THE IRANIAN ACCOUNTING AND AUDITING REVIEW
Year:2010 | Volume:17 | Issue:60|Papers Count:9

Ownership dispersion is an important effective factor in determining bid-ask spread. Bid-ask spread has important role in stock liquidity. Some researches indicate that increasing in ownership dispersion leads to decrease bid-ask spread and therefore increase stock liquidity. No many researches have done about the relationship between ownership dispersion and bid-ask spread in Iran. Therefore the main goal of this paper is to review the relationship between ownership dispersion as an independent variable and bid-ask spread as dependent variable in Tehran Stock Exchange. Therefore 156 firms that their required data for a seventh year period was available were studied. The multivariate pooled regression model is used to examine the hypotheses. The conclusions indicate that there is no significant relationship between ownership dispersion and Bid-Ask Spread in Tehran Stock Exchange.

This study investigated the relationship between accounting Variable and stock price movements. I study earnings yield, capital investment, changes in profitability and growth opportunities, as a cash flow related factors, and discount rates that based on theoretical evidences influence stock returns. My model is based on Chen and Zhang [10] study, who relates returns to earnings yield, equity capital investment, changes in profitability, growth opportunities, and discount rates. Based on pooled sample my finding indicated that earnings yield, capital investment, changes in profitability and discount rates influence stock movements. Empirical results confirm the predicted roles of all identified factors. The model explains about 30% of the cross-sectional return variation, with cash-flow-related factors (as opposed to changes in discount rates) accounting for most of the explanatory power. The properties of the model are robust across various periods.

The goal of this research is the presentation of data envelopment analysis Technique as a complementary method for financial ratios analysis. One of the limitations of the traditional method of analysis is that each group of ratios only shows one of the financial aspects so we cannot aggregate them easily for financial statement analysis. Therefore in this research we analyzed 267 accepted companies in Tehran stock exchange for the period between 1384-1386 by using data envelopment analysis method. Financial data and ratios, built 4 inputs and 7 outputs of input envelopment BCC model. By Performing the above-mentioned model we came to a conclusion 235 are inefficient. In fact this technique changed different financial data and ratios as a unitary and comparable criteria named efficiency. Therefore, we can conclude that data envelopment analysis approach could be a good complementary method for traditional analysis approach of financial statement by using financial ratios.

The purpose of this paper is investigating the influences of the Intellectual Capital elements efficiency on the Financial Indexes in Tehran stock Exchange. The influence of human capital, Physical capital and structural capital efficiency on ROE, EPS and ASR are investigated bypaneldataregressionfor99firmsduring2000-2003years.Finding due to the pooled least square (PLS) method demonstrated that Intellectual Capital elements efficiency have positive and significant influences on ROE the coefficient of the Physical capital and human capital efficiency have positive influence, but the structural capital efficiency has negative influence on EPS. The coefficient of the Physical capital and structural capital efficiency has positive influence, but human capital efficiency has negative and significant influence on ASR. The results of this have high the Financial Performance. Moreover the averages of the Intellectual Capital efficiency have significant difference among 7 industries.

Financial markets are considered as a particular important capital market instruments an allocation of financial resources mobilization process. Considering the importance of strategic financial and economic market, when the disruption and diversion occur widely in it, mobilization and allocation of financial resources of the countries are faced with serious problems. One of the factors regenerator these issues is price bubble. Generally, when the price of a share is different from its future expected price, market bubble term is introduced. This paper explores validity of present value model with time - varying expectations, by use of newly developed Momentum Threshold Cointegration test, M-TAR, to investigate if there is any asymmetric adjustment in long-run prices and dividends in Tehran stock Exchange during 2000: M3 to 2008: MIO? Empirical results indicate that long-run prices and dividends cointegration relationship doesn't hold for Tehran's stock exchange, which attests to the presence of rational bubbles.

The little historical information of initial public offerings (IPOs) encounter investors with high risk because such companies don't exchange before. Information asymmetry between managers and potential investors in such companies are high and their stock are priced based on managerial information. The practical experience shows that investors rely on information such as earning per share (EPS) forecast and use it in stock pricing. This forecasts stated management expectations from the future performance of the company. So, the accuracy of this forecasts that is based for decision making are very important and earning forecast error is the main factor in secondary market performance.In this study we examine the relationship of earnings forecast error and abnormal rate of return of IPOs at Tehran stock exchange (TSE) for 104 companies during 1999 to 2005.The objective of this selected period is developing of stock exchange and increasing listed companies at the same times.Our results with multivariable cross sectional regression analysis demonstrated that earnings forecast errors are positively related to abnormal rate of return.

In the two recent decades, organizational performance management has become one of significant and interesting object of study. Many specialists in management area believe that human resources are the main basis of quality improvement and productivity of the firms and must be considered as the reason of increasing efficiency & productivity and is a kind of capital. Qualitative and knowledge-based human resource is the most important competitive advantages of organizations and the rarest recourse in today's knowledge-based economy.The aim of this research is considering the relationship of the intellectual capital and the performance of insurance industry, from managers' view points.The results showed that while considering the relationship of intellectual, human, customer (relational) and structural capitals and performance, separately and independent of each other, a significant relation has been seen. However, in simultaneously consideration, just structural and human capitals have showed a significant relation to the performance.