JOURNAL OF FINANCIAL MANAGEMENT STRATEGY
Year:2017 | Volume:5 | Issue:2 (17) |Papers Count:8

The aim of this study is to test the valuation method in which in addition to the fundamental features of the stock, pay attention to investor sentiment and its impact on stock pricing. in this regard, Fundamental information and stock prices of 95 manufacturing and industrial companies listed in the Tehran Stock Exchange during the years 2009 to 2013 are collected and valued using the behavioral model stock image and traditional models (residual income, discount dividend and free cash flow). This research using panel data and regression equations developed for each model, has compared the performance of models based on Akaike(ACI) index. The results of the proposed model compared to traditional models implies less uncertainty of this model. The proposed behavioral model can explain the role of behavioral factors in stock pricing and helpful for stockholders in the active portfolio management because they can buy or sell their securities based on this model

Private Information, affect Investment and Dividend Policy, investor don’ t desire to purchase firm’ s security with more private Information, also increase demand for payout. This article tries to provid evidence that shows how Investment and distribution are affected by Private Information. For this purpose Information of 692 firm-year are analysed. The results shows that there is a positive relation between private information and firm’ s investment that despite with were expected, although this observations justify with growth opportunities. Also there is no direct relationship between private information and dividend policy.

The researchers believe that financing is important enough that known as "the most important reason of earnings manipulation". Also, getting reach to some measures would result manipulating and financial restatements. So, the purpose of this paper is Companies management approach of finance relate to the earning managements’ modifying time. In other word, this paper investigate that if managers modify earning management related to financing and adopt Society negative effects or shift the reformation to the next managers’ periods and restatement financial reports next year. The paper consists of financing data of companies in Tehran Stock Exchange in 1389 to 1394 and firstly calculating earning management by using adjusted jones and then analyzing earning management modifying using Kruskal-Wallis Test, Mann-Whitney Test and T-test. The results reject the hypothesis that finance related earning management modify early. In other word, it can be interpretated that managers shift manipulating effects to next managers.

The aim of this research is to investigate determinants of firm's intangible investments. The model of Arefmanesh and Rahmani (1394) was used to measure unrecorded and total intangibles. According to literature, Determinants were identified. Structural Equation Model by Partial Least Squares (PLS) path modeling was used to analyze determinants of firm's intangible investments. Analyzing of data panel of 143 firms from 1386 to 1392 indicate firm specific characteristics have significant influence in intangible investments. Firm's Profitability and leverage have positive influence and firm's size has negative influence on firm's intangible investments. Furthermore, results indicate positive effects of industry kind on intangible assets. On the other hand, high and intermediate high tech firms do more intangible investments. Additionally results show that barriers to entry have negative effect on firm's intangible investments. According to research findings from corporate governance mechanisms, only size of board of directors and institutional owners have negative influence and independence of board have positive influence on intangible assets.

One of the main problems in the Iranian Banking industry is lake of a comprehensive and native model for assessing financial strength of Iranian banks. So the aim of this study is to develop a model to meet this problem. Banks financial strength deal with banks inherent safety and soundness. To design and develop the model, an initial conceptual model was developed by extensive study of various dimensions, factors and indicators of assessing banks financial strength and extraction of widely used of them. Then, this conceptual model validated and localized at three steps. In the first step, content validity of the model was tested by expert panel and some modifications was made in the model. In the second step, construct validity of the model was tested based on opinions of expert panel formed of faculty members, managers and experts in the field of banking and related capital market financial analysts. Finally in the third step, reliability of the model was tested. The final model which is constructed from 4 dimensions, 8 factors and 51 indicators can be used as a native and novel model for assessing the financial strength of Iranian banks. The results show that the dimension of financial position with weight of 32 percent has the most contribution in reflecting Iranian banks financial strength. After that, the competitive position, the management position and the risk position with weights of 26, 25 and 16 percent, respectively have next ranks.

The purpose of this paper is to analyze the effect of off-balance sheet activities on banks' risk, financial leverage, liquidity and profitability. Thus, a sample of 10 listed banks on Tehran stock exchange from 1388 to 1394 is considered. A panel data regression is used to test the relationship between off-balance sheet activities and commercial banks' risk, liquidity, financial leverage and profitability. Results show that the influence of off-balance sheet activities on banks' leverage and profitability is more than the influence of off-balance sheet activities on banks' risk and liquidity. Increasing amount of letters of credit in contrast to guarantees, decrease profitability without affecting other aspects of banks' performance. However managed funds in one hand increase profitability, and in the other hand increase financial leverage and this can increase banks' credit risk and put banks thorough some troubles meeting their obligations.

Markowitz model is the base for modern approach to portfolio optimization problem. Markowitz model is formulated based on mean and variance of portfolio that is calculated based of historical return. Since this model was proposed many effort have been done to improve formulation of portfolio optimization problem. One of the most important improvement is substituting variance by downside risk measure. Downside risk measure account for fluctuation that just occurs below the mean of returns. The other improvement that recently proposed is data generation based on data envelopment analysis (DEA) and using generated data instead of historical returns. This new improvement that essentially changed basis of portfolio optimization problem provide an opportunity for researcher to examine kinds risk measure based on generated data instead of historical return. In this paper data envelopment analysis is used for generating cross efficiencies based on financial ratios. Then Value at Risk (VaR) as a downside risk measure is redefined for using on cross efficiencies. A well known linear model is used for determining weighs of portfolio based on minimization of Value at Risk. Performance method is evaluated by applying on 185 stock from Tehran Stock Exchange and comparing Sharp criteria proposed portfolios, market portfolio and application of Markowitz model on cross efficiencies during 2011 to 2015. Sharp criteria reveals that proposed method has better performance than the other methods.

The purpose of recent study is recognition of the most important financial ratios by which can evaluate company's performance. Therefore the total of accepted companies in stock exchange in Tehran which was active in 1390-1393 are considered as statistical universe of the research through which 102 companies organize the mass of statistical sample based on systematic elimination sampling method. The from the view point of exploratory and functional purpose, the research method is descriptive and interconnection including post – eventual researches. Analysis of data is accomplished by factorial analysis, structural equations modeling and two algorithms by using of CHAID, C&RT software, SPSS, SMARTTPLS, CLEMENTIN decision tree. after explanatory, factorial analysis, the results of research show that the number of 24 ratios from the total of considered 28 financial ratios is effective in evaluation of company's performance which these ratios are classified in seven categories in terms of weight of each of them from total variance by using of main factor analysis PCA. in next stage, for studying the type of relations and the amount of variant interconnection, confirmatory factorial analysis is performed in structural equations modeling and the main model presented. Finally the result and drawing decision tree indicate that decision tree algorithms are presented the best prediction with the highest accuracy and among the sum of ratios, activity ratio has the most effect on performance evaluation.