INVESTMENT KNOWLEDGE
Year:2020 | Volume:9 | Issue:33|Papers Count:20

The present study investigates the role of the mediator of the biographical characteristics of investors on the relationship between political rumors and their perceptual error by modeling structural equations. The present study was conducted in terms of the method of correlation research in terms of the purpose of an applied research and in terms of data collection method, a quantitative study. The statistical population of the study was investors of Tehran Stock Exchange with unlimited number and the sample was estimated using Morgan and Kargzi tables with a simple random sampling of 384 people. The tool for measuring political rumors, the 9 questionnaire of Khademi Grashi and Ghazizadeh (2007) and the instrument for measuring perceived error in the questionnaire of Saadi 24 et al. (2010). The results of structural equations showed that political rumors affected the perceived errors of investors in Tehran Stock Exchange. Also, the dimensions of political rumors, including statements by political officials, political developments inside the country and foreign political developments, increased the level of perceptual error of investors. Also, biographical characteristics of investors influenced the relationship between political rumors and its dimensions with perceptual errors of Tehran Stock Exchange investors.

Study and understanding the market is the first step in investing. The printing industry is the concern of many investors because of its wide variety, breadth and good labor market. On the other hand, the wide variety of printing industry technologies is causing investors to make the most effective investment choice. Therefore, this research seeks to answer this question: What is the ranking and prioritization of printing technologies for investing in the Iranian market according to existing conditions? In order to answer the main research question, in this research, by descriptive-analytic method, prioritization of printing industry technologies was investigated by Compensatory Fuzzy multi Criteria Decision making in 20018. Therefore, a fuzzy tops technique was used to check and rank the options. The options studied in this research are; offset printing, digital printing, flexor printing, Hé liogravure printing and silkscreen printing. Eleven indicators were selected using experts’ comments that are: technical quality, initial capital, cash flow, return on investment, expected returns, risk, environmental pollution, production volume, depreciation, production cost or Services, competitive power. After sensitive analyzing on parameters and indices, the results were examined. The final results of this study show that the best investment in the printing industry, according to the current market conditions of Iran, are digital printing, offset printing, flexor printing, silk screen printing and, finally, printing of Hé liogravure.

The purpose of the study is to investigate the moderating role of institutional investors 'ownership percentage on the relationship between investors' emotional tendencies, stock returns and fluctuations in stock prices. The spatial domain of this research is the companies admitted to the Tehran Stock Exchange and the realm of time between 2009 and 1394. In this research, the emotional tendencies of independent variable investors, institutional investors, moderating variables and stock returns and fluctuating stock prices were considered as dependent variables., The research method is applied in terms of its purpose, in terms of its nature as descriptive research, and also in the method of research is correlated in the research field. Based on the systematic elimination method, 107 companies were selected as the statistical sample. The results of the research showed that there is a significant and positive relationship between the emotional tendencies of investors and the return on shares of the companies admitted to the Tehran Stock Exchange. There is a meaningful and positive correlation between the emotional tendencies of investors and the fluctuation of stock prices of the companies admitted to the Tehran Stock Exchange. Institutional investors have an impact on the relationship between investors' emotional tendencies and the return on shares of companies admitted to the Tehran Stock Exchange. Institutional investors have an impact on the relationship between investors' emotional tendencies and fluctuations in stock prices of companies admitted to the Tehran Stock Exchange.

this study aimed to identify the business model of personal banking in the bank of Refah Kargaran. By identifying the personal business pattern and the main component in implementing these pattern based on Osterwalder and Pigneur business ontology and using descriptive-regression method and path analysis model, the result of this research represents employment of unbundling and somewhat the long tail pattern in implementing personal banking. As the results of the research show, confirmation of the use of two distinct business patterns, reflects the concentration Bank Refah Kargaran on branding, customer segmentation and service provision. Also, the rejection of the hypotheses of using the three business pattern of multi-sided platform, open, and FREE, reflects the need to review the business pattern used by the bank for the benefit of the workers to benefit from personal banking.

Crude oil is a strategic commodity that has been one of the largest commodity market over the past 40 years in the world. The main players in the market, such as manufacturers, financial institutions and individual traders are interested in recognizing and benefiting from some moving trends and practices in oil prices and returns. A market where prices always and fully reflect information is called efficient. Thus, there are 3 types of market efficiencies: weak form, semi strong form and strong form efficiency. In research, the weak form efficiency is often tested. In this study, the weak form efficiency of the OPEC crude oil market for daily data during the period from 4 January 2010 to 29 December 2017 by the two mode Markov regime switching GARCH model has been examined and the results of the estimation indicate a lack of efficiency in both high and low volatile regimes of the crude oil market.

Forecasting the volatility of a financial asset has wide implications in finance. Conditional variance extracted from GARCH framework could be a suitable proxy of financial asset volatility. Option pricing, portfolio optimization and risk management are examples for implications of conditional variance forecasting. One of the most recent methods of volatility forecasting is Realized GARCH (RGARCH) that considers simultaneous model for both realized volatility and conditional variance at the same time. In this article, we estimate conditional variance with GARCH, EGARCH, GIR-GARCH and RGARCH with two realized volatility estimators using Tehran Exchange Price Index (TEPIX). We compared models, for in sample fitting, by the log likelihood value and used MSE and QLIKE lose functions to evaluate predicting accuracy. The results show that the RGARCH method for TEPIX outperforms the other methods in both ways. So, using RGARCH model in practical situations like pricing and risk management would tend to better results.

Demand for investment in mutual funds can be measured as the total net cash flows experienced by the fund during a period. On the other hand, many authors estimate the net cash flows using fund size and return information. This method provides a good estimate of cash flows. Therefore, two methods can be used to calculate net cash flows and analyze the factors affecting each of them. This study uses monthly data from 41 mutual funds from February 2012 to October 2017 using a panel method to test hypothesizes. The results show that the implicit flows are an appropriate measure for estimating net cash flows, but there are a few errors in its calculations. The results also indicate that variables such as returns, risk and lagged cash flows have a significant effect on investors' demands for investment funds.

The present research mainly aims to investigate effect of managerial overconfidence on return of investment and review on mediating role of intangible assets on this relationship in the listed enterprises in Tehran Stock and Exchange Organization (TSEO). The current investigation has studied the model of combined data annually for time period (2011-16) in a sample composed of 194 companies which have been selected out of the listed enterprises in TSEO Organization using systematic deletion. The results of this study indicated that there was significant relationship among managerial overconfidence and return of capital. In addition, there is significant relationship among managerial overconfidence and return of capital given the rate of investment in intangible assets.

The Purpose of this Research is Rough Set Theory Developed Using Model (ERST) to Assist Auditors to Identify Fraud in the Financial Statements of Iranian Companies Listed on Stock Exchange. The method of this combined research is based on the adaptation of theoretical foundations through the critical evaluation method to identify the characteristics and criteria of fraud in the financial statements (x) and the characteristics of committing fraud through them (y) and based on the decision tree (CART) and the developed Rough Theory Model (ERST) are seeking to determine the most effective criteria for fraud and how it can be applied in financial statements. The statistical population of the study consisted of 12 expert auditors selected through targeted and homogeneous sampling. In this study 18 indicators were identified as criteria for fraud and 5 attributes as ways of committing fraud. The results of this study showed that, based on the result of the management decision tree (CART) as the most important indicator of fraud, according to the developed Rough Theory Model (ERST), accounts receivable are considered as the most important feature of fraudulent behavior. Accordingly, in the conclusion of this research, for determining the fraud in the financial statements, we can use two indicators of low inventory sale (X12) and high management ownership (X17) based on changes in accounts receivable.

In recent years, increasing conflicts agencies have caused legislators impose stricter requirements on executive compensation disclosure. However, theoretically and experimentally, compensation disclosure is one of the challenging issue. The porpuse of this study is to investigate investors reaction to chief executive officer (CEO) compensation disclosure. Therefore, the present study by using the framework of the Kelly and Seow (2016), investigetes investors reaction to evaluate different scenarios. In this regard, three types of questionnaires were issued with the disclosure criteria of managers' bonuses, disclosure of high compensation to managers, and disclosure of the rewards ratio of managers to employees and the survey of 225 students of financial sciences was an indicator for the investor. Results show that the executive compensation disclosure to employee receive with executive compensation disclosure in similar firms is better than the other scenarios. Because this scenario have positive effect on investor perception of "fairness compensation, the company's ability to attract and retain the CEO and potential investment opportunities".

In this Research, for the first time, MRS-FITGARCH model is used to evaluate effects of exchange rate shocks on stock market returns with innovations that are: time changing and asymmetric effects in Conditional variance, regime dependent and asymmetric responds to shocks from stock market and exchange rates, long memory potential in the same time of regime changes. From 2009 to 2017, in univariate model with fixed transmission probability, long memory and asymmetric effects coefficient were Valued and high return mean and variance was recession phase and low return mean and variance was expansion phase. After adding exchange rate shocks, low return mean and high variance was recession phase and high return mean and low variance was expansion phase but exchange rate shocks coefficient was not valued and decreased the LR test, so in weekly times, its effects on TEPIX returns, was not valued.

In this paper, power option pricing is driven applying by daily information of Tehran stock exchange. The sample period of the study is from 1387 to 1397, when Tehran stock exchange index is approximately closed to Heston model. In this work, the considered pricing is done in two sections with different period of times. At first, The fast Fourier transform is applied for solving our main model. In the sequel the results of the considered pricing are shown that power option pricing can not follow the Heston model that means it causes the arbitrage situations in our considered market, Tehran stock exchange.

The main purpose of this research is to investigate the effect of cash flow shock and stock prices on prediction of stock price index in Tehran Stock Exchange. The study period in this study was seasonal data from the beginning of the year 2011 to the end of 2017 and the number of observations for each of the variables examined is 68. To investigate the least squares and all relevant tests were used. After statistical analysis, it is concluded that there is a relationship between stock price deviation with the creation of a bubble in the stock market of Tehran. There is also a relationship between liquidity and price bubbles in the Tehran Stock Exchange. And in the study of the predictive power of the model The regression revealed that the standard deviation of the forecast in high fluctuation periods is high and the regression model introduced in times of crisis and price bubbles calculates the amount of bubbles more than its actual value. In fact, the predicted price is always in the bubble period The price is higher than real prices, and this results in more severe inflationary conditions in the financial market.

The present study examines the interactions between income, employment and economic growth inequality. To do this research, Iran's economic data was collected from 1989 to 2016 and analyzed by self-regression analysis (VAR). Simultaneously with the test of the effect of inflation and government expenditures as test variables. The results showed that there is a positive effect between income inequality and economic growth. This means that economic growth has not been distributed in the country's economy in a balanced way, and its effects have not led to the income of households. Also, there is no significant relationship between employment interaction and economic growth. Which can be attributed to the phenomenon of inflationary stagnation in the economy. Based on the results of this study, it can be suggested that, it is suggested that the level of inequality in the country be considered in the formulation of economic-social development programs of the country. Efforts to reduce or modify how governments spend on reducing inflation and resulting inequality will be effective.

The housing sector is one of the key sectors of Iran, which is of great importance. One of the issues that this market faces is the presence of speculators in this market, which leads to the bubble of this market and, thus, imposes a lot of costs on society. In this regard, determining the bubble and date stamping and determining the type of existing bubbles in a single or multiple type can be of great help to policymakers. Considering this, the main objective of the present study was to investigate the bubbles dating in the housing market (land and rent house), the date stamping and determination of the single or multiple bubbles. The method used in this study is recursive unit root approach provided by Philips et al (2013), known as RADF and GSADF tests. The results of this study showed that Tehran and all urban areas, large cities, small and medium sized cities in the years 1382 to 1392 have experienced bubble periods at land prices and rentals, of which the most important bubble interval was from 1386 to 1387. There were also bubble periods in land prices and rentals from 1390 to 1392.

Investment in CSR domain in organizations like banks which are profitable in nature and their existence depends on public trust of the community and customers, is essential and is rooted in the realization of cultural pattern in the field of social responsibility. Relying on the necessity of investment and by raising 3 main questions, the present research has tried to identify the CSR domains of banks, numerate the cultural features and lastly to assess the situation of banks in performing CSR according to the obtained criterion and present the four-dimentional and quantitative formats in order to explain the necessity of investment in this area. The method of this research is both qualitative and quantitative, which initially conducted a deep interview with the university and banking experts to recognize the domains and numerate the related features of the cultural and after the theoretical saturation, as a result four areas including customers, staff, community and environment were numerated and then 49 features of the cultural were extracted and classified via Tem analysis. In the next, in the quantitative part of the research, using the extractive data from the qualitative stage, a questionnaire with the Cronbach's alphaco efficient of 0. 855 was designed using the available method, it was given to the experts. After statistical analysis using the mean and T test, it was found that the banks in CSR areas had weak and unacceptable performance due to lack of a cultural pattern in areas, had an unacceptable performance and havent invested in field.

This research has been designed and implemented to assess the level of financial literacy of workers and to examine the effect of demographic (demographic) characteristics on financial literacy and the effect of financial literacy and self-control on their over-indebtedness. The population of the research includes the personnel of Yazd Tire company and the sample consisted of 170 employees selected by random sampling using Cochran's formula that after distributing the questionnaires and referrals and repeated follow-ups of the researcher, 107 acceptable questionnaires were collected. This study is comprised of three main hypotheses tested using two independent samples t-test and analysis of variance (ANOVA). In examining the various hypotheses, the results indicate that the workers are generally financially low in literacy. But they are literate in some areas of financial literacy, including savings and savings, spending and borrowing, insurance, and retirement. Also, the effect of self-control on the over-indebtedness of consumers is negative or inverse. Finaly the financial literacy have a negative effect on over-indebtedness and positive effect on self-control in view of financial perspective.

During financial stress, the impact of financial stress shocks on economic activity may be different from what is usually observed at normal times. Therefore, it is appropriate to examine how the effects of the strategic impact on economic activity are investigated during the period of financial instability. In this paper, considering the above discussion, the effect of the deteriorating financial conditions of the Iranian economy and its impact on macroeconomic variables during the years1391 to 1396 has been investigated. For this purpose, in this research, we intend to study the impact of fluctuations of financial stress index fluctuations on consumer price index, producer price index and consumer price index by constructing financial stress index using representatives of different markets. Therefore, using the GARCH two-variable BEKK model and also the VAR model, the effects of shock and fluctuations between them were tested and then the relationship between them was investigated by Granger's causality test. The results indicate that there is a two-way relationship between the financial stress index with the consumer index in the short run, but in the study of the causality relationship between the financial stress index and the price index producing the causality tests and var indicate that the relationship They do not exist between them, but the results of the garch test indicate a meaningful relationship between these two indices.

Given the growth and development of markets and financial instruments, investors and financial analysts need methods and models that enable them to select the best stocks with the highest return. In this study, effect of financial reporting transparency on CAPM model, three factor model of Fama and French and five factor model of Fama and French, has been investigated. Financial reporting transparency is measured using Tehran Stock Exchange Transparency Index. To test the hypotheses to data from 94 companies during the period from 1387 to 1396 and the time series regression method have been used. The results show that the five factor model of Fama and French have more predictive power than the three factor model of Fama and French and the CAPM model. Also according to the results, the value factor is not known as an exogenous factor. Also results show that adding transparency factor to all three models, enhances the predictive power of all three CAPM models, the three factor model of Fama and French and the three factor model of Fama and French.