JOURNAL OF SECURITIES EXCHANGE
Year:2018 | Volume:11 | Issue:42|Papers Count:7

Today in capital markets, access to precise and up-to-date information is one of the main obsessions of investors and creating information asymmetry between issuers and investors ensures efficiency and trust to these markets and relieve the mentioned obsession; Credit rating agencies, as one type of financial institutions, play an influential role as well with financially serving the investors with information. To that end, these agencies embark upon the task of assessing the default risk of issuers in fulfilling their financial obligations that to best meet those obligations, they are required to conform to a set of principles. The IOSCO Organization as an international authority composed of capital markets’ supervisory bodies, has provided them with a Code of Conduct representing the earlier mentioned principles. In this paper, it’ s been tried to analyze the compliance proportion of the Regulation on Establishment and Operation of Credit Rating Agencies (Passed in 2015 by the Board of Directors of the Securities and Exchange Organization) with the IOSCO’ s Code of Conduct as well as examining the legal nature of Credit Rating Agencies in Iran that it altogether this paper concluded that the main issues, which were regarded important from the viewpoint of the IOSCO’ s Code of Conduct, have been incorporated and implemented in the mentioned Iranian Regulation.

In analyzing mutual funds’ performance, the funds’ return is typically deemed as a performance measure and this measure is not necessarily discriminated by the virtually investors’ realized return. This is despite the fact that depending on the investors’ timing strategy and the amount they decide to invest, the actually realized return may likely be different with the announced return by the fund, which is normally based on the buy and hold strategy. In the present study, we are going to answer how investors’ timing decisions in mutual funds may affect their returns and eventually their behavior. To do so, we have exploited the registered mutual funds’ cash flow turn over over 1390 to 1395 (2011-2016) and finally come up with conclusion that inefficient market timing by mutual funds investors’ have culminated in diminishing 2. 2 % their monthly return (30 % annually). This considerable negative effect can significantly alleviate the investors realized return even in outperforming mutual funds.

The pre-emptive right due to the increase of capital is a transferable financial entitlement that expires after a certain period of time and recognized as an unused pre-emptive. Iranian and American Legislators and lawyers are silent about the nature of the unused pre-emptive rights, but with the comparative study of this rights in two countries, in American law, unused right is independent of the shareholders pre-emptive rights, so that with the abolition of the shareholders' preemptive right, capital raising as the source of this right remains intact And this is the root of the unexercised right which belongs to the company as a whole not to the shareholders, while in Iran with the expiry of a certain period of time pre-emptive rights due to its customary value continues to its existence as an unexercised preemptive rights, so that shareholders capacity to exercise pre-emptive rights subjected to certain time and with expires of that time and capacity to have the rights remains intact and capacity to exercise the rights transfer to the company on the behalf of shareholders.

In public corporations, rules and regulations are important because of the relative complexity of the relationship between executives. According to the agency theory, the goal of the company is to maximize shareholder wealth. This goal is limited and the supporters of the stakeholder theory believe that such a narrow goal with the responsibilities of modern companies, which requires attention to its impact on working conditions, relationships with customers and the environment, is not the same. the issue that is emphasized more than other issues in the corporate law is to protect of investors rights, especially minority investors against major executives and shareholders. Major shareholders and corporate executives can exploit their authority in a variety of ways, due to their dominance in investing resources, if weak support is provided to minority investors. In the present study, using the grounded theory methodology, through interviewing experts and specialists and analyzing the data from the interview, the role of financial reporting, transparency and corporate governance is investigated in investors protection. Also, using open, axis and selective coding, the concepts, categories, specifications and dimensions of the categories were categorized as causal conditions, action strategies, intervening conditions, context conditions and consequences. Finally, the model was refined and validated by presenting to experts (some of which were not previously present in the interview).

The government debt management policy is mainly based on capital market instruments. Under This mechanism, frozen and unproductive resources used for countercyclical fiscal policies. Nevertheless, the policy in Iran is mainly based on funds of the banking system and Nondepository Institutions, and capital market is passively influenced by it. This could lead to inefficiencies in government debt management policies as well as the volatility of the capital market. so, this study investigated direct and indirect effects of various Iranian government debt on stock market by using SVAR during 2005: q2-2016: q2. The results showed that effects of government debt on stock market are mostly indirectly and through channel of economic variables. As real exchange rate, ratio of price of non-trade goods to trade and general level of prices has a negative effect and an increase in GDP has a positive effect on real price of the shares. These economic variables also significantly affected by government debts. Among types of government debt, only government debt to Nondepository institutions has a direct and significant effect on real price of shares. Based on these results, capital market is passively influenced by the government debt management, while development of government financial instruments in framework of capital market leads to 1) government to get flexible in itself debt managment and minimizes undesirable it’ s outcomes, 2) it will contribute to the development of the capital market, if the capital market capacity is considered at issuance of government securities, and also government is disciplined in Settlement of securities.

The government debt management policy is mainly based on capital market instruments. Under This mechanism, frozen and unproductive resources used for countercyclical fiscal policies. Nevertheless, the policy in Iran is mainly based on funds of the banking system and Nondepository Institutions, and capital market is passively influenced by it. This could lead to inefficiencies in government debt management policies as well as the volatility of the capital market. so, this study investigated direct and indirect effects of various Iranian government debt on stock market by using SVAR during 2005: q2-2016: q2. The results showed that effects of government debt on stock market are mostly indirectly and through channel of economic variables. As real exchange rate, ratio of price of non-trade goods to trade and general level of prices has a negative effect and an increase in GDP has a positive effect on real price of the shares. These economic variables also significantly affected by government debts. Among types of government debt, only government debt to Nondepository institutions has a direct and significant effect on real price of shares. Based on these results, capital market is passively influenced by the government debt management, while development of government financial instruments in framework of capital market leads to 1) government to get flexible in itself debt managment and minimizes undesirable it’ s outcomes, 2) it will contribute to the development of the capital market, if the capital market capacity is considered at issuance of government securities, and also government is disciplined in Settlement of securities.

The objective of this study is the identification, orientation and ranking of the factors affecting the application of international financial reporting standards (IFRS) among the active people in the accounting profession. To do this, four hypotheses were formulated, and a survey was conducted from accountants, auditors and academics. This is a descriptive study which seeks to describe the relationships between variables. The data collection tool in this research was a questionnaire. Sampling was carried out from 187 active people in the country's accounting profession in 2017. One sample t-test and analysis of variance to analyze the results and Friedman test in SPSS software version 22 to evaluate the priority of the findings were used. Four reasons for the orientation to using the International Financial Reporting Standards by the people working in the accounting profession including "Promotion of Job Performance", "Organization Support", "Ease of Use, " and "Social Impact" were examined. The results of the findings demonstrate that "ease of use of international financial reporting standards", "organization's support from accounting profession activists to use standards", "social impact and attitudes of others from people working in the accounting profession", and "job performance promotion of accounting profession activists as a result of using International Financial Reporting Standards "are significant predictors of the tendency of people working in the accounting profession to use international financial reporting standards. As well as, based on the priority given, the component of "financial and training supports" enjoys the highest importance when considering the use of international financial reporting standards.