THE RELATIONSHIP BETWEEN TOBIN’S Q RATIO AND MARKET VALUE ADDED WITH PERFORMANCE OF INVESTMENT COMPANIES CONSIDERING M2 AND APPRAISAL RATIO INDEXES

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KHATAEE MOHAMMAD REZA; ZIAEI BIGDELI MOHAMMAD TAGHI

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Journal: The Financial Accounting and Auditing Researches Year:2012 | Volume:4 | Issue:13 Page(s): 113-143

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Title

THE RELATIONSHIP BETWEEN TOBIN’S Q RATIO AND MARKET VALUE ADDED WITH PERFORMANCE OF INVESTMENT COMPANIES CONSIDERING M2 AND APPRAISAL RATIO INDEXES

Author(s)

KHATAEE MOHAMMAD REZA | ZIAEI BIGDELI MOHAMMAD TAGHI | Issue Writer Certificate

Keywords

RISK AND RETURN PORTFOLIOQ2

M2 MEASUREQ2

APPRAISAL RATIOQ2

TOBIN’S QQ2

STANDARDIZED MARKET VALUE ADDEDQ2

Abstract

In this research performance of active investment companies in Tehran Stock Exchange (TSE) examined according to M2 MEASURE and APPRAISAL RATIO (AR) and their ranking relationship were compared. For this purpose, after gathering data to 13 investment companies during 2006-2011, finally six investment companies which have more than 60% stock portfolio selected.Moreover, the impact of two indexes, TOBIN’S Q ratio and Market Value Added (MVA), was measured based on the obtained ranks. Statistical nonparametric and regression tests were used for testing the research hypotheses. The results of this research indicated that there was significant relationship among ranking of investment companies based on M2 MEASURE and APPRAISAL RATIO. Furthermore, there was significant relationship between TOBIN’S Q ratio and MVA with the performance of investment companies based on mentioned criteria, so that explanatory power of changes in portfolio performance based on Market Value Added is higher than TOBIN’S Q Ratio.

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APA: Copy

KHATAEE, MOHAMMAD REZA, & ZIAEI BIGDELI, MOHAMMAD TAGHI. (2012). THE RELATIONSHIP BETWEEN TOBIN’S Q RATIO AND MARKET VALUE ADDED WITH PERFORMANCE OF INVESTMENT COMPANIES CONSIDERING M² AND APPRAISAL RATIO INDEXES. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, 4(13), 113-143. SID. https://sid.ir/paper/197923/en

Vancouver: Copy

KHATAEE MOHAMMAD REZA, ZIAEI BIGDELI MOHAMMAD TAGHI. THE RELATIONSHIP BETWEEN TOBIN’S Q RATIO AND MARKET VALUE ADDED WITH PERFORMANCE OF INVESTMENT COMPANIES CONSIDERING M² AND APPRAISAL RATIO INDEXES. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES[Internet]. 2012;4(13):113-143. Available from: https://sid.ir/paper/197923/en

IEEE: Copy

MOHAMMAD REZA KHATAEE, and MOHAMMAD TAGHI ZIAEI BIGDELI, “THE RELATIONSHIP BETWEEN TOBIN’S Q RATIO AND MARKET VALUE ADDED WITH PERFORMANCE OF INVESTMENT COMPANIES CONSIDERING M² AND APPRAISAL RATIO INDEXES,” THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, vol. 4, no. 13, pp. 113–143, 2012, [Online]. Available: https://sid.ir/paper/197923/en

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