomalous events. This law shows the contingency of various digits in a set of numbers thus it can be used for assessing data sets that occur naturally. Method: The present study applied Benford law in order to investigate the empirical probability distribution of the first and the second digit of daily stocks return in listed companies in the Tehran Stock Exchange during 1384 – 1393. Results: The findings show that the data of daily stocks return in listed companies in the Tehran Stock Exchange that used in the present study do not obey the Benford law. This can be due to some reasons such as different data transformation or influential conditions in the Iran stock market.