JOURNAL OF THE FACULTY OF HUMANITIES AND SOCIAL SCIENCES
Year:2005 | Volume:5 | Issue:19|Papers Count:6

One of the most important factors of economic development is optimum allocation of resources especially financial resources. Basically, capital market facilitates the buying and selling of securities such as shares and bonds. Hence, the main question of the present research is whether stock market price is near to intrinsic value of food and beverages industries groups stock in Iran or not. Like any other assets, the value of financial assets is equal to the present value of the stream of cash flow called intrinsic value. For valuation of shares, the model of present value has been used in this paper. In order to answer the research question, we test the equality of average of market value to the present value of stock. The results show that stock market price is bigger than the intrinsic value. Hence, wecanconclude that there is no systematic relationship between dividends and stock market price in the Stock Exchange Market.

Since inflation has been regarded as a serious economic problem, many economists studied it and each economic school, according to its predefined assumptions, provided theories and has ultimately explained the inflation phenomenon. The monetarists believed that the growth of (the amount of) money in circulation faster than the production, would lead to inflation. The structuralists blame the basic disequilibrium’s in the economy as the main cause of inflation. The advocates of cost push and demand-pull inflation respectively blame the increase of costs of production and the gap between aggregate supply and demand as the main cause of the inflation. The psychological theory of inflation emphasizes the effects of inflationary expectations on the inflation and some consider the import inflation as the main cause for increasing of domestic general price level. However, the inflation process in its different forms and in different countries has special complexities. Many research articles have studied the formation trend and determinants of inflation in Iran, and each of them introduced a different set of factors affecting the inflation. Most of these researches using single-equation models and linear regressions, stressed the monetary nature of inflation in Iran, and introduced the expansion of the stock of money as the main cause of inflation. In this article, we tried to study the factors affecting the inflation, and their contribution in inflation formation. Therefore, using a simultaneous system of equations, the contribution of money stock growth and exchange rate, as monetary factors affecting on inflation, was studied to include the relations the variables, and explanatory equations of each variable was estimated. The problems arise from economic disequilibrium’s also treated as factors affecting the inflation. Thus, the relative gap of production, measured by Hedrick- Prescott filter, shows the effects of economic structural disequilibrium on inflation formation. Inflationary expectations and import inflation have positive effects on the general price level. This research, covering the period 1959-2000, shows that although the inflation in Iran is not a pure monetary phenomenon and factors like the import inflation, structural economic problems and inflationary expectations have had positive effects on its formation, the growth of money stock (58.32%) has the most important and largest contribution in the inflation in Iran. Other factors according to their relative importance and share in inflation formation are: import inflation (22.6%), inflationary expectations (7.3%), production gap (5.6%) and the growth of exchange rate (6.2%)

The aim of this research is to determine the relative advantage of the producing and exporting flowers and ornamental plants (tuberoses, rose, Gladiolus) in selected provinces (Tehran, central province and Isfahan) during period 1378-1382. From this perspective, the criterion of DRC and RCA was determined. And also, the cost of one bunch of flower was calculated in selected provinces per acre. The results show that the proportional privilege index in Isfahan remained either stable or increased. In this province in 1378 had a production advantage with an index of 3.495 and in 1384 lost its advantage. Tehran province in 1378-82 in Rose flower and central province in 1378 and 1380-81 in tuberose had a relative advantage. Using the index of calculated DRC tuberoses rose and Gladiolus had relative advantage in the above provinces. Also rose in Isfahan and tuberoses and Gladiolus in the central province had the least cost per acre.

The purpose of paper is a survey of electronic payment system features such as; security, acceptability, convenience, cost, anonymity, control, traceability and control of encryption methods, as viewed by Iranian users. An examination of this issue is necessary in order to design and produce the suitable electronic payment systems. In most cases, electronic commerce needs to develop the main substructures like electronic payment systems which guarantee the progress of the e-commerce. To gather users view about electronic payment systems, standard questionnaire was used for gathering information concerning features of different EPS such as credit cards, smart cards, debit cards, e-check and e-cash. The result data analysis from 384 users via SPSS shows that in view of Iranian users the most important features of electronic payment systems are Security and Reliability and the less important features are Applicability and Traceability. The identified features by different users for electronic payment systems demands for new systems which can in turn augment acceptability among users.

In this paper, we have studied the role of new banking services in client absorption and efficiency improvement with an emphasis on staff and time savings in Sepah Bank branches in the city of Mashhad. Two populations including the bank managers and clients of the same branches offering modern services (Electronic Banking) were selected from which samples of 39 and 416 were drawn respectively. Data was collected through designed questionnaires. To support the result of the data analysis, efficiency of Automatic Teller Machines, on the basis of processing time of certain service to individual costumer, was compared with the amount of time spent by bank personnel. In order to analyze the research data, Danken test, ratio test and contingency tables as well as chi square test were used. The result of the study showed that new banking services have increased costumer satisfaction, but have not contributed to the efficiency of the bank branches under study.

Financial managers have been involved in taking the decision in financing, considering cost-benefit analysis of every method and checking on the internal rate of return and services rate. This phenomenon is one of the most troubling subjects in capital markets, due to appearance of agency paradigm return variation and the obtained risk of companies financing. Those factors which affect the ideas of financial managers concerning capital resources and consumerisms determine the reason for choosing a special resource regarding the environment and current events into companies. In this research-with an emphasis on the financial operation of the public companying accepted in Tehran Stock Exchange- Capital structure and the category of internal parameters variations in some Firms are reviewed to present some new structures to develop financial markets and create specific sources. This points of view with due regard to conformity principles-including the gearing principle and environmental inconstant variables and also benefits and defects of financing’s different ways- can be used to adjust the suitable decisions to provide necessary capital for the companies, in addition they lead to greater efficiency and effectiveness. The results show that the prevailing conditions in the financing performance in different industries differ from using of the financing leverage. Thus, is not possible to determine a comprehensive model, to be able to cover the studied society, because of the prevailing economical conditions. But, the expected results would be confirmed remarkable, with separating equations and industries, with regarding ownership and the kind of industry.