Explaining the market value of real options in TSE

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TEHRANI REZA; SHEIKH MOHAMMAD JAVAD; KHOSRAVI AMIRREZA

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Journal: JOURNAL OF ACCOUNTING AND AUDITING RESEARCHES (ACCOUNTING RESEARCH) Year:2017 | Volume:9 | Issue:35 Page(s): 39-56

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Title

Explaining the market value of real options in TSE

Author(s)

TEHRANI REZA | SHEIKH MOHAMMAD JAVAD | KHOSRAVI AMIRREZA | Issue Writer Certificate

Keywords

Real OptionQ1

Net IncomeQ2

Free Cash FlowQ2

Abstract

In this paper we examine this idea that the market prices of shares reflecting expectations of investors to the Real Options value. To this end, the relationship between the market value of the stock-firm, that is the result of Real Options (ROR) and variables that are associated with Real Options, were studied. The empirical analysis of a panel of 133 industrial companies listed on the Tehran Stock Exchange (TSE) during the period 1381– 1390 shows that for the three approaches Net Income (NI), Free Cash Flow to equity (FCFE) and Free Cash Flow to the firm (FCFF) an average of 24. 14, 29. 37 and 23. 68 percent of the market value of stock-companies related to Real Options that are statistically different from zero too. Compared to the power and precision of prediction models from the three approaches show that Net Income (NI) approach in the explaining Real Options market value is relatively better than the other two approaches.

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APA: Copy

TEHRANI, REZA, SHEIKH, MOHAMMAD JAVAD, & KHOSRAVI, AMIRREZA. (2017). Explaining the market value of real options in TSE. JOURNAL OF ACCOUNTING AND AUDITING RESEARCHES (ACCOUNTING RESEARCH), 9(35 ), 39-56. SID. https://sid.ir/paper/157397/en

Vancouver: Copy

TEHRANI REZA, SHEIKH MOHAMMAD JAVAD, KHOSRAVI AMIRREZA. Explaining the market value of real options in TSE. JOURNAL OF ACCOUNTING AND AUDITING RESEARCHES (ACCOUNTING RESEARCH)[Internet]. 2017;9(35 ):39-56. Available from: https://sid.ir/paper/157397/en

IEEE: Copy

REZA TEHRANI, MOHAMMAD JAVAD SHEIKH, and AMIRREZA KHOSRAVI, “Explaining the market value of real options in TSE,” JOURNAL OF ACCOUNTING AND AUDITING RESEARCHES (ACCOUNTING RESEARCH), vol. 9, no. 35 , pp. 39–56, 2017, [Online]. Available: https://sid.ir/paper/157397/en

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