JOURNAL OF SECURITIES EXCHANGE
Year:2018 | Volume:11 | Issue:43|Papers Count:6

The purpose of this research is to analyze the effects of oil shocks and economic policy uncertainty on the industry stock return in different market conditions (severe recession, recession, normal and boom). The research also seeks to answer the important question: Is the effects of oil shocks on the asymmetric effects of the industries stock returns in different market conditions (severe recession, stagnation, normalization and boom)? For this purpose, monthly data are used from 2011 to 2017. The estimation hypothesis used Quantile panel method. The results show that the coefficient of oil shocks for a period of severe, recession and normalization has a negative and significant effect on the returns of industries, but the boom and boom conditions do not have a significant effect on oil shocks. Also, the uncertainty coefficient of economic policies for the period of severe recession does not have a significant effect on the returns of the industries, but the uncertainty of economic policies for the period of recession, normalization and prosperity has a negative and significant effect on the returns of industries. The findings indicate that oil shocks have asymmetrical effects on the stock returns of industries in various market conditions (severe recession, stagnation, normalization and boom).

Supervision in the Iranian capital market has been one of the challenging issues since the legislation of the Securities Market Law and the establishment of the Securities and Exchange Organization. The purpose of this study is Introduction of Supervision Pattern on financial Institution in Iran Capital Market with Risk-Based Approach using structural equation modeling. The statistical population of this study board of directors of Securities and Exchange Organization and directors of the stock exchanges and financial institutions of the capital market of Iran. By reviewing the theoretical foundations and reviewing the research background and comparative study of capital markets in the world's, the variables influencing the supervision of financial institutions were determined by the experts. Effective factors in the three main groups include risk identification, risk assessment, and supervisory approach and supervisory outcomes/results were classified and a research pattern was developed. then, a questionnaire was distributed among managers of financial institutions and through the modeling of structural equations(PLS), Data were analyzed. The results of the research showed that risk identification has a positive and significant relationship with risk assessment and supervisory approach, and risk assessment and supervisory approach also have a positive and significant relationship with supervisory outcomes and results. Hence, factors such as risk identification, risk assessment, and supervisory approach, and supervisory outcomes and results affect on monitoring of financial institutions.

Financial resources of Mutual Funds have a very significant impact on the depth of the capital market and the behavior that the mutual fund manager's shows at the time of the purchase and sale of the asset can play a very important role in the capital market. Accordingly, And with regard to the impact of the asset structure on absorption and the withdrawal of resources of mutual Funds, In this essay we study The effect of the structure and liquidity of assets in net cash flows of Mutual Fund. For this purpose, we have chosen 111 cases from 143 Mutual Funds that provided required information for this study. Based on the results of this study, liquidity is affective on net cash flow in the mutual fund. Furthermore Determined that the Past performance of the mutual Fund in High liquidity conditions, exacerbated this Relation. Moreover determined that Market conditions can intensify the effect of low liquidity on outflow.

Grating Credit to financer for buying securities that is done in some forms such as Buying on Credit contract is encountered to this important, and essential issues, beside of different legal aspects, and matters, that it should be couple with financial, and Bank rules in addition to rules of securities markets. So it's doubtful to put this matte in the mere bank, or securities market forms. This paper, by considering this issue, in a basic-analytical manner tries to make an analysis of the Pattern of Buying securities on Credit in Iran, and also studies the legal and normative frameworks of this procedure. In this regard, irrespective of financing in securities' wills, current rules of Buying securities on Credit in Iran are encountered with an important challenge, and this has caused to practical, and legislative mistakes in monetary, and securities market, and legal, and monitoring conflict among related institutes to these two markets. So, it's seemed that facing with this issue, beside of considering the economic criteria, and capabilities, should be with a procedure that provides a competition between market's actives in addition to cooperation, and convergence among monetary, and securities markets according to professional rules. The Iranian pattern of buying securities on Credit, however, because of separation from banking rules is faced to many deficits, and challenges which its success is excluded in fixing of basic, and practical ambiguities according to economic law's manner.

This study is empirically examining effect of spoofing order-entering manipulation on the efficiency of Tehran stock exchange. For this reason a sample set with 288 listed stocks in Tehran stock exchange, which include 144 cases of market manipulation for 3-month period from January 2015 to march 2015, that creates 14, 516 observations is selected. By collecting needed data in order to detect the effect of manipulation and volatility on bid, ask spread and volume as market efficiency criteria. For model analysis, Panel data regression is used. Results showed that bid ask spread and proportional bid ask spread increase before manipulation and decrease after that. Stocks with high volume are prone to market manipulation. This means that Tehran stock exchange is capable of efficiently responding to the presence of manipulators and promote efficiency measures. Presence of information seeking investors who are trading by following manipulators with insider information is effective in providing this situation.

Economic institutions, by receiving resources from the community, are gaining significant economic, social and political power, and so their managers are expected to be accountable to society. Since the 1990 s, due to the increased unexpected failures of large companies, attention was drawn to corporate governance, and the need for a integrated auditing entity, including independent auditors, internal auditors, and the audit committee, was felt In this research, using descriptive-analytic method, in addition to describing corporate governance and explaining the tripartite audit entity in it, the function and the economic analysis of this subject has also been reviewed The research results express creation and implementation the tripartite audit entity that forecast in corporate governance. The economic analysis of the Audit Authority indicates several functions for which, among others, is increased accountability of managers, reliable financial and non-financial reporting, increased transparency, reduced information asymmetry of stakeholders and managers, and decreased fraud in the company.